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What is this new government program called HAFA? This new video summarizes the program for homeowners in distress. For more information and to see if this program would benefit you, give us a call or go to our website: www.DistressedHomeownerHelp.com. Our team is CDPE certified and we can help! There is no cost to the homeowner and, if the homeowner is eligible for HAFA, he or she would receive $3000 at closing to help get relocated. 
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To benefit from both the federal tax credit which is set to expire soon AND the new California state tax credit, a buyer will need to be in contract to buy a home by April 30th and close by June 30th. This is a great deal for any first time home buyer who wants to buy a new or resale home, and for a buyer who has owned a home for the past 5 years who is looking to buy a new or never occupied home as a new principal residence. A first-time homebuyer (including a buyer who has not owned a home in the past 3 years) can buy a home and benefit from an $8000 federal tax credit and also a $10,000 state tax credit. The current homeowner who has lived in his own home for the past 5 years can benefit from the $6500 federal tax credit when buying a new or resale principal residence, and if buying a new or never previously occupied home, a $10,000 state tax credit. The overlap of credits is short--you must be in contract by April 30th! Otherwise you'll be too late for the federal tax credit. For more information, give us a call or email us! 805-709-8535 or team@morristeamrealtors.com.
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Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law today which will provide $200 million in tax credits for homebuyers. $100 million will be allocated to qualified first-time homebuyers on existing or new homes and the other $100 million will be for purchasers of new and previously unoccupied homes. For a resale home one must close escrow between May 1, 2010 through December 31, 2010. For a purchaser of a new house, the home must be in contract by December 31, 2010 and close by August 1, 2011. The tax credit will be 5% of the sales price or $10,000, which ever is less, spread out in equal payments over 3 years, and the purchaser must live in the home for a minimum 2 years or will be required to repay the amount. Unlike last year, this tax credit will allow a first-time homebuyer to buy an existing home.
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If you are looking for a 3/2 home on an acre in the country where you can have a horse or farm animal, we have a new listing that is a good buy with nice views of the surrounding country side. Take a look at 5525 Farousse Way, Paso Robles under our featured listings on our website!
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For those people who closed escrow after November 6, 2009, there has been a delay in being able to file and receive the tax credit. That is because there will be a new form to complete and the form has not yet been released. The problem arose because the rules changed and now a homeowner who has been in a home for 5 of the last 8 years who sells and buys another primary home is eligible for a $6,500 tax credit. Additionally fraud became an issue with people claiming the tax credit who did not buy a home. So additional documentation is now required to prove a person bought a house and it is the primary residence. Because of the additional documentation required, a person will not be able to electronically file his or her taxes as well. So--we wait for the new tax credit form and instructions.....
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The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6. The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline. It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years. First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
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 Me & Z's is a fabulous, fresh Mexican restaurant with a clean, inviting atmosphere and a nice outdoor deck. Your meal begins with homemade chips and salsa and, to our surprise, a cup of delicious soup. A different type of soup is served each day. All the entrees come with beans and rice and your meal culminates with complimentary dessert: a plate of vanilla ice-cream topped with strips of cinnamon crisps and caramel sauce drizzled over all. The food is just delicious and this is a "must go to" restaurant whether you're visiting the area or you live here!
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Nice Mobile Home That Needs To Be Moved
• 1,245 sq. ft., 2 bath, 2 bdrm single story -  MLS® $39,900 Nipomo, San Luis Obispo County - This is a nice Fleetwood mobile home that has hardly been lived in! The land is not included and the mobile must be moved to a park or another property. The features include a wood burning fireplace, bright and open kitchen, a den or office off the living room, inside laundry room, all appliances and a jetted tub in the master as well as a separate shower. Property information
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On Friday HUD announced that FHA approved lenders can develop bridge loans for 1st time home buyers to use the $8,000 tax credit for closing costs, buying down the interest rate or putting down more than the required 3.5% down payment. It can not be used for the 3.5% down payment; however there are other sources for the down payment including state and local government programs, non-profit programs and gifts from parents and employers.
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Well Maintained Home!
