Dave Woodson

Veterans Day

Dave Woodson (Dave Woodson) — Mon, 09 Nov 2009 09:33:35 -0600

Today, many of us celebrate Veterans Day. My daughter is off of school. I think there are some parades planned around in may large towns and cities. I think back on my family members that have fought in many of this nations wars. I know my family has been here in a America for nearly 400 years.

We have had family members fight in the Revolutionary War, The Civil War (both sides), World War 2, Korean, Viet Nam and both Gulf Wars. I have had friends that have fought in both Gulf Wars. These are men and woman, friends, moms and dads, brothers and sisters, aunts and uncles, your next neighbor.

Take the the time today to thank them for their sacrifice for many of them it just was not 4 years, but blood, sweat and tears. Many of them have given more than we will ever know. Some families have given the ultimate sacrifice the death of a son, a daughter, a dad, a mom, a husband, a wife, a brother or a sister. Thank them today.

I had one uncle who won many medals in WW2, but would never ever talk about them

Another uncle who retired as a Brigadier General.

A good friend of mine, came out of the Marines a far better person than he went in.

The list can go on and on for all of us. So, please today if you see a Veteran thank them for their service. I have attached a youtube video of TAPS, the one song you never want to hear played as it is for a serviceman that has paid the ultimate sacrifice, of his or her life.

To all of the Veterans out there today, Thank you, thank you for your sacrifice

South Shore Fiber Optic Line

Dave Woodson (Dave Woodson) — Mon, 09 Nov 2009 09:10:20 -0600

Really, you thought I was going to say "rail line", while it still has a rail line, it now has more than high speed trains on its tracks it now have high-speed fiber optic lines.

This new system opens the doors to many new possibilities in NW Indiana for additional businesses and extra savings to those already in business. The rail line and the fiber optic line run 75 miles from the South Bend Airport to the Kennsingtion station downtown Chicago.

My, very own wife, Mary Woodson takes the train near daily to Chicago where she works as an Actuary for CNA. If you ever see the skyline of Chicago and see the big red building that is hers.

The providor of the new service is ComControl and they say communities and companies will now have choices that will deliver options that will reduce cost and yet have a greater capacity for NW Indiana

This week The Northern Indiana Commuter Transportation District which operates the South Shore train line will be hosting several informative discussion panel for IT professional in the NW Indiana Corridor to learn more about cost savings and the great speed.

Registration is open and there is no cost to attend. Email bbaker@com-controlinc.com to register for one of the following sessions:

Monday, Nov. 9

8 to 9 a.m. - Entech Innovation Center, 880 Eastport Centre Drive, Valparaiso.

3 to 4 p.m. - Michigan City Area Schools Administration Building, 408 S. Carroll Ave., Michigan City.

Thursday, Nov. 12

8 to 9 a.m. (EST) - South Bend Airport, 4477 Progress Drive.

Monday, Nov. 16

8:30 to 9:30 a.m. - Purdue Technology Center, 9800 Connecticut Drive, Merrillville.

3 to 4 p.m. - Hammond Innovation Center, 5209 Hohman Ave., Hammond.

For More Information about NW Indiana or anyone of its great communities please let me know

Dave Woodson

Reason 1483 Why I Love Facebook - No More Cold Calls

Dave Woodson (Dave Woodson) — Sat, 05 Sep 2009 10:59:03 -0500

Reason 1484, you never knwo who you will meet up with again.

Dave Woodson

The Indiana FHA Expert

Via Sara Bonert {Real Estate Internet Marketing} (Zillow):

We spend a lot of time here on Active Rain, and in social media seminars, talking about how to use Facebook as professionals to be found by new clients. This week, the shoe was on the other foot for me!

On Monday I hired a Realtor to sell one of my investment properties in Waukee, IA. My husbandand I reached out to this particular Realtor (I can't remember if it was thru voice mail or email), and the first time I spoke to him, he said "yeah, I saw on Facebook it looks like your husband and I have a mutual friend and what do you do at Zillow".

Here is what the Realtor knew about me before even placing the first call:

I am an actual person.

I have a job and knew where I worked.

I am married and he knows where my husband works.

We are out of town sellers.

We are into the Internet and use Facebook a lot, based on our Friend count.

What I look like, so he can guess my approximate age.

He knows a little about my interests because you can see which Fan pages I follow.

He knew who, if any, mutual friends we had. How good of conversation starter is that?