• 1,240 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $329,900 South Grover, Grover Beach - Beautiful and meticulously maintained home with many upgrades within past 3 years including paint, flooring, appliances, water heater, roll up garage door, faucets, lighting and surround sound in living room. Outside, new stamped concrete, natural stone planter boxes and speakers make a wonderful outside living area. There is a nice grassy area and a peek of the ocean from the master balcony. Also there is 1 bedroom and bathroom on the main level. Property information
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Here are some good spring maintenance ideas! - Clean showerheads and faucet aerators.
- Clean and seal tile grout.
- Clean the clothes dryer exhaust duct and space under the dryer. This prevents lint from accumulating and reduces the risk of fire.
- Inspect washing machine hoses and replace when they show signs of wear or leakage.
- Inspect deck or patio for deterioration and safety hazards. Repair loose boards, protruding nails or other safety issues.
- Keep a multi-purpose fire extinguisher handy and ready for use.
- Wash the exterior of your house using ordinary garden hose pressure and a mild detergent.
- Caulk exterior joints around all windows and doors.
- Change air conditioner filters.
- Have a certified chimney sweep inspect and clean your chimneys.
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When talking with sellers we find that many are hopeful that prices will go back up but it’s highly unlikely. What happened in the past was the perfect storm for a housing bubble that will likely never happen again in our lifetime. Here are a number of reasons why it happened and almost certainly why it will not happen again.
1. Unregulated loans were granted to people who had no ability to pay for them. Stated loans were made where a person could get a loan based purely upon their credit score with no visible proof of income. Adjustable loans were available that would cap at high interest rates but allow a buyer to get into a more expensive home initially at a low payment. The availability of funds to potential buyers who could not have qualified for a loan grew larger than at any time in history. The increase in the total purchasing power of prospective homeowners drove market prices up with appreciation rates never before seen.
2. Homeowners became investors. With the rapid appreciation of real estate homeowners decided to become investors attempting to build personal wealth by purchasing second and third homes that may or may not have been generating cash flow all the while betting their financial futures on continued real estate appreciation. In 2005 the National Association of Realtors reported that 40% of home purchases were investment or second homes. It caused a boom in the new construction markets especially in high appreciation areas. A person could buy new construction, wait for it to be completed and then upon completion sell it at a tidy profit.
3. Tax free capital gains up to $500,000 for married couples and $250,000 for singles every two years allowed people to continually buy and sell without paying tax on the gain. If you need to sell a home, the wait for prices to go back up could be a LONG wait! The good news is that if you're buying a home or selling and buying another home, home prices are better than they've been in several years and interest rates are LOW!
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If buying a foreclosure property appeals to you because of the low price but you don't have the money to fix it up to move into it, consider the FHA Streamlined 203K loan. The loan allows you to finance improvements/upgrades up to $35,000 into the mortgage loan. It can be used for roofs, air conditioning and/or heating systems, window and door replacement, painting, flooring, appliances, electrical and more. As with all FHA loans, it has to be owner occupied. You cannot receive cash back but if there are funds not used, it would be applied to the principle mortgage balance. If this is a program that interests you, give us a call or email us!
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This program is offered by the California Association of REALTORS Housing Affordability Fund (CARHAF) to help build confidence in the purchase of a home and to reduce the fear of foreclosure due to job loss or accidental death or disability. The program is for first-time homebuyers (one who hasn't owned a home for at least 3 years) and allows those who lose their jobs or become accidently disabled to receive up to $1500/month for up to 6 months to help make their mortgage payments. A qualified co-buyer can also participate for a reduced monthly benefit of up to $750/month for up to 6 months in the event of job loss or disability. The program also offers a one-time $10,000 accidental death benefit. The best part of all: it costs the buyer nothing for the first year. One must open escrow by 4/2/2009 and close by 12/31/2009 and the home must be a primary residence in California. One must also be represented by a California REALTOR who will submit the completed application to CARHAF on the home buyer's behalf . The buyer must be a W-2 employee (not self-employed), not a temporary or seasonal worker, not an educational employee on a scheduled break, and one may not work for their immediate family. There are no income or home price caps under this program. There are some exclusions and also more information about the program--please call or email us and we will gladly answer your questions or send you more information.
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