As you can imagine, the first call we had together was no cold call. We were instantly able to have a more personal conversation and he was hired minutes later. I really appreciated the fact that he took a few minutes to do a little research about me before picking up the phone and it made for a much warmer first conversation.

So yes, Facebook is a great prospecting tool and can potentially get your deals. But it is also a great tool to help work with the leads you get through other sources!

(Oh, and I bet you all are wondering where I found him? He was the only Realtor in Waukee, IA to have a completely filled out profile here on Active Rain and Zillow. Did I really have a choice who to use? Haha!)
Like what you're reading? Then subscribe to my blog or receive updates directly to your email whenever there is something new to read.

Scribd -- Intant Google Juice!

Dave Woodson (Dave Woodson) — Tue, 11 Aug 2009 17:03:07 -0500

Just a great way to get more google juice for your sites, good find Clint,

Dave Woodson

Indiana FHA Expert

Via Clint Miller (Real Estate Client Referrals, LLC):

I was recently playing around with services that allow you to post presentations online...companies like SlideShare and Scribd.

I posted this to Scribed a few days ago...and in that time, it has climbed to about #7 on Google for some of our primary search terms!!!

In my mind, that is AMAZING!!

Feel free to check it out...

Real Estate Client Referrals Presentation

If you would like more information on Real Estate Client Referrals, contact me at 800-977-7058 or follow me on Twitter.

The Sins Of A Seller

Dave Woodson (Dave Woodson) — Thu, 23 Jul 2009 10:38:59 -0500

I have ro reblog this, my forthcoming e-booket will have many of these "no-no's" in it.

I am glad you got the house and got moved in.

Dave Woodson

THe Indiana FHA Expert

Via Clint Miller (Real Estate Client Referrals, LLC):

Many of you know that I recently bought a home.

And, for those of you that don’t know that I recently bought a home…I recently bought a home. Here’s proof.

Although we are very happy with our home we did purchase, during this process, I happened to notice that as we viewed house after house, I kept seeing the same things happen over and over. And….not good things. Bad things. Bad things that were blatantly obvious to me. Bad things that literally turned me off. Bad things that were keeping this otherwise fine house I was standing in from selling faster.

So, as we went through the homes, I started keeping track of things that I saw that made the average buyer – ME – want to run away screaming. Here is my “Top 10 Seller Sins”:

1. Addition Addiction – Ok…exactly what were these people thinking when they added this addtion to their home?? It isnt level. The door frame isnt square. And, that simulated wood-grain indoor/outdoor burber carpeting is HIDEOUS!! Wasn’t this were the garage should be anyway?? I guess that explains the severely sun-faded paint job on the Sport Family Truckster in the driveway and the Christmas decorations piled floor-to-ceiling in the closet in the spare bedroom. I don’t care what anyone says…Bigger is NOT always better.

2. The “Pet-Owner Moaner” – The over-all assumption that since the seller loves their pets more than chocolate, so does everyone else. Here are a couple of quotes I heard directly from the sellers mouths: “Awwww, my cat must really like you to nestle into your neck like that.”; “I know he looks big, but he is really just a teddy bear.”; “We were able to clean up everything in the house except the cat room.”; “I cant remember if my son put away the ferrets or not, but feel free to look around downstairs.”
a. Ok…first and foremost, Im allergic to cats. I don’t mean that cats make me sneeze. I mean that I quit breathing and require adrenallin shots to keep from dieing. That thing is lucky I didn’t toss it out the open window that was next to me.
b. The “teddy bear” they were referring to…Yeah, that was a 158lb Rotweiller with a googlie eye and a broken tooth on the right side. His chain was tied to a cinder block that he happily drug around and tossed into the air during “playtime”.
c. The “cat room”??? Oh Lord in heaven!!!
d. If you cant figure out if your son left out a pack of rodents in the dark rooms down the creaky stairs without a safety rail and a working light switch, you can be damn sure Im not going to find out for you.

3. Auditory Unawareness – If you cant hear that your refridgerator is making a clicking noise that can be heard from the front yard, Im fairly sure you cant hear the floorboards creaking, the doors squeaking, or the apparent family of raccoons living in the attic. You also only hear what you want to hear. Instead of “Your house is priced too high”, you hear “Your house is of a high value”. Its not the same. Pay attention!

4. Color Blind – Holy Lord!! Who decorated this place?? Its like Andy Worhol threw his color pallet into a Cuisinart and hit ‘liquify’. The fuscia flower print wallpaper needs to go. And, I don’t carew what you say, it doesn’t do any justice to that wall with the fake woodgrain panelling it joins up to by the sunshine yellow couch. Worse yet…the white cabinets, white-washed walls, white countertops, and white tile is just a bit much.

5. “Take it or leave it” – Yup. Heard that come right out of a seller’s own mouth. We were discussing the possiblity of him making a necessary repair to a sliding glass door that lead out to a deck. Between the glass panes was about half an inch of standing water. Obviously, the seals on the window were compromised. When asked if he would spend the money to get the glass replaced and the seales re-done…or just replace the entire door…that was the response I got. Guess what…I left it.

6. Price-itis – The fear that your home wont sell for the price you are asking for it. I put in an offer on a home that was only $5,000 under what was being asked. The counter came back with a reduction of $1,000, but a clause to pay $4,000 in closing costs. Now, I may be bad at math…but, isnt that the same damn thing????

7. Fried Food Funk – You know what Im talking about here. If you can smell it, you won’t sell it. Bottom line here is that fried food smells, kitty litter, a back yard filled with dog crap, a nursery reaking of dirty diapers, etc…all add up to one thing – a very short showing. (Well, it also leads to gagging, shortness of breath, tears streaming down your face, and everyone skrunching up their nose and making that internationally known face that says, “Do you SMELL that???”)

8. Photog Fog – Everyone should take pride in their family photographs. I do. But, Im not trying to sell my house! I went into one home where, I kid you not, the entire living walls…every square inch…was covered in frame pics of family. There must have been 100 pictures in that room. Frames mounted together like a patchwork quilt of memories and bad matting jobs. Love the sentiment…love the family pride. But, I was COMPLETELY distracted from seeing the actual house.

9. “I collect them” – No kidding, really??? Nothing would have made me realize you collect dolls were it not for the fact that Im now suddenly very aware of the fact that 226 eyes are now following me through your house like Chucky with an ax to grind. Yeah, I couldn’t tell that you collect Vegas casino ash trays since they are on every flat surface in your entire house including 4 separate 6-ft tall bookshelves, your coffee table, the top of your TV, the end-tables, and the extra two shelves that you put up encircling the entire living room. But, worse than that, you have them on your toilet tank, your dresser…and in an amazing twist, you have drilled holes in them and replaced half of the doorknobs in your house with them. In case your agent hasn’t told you this….PACK THIS CRAP UP!

10. Livin in the past – I don’t care what you think, the pea soup green shag carpeting is not coming back in style. And, regardless of how many memories are associated with it, the nine-foot long, hunter orange, faux-leather couch on the wooden legs with the sleigh-style arms on the each end is FREAKING UGLY!! Regardless of whether or not they still work, the matching avocado green stove, fridge, and counter tops are ugly…and they are ugly 24/7/365. If you want to move this house…replace this ferocious eyesore. Better yet…HIRE A HOME STAGER!

Yeah, selling a house is hard. Selling a house in the market is harder. Selling one of THESE houses with a seller that sins like this…nearly impossible. Sellers, if you are reading this…listen to your agents. Agents, if you are reading this…make sure your sellers understand that buyers – like me – will look at these like neither of you know what you are doing and act accordingly. Probably by running away quick.

If you would like more information about Real Estate Client Referrals and how we can send you more clients to work with, please contact Clint Miller at 800-977-7058. Or, follow me on twitter www.twitter.com/TheRealClint.

Indiana First Time Home Buyer Tax Credit

Dave Woodson (Dave Woodson) — Mon, 13 Jul 2009 11:12:38 -0500

Indiana First Time Home Tax Credit

POSTED BY Dave on Jul 13 under Business, Mortgage, real estate

Revisited…

Lately, I have been getting some calls and emails about the Indiana First Time Home Buyer Tax Credit from some very confused Indiana home buyers and agents alike.

I want take just a moment and straighten out a few of the misconceptions that are there.

Lets set the record straight once and for all and let me be the guy that does it.

Here are the provisions for the Indiana First Time Home Buyer Tax Credit

It ENDS December 01, 2009 – now unless Congress comes out and changes that here in the near future, you will need to close on your first Indiana home on December 01, 2009.

If you close on 12/02 and you don’t get it.

First Time Home Buyers only – you cannot have owned a home in the last 3 years
The Tax credit is is 10% of the homes COST not worth, but homes COST at the time of Purchase

Some simple math $80,000 home times 10% = $8000

The Maximum credit allowed is $8000

More simple math $170,000 home times 10% = $8000 (hey, our gov’t is involved here, we are lucky to have roads)

Adjusted gross income of no more than $95,000 single and $170,000 joint

Partial credit is received when you make more than the above amounts

Credit is taken when you file your tax return

Cannot be used at a part of down payment or taken as a credit at closing; you will either pay less in taxes or a get a larger refund.

Now, I am a mortgage guy, I am the Indiana FHA Expert, and I am not a tax guy. Please, consult a tax professional. A tax pro can save you headaches and can find you deductions that you may not know that you deserved. If you would like a professional referral just ask for one and I will be more than glad to give you one.

Dave Woodson
The Indiana FHA Expert

Where in Indiana are you?

Dave Woodson (Dave Woodson) — Fri, 10 Jul 2009 12:27:58 -0500

I cover the entire State of Indiana, I am not some nameless, some faceless or some body-less person that you never see or talk to. I am right here. I am in this video. I invite you into my circle of friends. I am the social part of this Social Media that we keep hearing about.

Covering the State of Indiana from Dave Woodson on Vimeo.

Indiana FHA Expert

I am Dave Woodson, I work out of the Bunker, you get to know me, I show you pictures of the Girl and the Wife (inside joke no). I am not that fat little guy on the TV - Wait, I am a fat guy, but that fat guy.

I want to thank EVelyn Johnston for her super kind words and another link to her great Elkhart Blog.

I have been away for far too long, it is great to be back in the mix again.

Dave Woodson

The Indiana FHA Expert and I am still the Mad Mortgage Machine

Beware of New Email Scam! Although I don't Understand What the Purpose Is...

Dave Woodson (Dave Woodson) — Thu, 09 Jul 2009 22:13:40 -0500

What is the deal with this guy? They ask a legitimate question or near legitimate question and they have no logical out come in mind. It really makes you mad when you think your blog is reaching someone and it isn't.

Dave Woodson

The Indiana FHA Expert

Via Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood) (1st Choice Real Estate Group):

I thought I was starting to pick up more hits from people interested in obtaining information related to the tax credit, home buying, etc, but apparently it's a new scam. The only thing is...I don't know why they are doing it.

Is it simply email harvesting so they can sell my address to a million other people that want to spam me or is it something even more sinister?

Last week I received an email from "Frank" regarding the tax credit. I thought "Mike/Frank" found my blog about the tax credit and had additional questions about how the credit works. I thought it was odd that he signed as "Frank", but the email address was "Mike"... I searched the internet for this particular address, but didn't come up with much so I responded...

Here's "Frank's" message:

From:"mike.power200@gmail.com"
To:chandasellsindy
Sent: Friday, July 3, 2009 10:04:24 AM
Subject: How much of a tax rebate will i get for buying my first home

How much of a tax rebate will i get for buying my first home? I was thinking that your advice would be very helpful. I know you must be very busy so any pointers would be very much appreciated.
Please point me in the right direction. Thank you in advance.
Thanks, Frank

This morning I go to check my mail and see I have an email from "Janet". The wording of the message sounded very similar to the one I got from "Frank" last week so I thought I'd look this particular email address up. This one yielded results. Various people were saying this same email address was sending messages with inquiries related to whatever industry they were in...

Here's "Janet's" message:

From:"andri.manager@gmail.com"
To:chandasellsindy
Sent: Tuesday, July 7, 2009 10:31:13 PM
Subject:Do homebuyers pay sales tax

Hi,
Do homebuyers pay sales tax? I don`t know if you are the right person to ask, but any advice/pointers you might have would be very much appreciated.
Would you consider giving me a couple pointers?
Thank you for your help. Gratefully,
Janet

So here I thought I was being a good Samaritan when in reality I was being scammed. ARGH! I don't know what will happen as a result of responding to "Frank" but I wanted you all to be aware in case you've received similar inquiries! DON'T RESPOND!!!

Are you pre-approved

Dave Woodson (Dave Woodson) — Thu, 09 Jul 2009 13:22:27 -0500

One of the most important and first question that every agent should ask is…

Are you pre-approved?

The pre-approval is, perhaps, the most important step in purchasing a home. A great place to start is here on the Mad Mortgage Machine and getting all of your ducks in a row to get pre-approved for the Indiana home loan.

Remember that…when you get the loan approved upfront will save you so much trouble. It will eliminate the need for last minute shopping around for a mortgage after you have you have found the home of your dreams only to find out that you wasted your time and the Agents time when you do not qualify because of some errant credit or debt-to-income issue.

Step 1

Look for a good lender, Wait you found one, you are on my blog. I and my team will help get you approved for your Indiana home loan. We will do this either by the phone, email or in person. We will discuss at reasonable length your income, job and wage history, living history and other pertinent financial information including a credit check.

Ultimately, we will get to know each other pretty well.

Step 2

Once we have figured out your budget and how much you can be approved for then we can get you get you set up with an Agent and do some Indiana home shopping! The really good news is that you will have far more leverage than the nonpre-approved person.

Once you know exactly how much you can afford it really does make your home searching and the whole process so much easier and painless process.

Also, you need to remember…It is still a great time to purchase a home - especially if you are an Indiana first time homebuyer you have until November 30, 2009 to qualify for the 8000 tax credit.

Dave Woodson

The Indiana FHA Expert

212 - The Magic Number

Dave Woodson (Dave Woodson) — Tue, 07 Jul 2009 09:46:56 -0500

This is a great inspirational short. I am reblogging, I think everyone needs to see it and know what that extra little bit can do for you

Dave Woodson

The Indiana FHA Expert

Via Clint Miller (Real Estate Client Referrals LLC):

I often look for motivation and inspiration in as many places as I can. One of the best I have found is the 212 movie. www.212movie.com

(I mentioned in the comments that I have a book by this same company...and I highly recommend that anyone that likes inspirational material get a copy.)

But, aside from that, I truly believe it is impossible to watch this video and not get inspired to do more...to be more.

Indiana Real Estate and Mortgage Market Conditions

Dave Woodson (Dave Woodson) — Mon, 06 Jul 2009 11:06:59 -0500

July 06, 2009

Today, I am still in vacation mode and taking the afternoon off to the Girl the water park here just west of Michigan City. However, the rest of the mortgage and other markets are not taking the day off. They are back in full swing for the "dog days" of summer. When is our next day off? Labor Day?

July 06, 2009 Mortgage Market Conditions from Dave Woodson on Vimeo.

Mortgage and Housing Market Condition for Indiana

If you have any questions just let me know, my new mortgage hot-line number is (219)841-5053. I love Google Voice. I am the Indiana FHA Expert and my team and I are closing FHA Loan in about two weeks starts to finish.

Dave Woodson

The Mad Mortgage Machine

Indiana FHA Home Loan

Dave Woodson (Dave Woodson) — Wed, 13 May 2009 07:37:59 -0500

Indiana FHA Home Loan

POSTED BY Dave on May 13 under Business, Mortgage, real estate

Are you unhappy where you are living? Are you too old to be living with mom and dad?

With an Indiana FHA Home Loan…You can change your life.

Whether, you are a first-time home buyer, have owned a home before or have less than perfect credit FHA more than likely has a program that will best suits your needs. I am Dave Woodson and I am The Mad Mortgage Machine and I will take you through the Indiana FHA loan process step-by-step.

With an FHA Loan you can:

* Purchase a Home (really kind of a no-brainer and with the $8000 tax credit and rates the lowest they have been in years, and now you can use it as a down payment*)
* Remodel Your Home
* Make Home Repairs
* Make Energy-Efficient Improvements, and with new tax credits out there you can save a ton as well.

FHA Loans are guaranteed loans, which means that lenders offer you a lower, more affordable rate. Even, if you have less than perfect credit or are a first time home buyer, an Indiana FHA Loan can help you save thousands of dollars on the home of your dreams.

If you are looking to buy a home or even sell your home consider using an FHA home loan with its lower down payment requirements, lower mortgage insurance rates (which is still tax deductible) and less stringent guidelines vs. Fannie Mae.

So, if you are ready for a change, download and fill out my Mortgage Planning Questionnaire that is designed to help me and your Real Estate Agent of choice find the home of your dreams.

What is Fannie and Freddie thinking

Dave Woodson (Dave Woodson) — Mon, 20 Apr 2009 22:20:53 -0500

Fannie and Freddie makes Indiana FHA and easy choice

POSTED BY Dave on Apr 20 under Mortgage

I got good news and bad news….

OK, first the good news…mortgage rates are down and housing prices are lower — which is fantastic for many buyers and those looking to refi.

Please click over to my updated blog post @ the Mad Mortgage Machine, it will open a new window

Please read this carefully, that the over all effect of the underwriting guidelines, credit score and pricing changes will simply push some people who are able to buy a house right out of the market.

These new rule changes are just plain ridiculous…well there is still some good news for the Indiana home buyer and those looking to refi their Indiana home.

The Indiana FHA Program:

Indiana FHA does not require a huge down payment, just 3.5% will do.
You can still get the home seller to pay all of your closing costs up to 6% of the sales price.
No silly add-on fees from Fannie or Freddie this is a US Gov’t backed loan
It is a great option for the Indiana First Time Home Buyer

10 Great Reasons to be a First Time Home Buyer - Part 2

Dave Woodson (Dave Woodson) — Tue, 24 Mar 2009 10:38:26 -0500

And, now to conclude the Top Ten Reason to be an Indiana First Time Home Buyer.

Part 2

5) Seller’s all across Indiana are more willing than ever to give incentives for First-Time Home Buyer up to 6% in many cases

4) The Interest, Mortgage Insurance, & Property Taxes can all be written off on your taxes, thus reducing your overall tax liability

3) Indiana First-Time Home Buyer Opportunities are boundless with the higher Indiana FHA Limits for 2009

2) I did mention that point about the noisy neighbor? How about a garage? Telling the landlord where to stick it?

And the #1 reason To Be A First-Time Home Buyer in 2009,

1) The investment in yourself and your first step to wealth accumulation

There are Ten Great Reasons to buy a house in 2009. Why aren’t you taking advantage of some or all of them? My team and I are able to walk you through each part of the process. Don’t wait for many of these opportunities will disappear by the time that 2010 rolls around.

If you are thinking that is your year to become a First-Time Home Buyer in Indiana, Call or email me to set up an appointment to see how you can go from being a First-Time Home Buyer to a First Time Home Owner today!

Dave Woodson
The Indiana FHA Expert

10 Great Reasons to be a First Time Home Buyer - Part 1

Dave Woodson (Dave Woodson) — Mon, 23 Mar 2009 14:55:08 -0500

There are 10 Great Reasons to Buy a Home as a First Time Home Buyer

Here are the first 5

10. This is a double whammy, you get to tell your Landlord and the noisy neighbor upstairs to get lost

9. There are tons of great financing options for The Indiana First-Time Home Buyer

8. As an Indiana First-Time Home Buyer you have many Foreclosures, HUD Homes, Handy Man Specials, Estate Sale, or Short Sales to choose from some at a reduced price and that equals instant equity.

7.. Interest rates are near historical lows this is a great benefit as a First-Time Home Buyer

6. The $8000 First-Time Home Buyer Income tax credit (no need to pay back as long as you live in the home for 3 years)

Stay tuned for more great reasons to buy a new home in Indiana

Dave

A must watch

Dave Woodson (Dave Woodson) — Mon, 09 Mar 2009 10:16:30 -0500

I want to thank Chris Hedges for bringing this to my attention. This is a great video that we all need watch. It really explains the Credit Issue in a fashion that we all can understand. I would suggest that we all take a moment and watch it. I posted this on my facebook and have already recieved several great comments.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Please let me know what you think? I still think we will climb out of this and get back to a point of prosperity very soon. We just need to keep our heads about us and make sure we don't add to the mountains of bad advice.

Dave Woodson

The Indiana FHA Expert

The Indiana First Time HomeBuyer Tax Credit Form

Dave Woodson (Dave Woodson) — Wed, 04 Mar 2009 13:24:48 -0600

First Time Indiana Home Buyers, As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the…First-Time Homebuyer Credit Form.

True to tax code standards, the 10-field form is accompanied by 3 pages of instructions, but don’t worry it is not that bad. However, I am not a tax professional, nor do I play one on TV. If you would like a referral for one in your area please let me know.

The IRS form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit for Indiana Home Buyers

For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.

In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:

* $8,000 for homes bought in 2009
* 10 percent of the home’s purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.

Form 5405 is a comprehensive reference. However, be sure to check with your accountant or other tax professional for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.

For more information or to be approved for your First Indiana Home you can apply online or you can download my My Mortgage Planning Questionnaire. If you would like a phone consultation just give me a call at (219)872-8000.

Dave

This week in Indiana Mortgage rates

Dave Woodson (Dave Woodson) — Mon, 02 Mar 2009 18:48:01 -0600

As feared, last week mortgage markets slid last week, and it took interest rates with them.

There is still good news, Indiana Home Buyers, Rates are still historically low.

With, a steady drip of bad economic news and with concerns that the banking system out-muscled Fed Chairman Ben Bernanke’s congressional testimony in which he said the recession would likely end later this year.

So, it is litte wonder that mortgage rates rose 9 times in the last 12 trading days.

This week, I am a little unsure what direction mortgage rates will go, but I am sure it won’t be from a lack of action.

The week started with the release of the Personal Spending report, this is a closely-monitored report that will likely make a broad market impact. Some, Economists expect that there was a spending increase in February, providing some key support for economy.

However, if the Economists are wrong and spending fell. The report will cast doubt on the speed at which the economic recovery will occur. Consumer spending makes up two-thirds of the economy, and no spending equals no recovery. So, Go BUY something will you. I wear an XL.

Then, on Wednesday, the White House is expected to release the details of the Homeowner Affordability and Stability Plan. So, markets are playing a “wait and see” on the impact of the news. If key analysts and traders see the plan as effective, watch for stock markets to improve and bond market to weaken.

This would cause mortgage rates to rise.

Last, but no least, on Friday, we will get the February’s official jobs number, and job loss is expected to be over 600,000 for the month and unemployment may reach 8%.

However, on many levels, if the jobs data does meet expectations, it would be okay with mortgage rates.

At this point, I recommend that you float your mortgage rate, cautiously. Wall Street is nervous and is hyper-sensitive to Beltway(Washington DC) influence. Markets can and will change in an instant and when they do it is usually a change for the worse.

This week, I have a game plan, and it will be easier to take advantage of daily mortgage rate movement.

If you have any questions or concerns please give me a call at (219)872-8000. or email me, Dave@madmortgagemachine.com

Dave

LaPorte and Surrounding counties FHA Loan Limits

Dave Woodson (Dave Woodson) — Fri, 27 Feb 2009 09:57:15 -0600

As a part of the Stimulus Package,some counties in our area have increased, but the Indiana FHA loan limits for LaPorte, Starke, St. Joseph and Elkhart Counties will remain at the 2008 levels.

One-Unit - $271,050

Two-Unit - $347,000

Three- Unit - $419,425

Four Unit - $521,250

There really never has been a better time than now to buy, build or refi. If you or anyone you know are looking for a true mortgage professional to review the opportunities that are out there please give me a call at (219)872-8000. Or you can apply online at the Mad Mortgage Machine blog, the Indiana FHA Expert. You can download my 14 page Mortgage Questionnaire, that will allow myself and my team better assist you with your financial goals.

Dave Woodson

The Mad Mortgage Machine

Porter and Lake County 2009 FHA Loan Limits

Dave Woodson (Dave Woodson) — Thu, 26 Feb 2009 16:51:26 -0600

As a part of the Simulus Package, the loan limits for Porter and Lake Counties have increased back to the 2008 levels.

One-Unit - $410,000

Two-Unit - $542,850

Three- Unit - $634,450

Four Unit - $$788, 450

Dave Woodson

The Mad Mortgage Machine

Best time in Indiana to Refi

Dave Woodson (Dave Woodson) — Tue, 24 Feb 2009 16:46:13 -0600

If you are in Indiana and have any equity in your home it is the perfect time to refi. Rates are still historically low, and soon there will be some changes from Fannie and Freddie that will make refi’in a tad harder. I have a great example of why it is more than perfect time to refit.

I just closed a home refi with a husband and wife, they were fantastic and ecstatic. They loved me as well. I was able to take them from a 7.5% FHA rate to 5.5 conventional loan. What makes me angry is that when they did the original home loan the rates were no where near 7.5 more along the line of 6.5%, but when you use a local bank you do not always get the best service or rates. BUT, this is not about that, at this point.

I was able to save them over $400/month. Yeah, you read that right, $400 a month, and here is the kicker he may be getting laid off here soon. So, this could not have happened at a better time. They received $40,000 back at closing and with just that they have over 2 years of reserves of house payments, but with their monthly outlay they have 11 months in reserves, but they know if he was laid off, they would scale way back on their monthly expenses.

The break down of loan so you can see his savings and why it was a prefect time to do this loan.

Loan Amount      @ $232,000   @7.5% = 1622.81 (principal and interest)
Taxes                @ 120/month 120
Insurance         @ 75/month       75
Mtg Ins              @ 105/month                 105
TOTAL        =                                              $1922.18

My solution @ 5.5%

Loan Amount      @ $232,000 @ 5.5% = 1317.27
Taxes                @                              120
Insurance   @                              75
NO MI    @ A HUGE SAVINGS PER MONTH
TOTAL         =                                         $1512.27

A TOTAL MONTHLY SAVINGS: $409.91

I know most of your situations will be veru different, but how much would it help you to save $300, $200, $100 or even $50 a month right now. Now, is the best time to do it if you are facing a lay-off or even a slow down at work. There is not much that can be done once you are laid off it really throws on the brakes. I really cannot express enough that now is the time to refi if you are facing an uncertain employment future if you are holding equity in your home it does no one any good if it is locked away. I know that local banks are more than agressive in foreclosure proceedings you have any substantial equity in your home.

You can download my Mortgage Planning Questionnaire , it is an easy step by step Home Loan application that will help me and my team better understand your needs. You simply print it out and email or fax it back to me. It is 100% safe and secure.

Dave Woodson

This week in Indiana Mortgage Rates

Dave Woodson (Dave Woodson) — Mon, 23 Feb 2009 20:06:19 -0600

Last week, traders brushed off the passage of the American Recovery and Reinvestment Act (porkulus) and the President’s mortgage relief plan. (the jobs not as easy as you thought)

It really showed just how insecure the markets are about the stimulus package and the impact it could have on the economy. My own fear is rampid inflation in 2010 and rates move even higher.

I broke down the rest of the data and publised it on my website over at the www.madmortgagemachine.com

It is a great resource for the Indiana Home Buyer

Please take a moment and pop over and leave some great comments

Dave Woodson, the Indiana FHA Expert

The Mad Mortgage Machine

Good News, could be a early thaw

Dave Woodson (Dave Woodson) — Tue, 03 Feb 2009 13:25:16 -0600

Good News, A thaw is heating up

Posted by Dave

February 3, 2009

If the thawing of credit is paramount to an economic rebound, the first signs of spring may be here.

On Monday, the Fed released its quarterly survey of 84 member banks. In it, the Fed says that fewer than half of the responding banks tightened “prime” mortgage guidelines over the last 3 months.

This is good news for active home buyers and other Americans in need of a new mortgage.

The word “Prime” is a term that is vague in respect to home loans, but it generally refers to mortgage applicants who can document:

has equity
downpayment for a home

To view the rest of the story head on over to the Mad Mortgage Machine site and it is posted there

have a great week. I am so ready for the thaw

Dave

This Week, Switching to Decaf

Dave Woodson (Dave Woodson) — Tue, 03 Feb 2009 07:52:45 -0600

This week, Consumer confidence hit an all-time low and 100,000 Americans were laid off last week, each of these events played a role in the mortgage market's decline.

For the 3rd straight week, mortgage rates moved up coupled with average loan fees increasing, as well.

However, seemingly lost in all of the negative economic news. There were two bright shining lights worth looking into and discussing. They show that we may be closer to a recovery than previously expected.

the supply of "used" homes for sale fell from 11 months to 9 months nationwide, and NW Indiana is a little better than that. The good news is thatIndiana home buyers are coming back to the housing market in force, a sign that home prices are nearing a happy medium.
the nation's GDP -- a measurement of the country's complete economic footprint -- did not fall as much as the experts had predicted. A surprise as positive as this one, me wonder "what else the Doomsday Economists may be wrong about", and what I have been right about.

For more information, head on over to the Mad Mortgage Mortgage Machine for video and the rest of the story

The market expect the economy lose a 500,000 jobs last month

I just had to play this video...

A great way to buy your first Indiana home

Dave Woodson (Dave Woodson) — Tue, 27 Jan 2009 13:15:46 -0600

I was sitting in a class last night after speaking to a few local Real Estate Agents about buying foreclosed homes and some multi-units. I had one of those moments of clarity and I am not sure why I had not thought of it before.

Her monthly was payment was $499 and that does not include taxes or insurance, but the renters paid nearly 75% of her monthly payment. Now, are you tired of renting? Would you like your monthly living expense to go down?

Really, with the higher loan amounts for NW Indiana. You could buy yourself a heck of 3 or 4 unit and live nearly debt free and could be saving so much for retirement or even buy a single family home down the road and keep the apartment building like we did with my wife’s first home.

To read the whole blog head on over to the Mad Mortgage Machine or my FHA Blog

If you are a first-time home buyer in Indiana do no hesitate to give me a call. Dave Woodson (219)872-8000