Listing agent/broker: Dwight Puntigan - Century 21 Luetkenhaus
This space is suitable for a florist, shoe shop, repair shop, professional office, meeting hall, book store, craft shop, distribution, or mortgage office. Grow your community presence as the community grows. There are several open spaces in New Town, however, terms with this landlord can be negotiated to suit your needs.
Listing agent/broker: Dwight Puntigan - Century 21 Luetkenhaus
Notice that the new price of $425,500.00 is $123.00 per square foot instead of the previous $133. When making an investment a sizable difference in cost can really help your CAP rate. Being right in the center of town is a huge advantage. The storefront is highly visible to all shoppers traveling Rue Royale, the sand volley ball court is directly across the street, the ampitheater, the ice cream parlor, the wine and cheese shop, and many more are all right there.
Listing agent/broker: Dwight Puntigan - Century 21 Luetkenhaus
This condo is vacant and clean. It has been repainted so it would be move in ready, just for you. With all the windows and thelight colored walls, ceiling fans, and wood floors this is a very bright and airy environment. Don't miss the hallway closet that has the full sized washer and dryer. The unit qualifies for FHA. Ask me to refer you to a lender if you need one.
Fall colors are at the brightest this time of year. The setback for your house is in the general area of the tree line. There is more than 380 feet of road frontage. The roads are laid out so that there is no through traffic. Ask to have me send you the plat map of the subdivision which shows all the lots, and location of the lake across the street. Plan your dream home, put in your septic, drill the well, thin the brush and trees to enjoy a park like setting for your new home.
Recently there were 76 active listings for homes in Town and Country, at an average price of $1354,820 with an average size of 4,536 square feet. This is an average cost of $262 per square foot. Sellers the average property here has been on the market for 168 days.
If you are considering relocation to or from the Town and Country area call 636-219-6242 or reply to my email address.
I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com
Recently there were 93 active listings for homes in Creve Coeur, at an average price of $879,422 with an average size of 3,424 square feet. This is an average cost of $226 per square foot. Sellers the average property here has been on the market for 125 days. There have been 112 houses sold during the past 12 months. Thus , the existing supply of housing is about 83% of a years supply. However, the average days on market for houses sold is only 127 days. That is not bad at all in todays market.
If you are considering relocation to or from the Creve Coeur area call 636-219-6242 or reply to my email address.
I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com
I provide free information: Home Buyers Guide, Hiring the Right Agent, How does the Agent Represent You - Agency, Is now a good time to buy, Should I think New Home - Resale - single family - condo - villa, What type of loan is best for this situation - who specializes in those, there are several ways to get down payment assistance. http://www.StCharlesHousing.com
This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details. More information is available at IRS.gov.
2008 Housing Stimulus Legislation First-Time Home Buyer Tax Credit Fact Sheet Who is Eligible
· The $7,500 tax credit is available for first-time home buyers only.
· The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
· All U.S. citizens who file taxes are eligible to participate in the program.
Types of Homes that Qualify for the Tax Credit
· All homes, whether single-family, townhomes or condominiums will qualify.
· However, there are several conditions:
o The home must be used as a principal residence, and o The buyer has not owned a home in the prior three years.
· The Tax Credit includes newly-constructed homes.
Income Limits
· Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
· For married couples filing a joint return, the income limit doubles to $150,000.
· Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
· Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
· The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples filing jointly with an AGI that exceeds $170,000.
Effective Dates for the Tax Credit
· First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
· A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
o For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government. o If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
· If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Payback Provisions
· The tax credit is an interest-free loan that must be repaid over 15 years.
· The minimum repayment amount must be 15 equal annual installments. For example, if the credit amount is $7,500, then the home buyer must repay a minimum of $500 each year for 15 years.
· A home buyer must begin repaying the credit two tax years after claiming the credit. For example, if the credit is claimed on the 2008 tax return, repayment of $500 (or less, if the credit amount is less than $7,500) per year begins with the 2010 return.
· If the home owner sells the home for a profit and there is a remaining credit, then the home owner is required to repay the remaining credit during the tax year of the home sale. The amount of the repayment will depend upon the amount of profit from the home sale:
o If the profit on the sale is more than the remaining credit, then the home owner must repay the entire remaining credit. o If the profit on the sale is less than the remaining credit, then the home owner must repay an amount equal to the profit on the home sale. The remaining credit payback will be forgiven.
· If the home owner sells the home but did not make any profit on the home sale, then the remaining credit payback would be forgiven.
Further information regarding the tax credit may be found at www.federalhousingtaxcredit.com or www.irs.gov. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details
A couple years ago I used this article in the News & Tid Bits that I sent out. Much of it looks to still be applicable. If you have issues, or anticipate them call me. Depending on the topic there are some wonderful professionals that I can put you in touch with. However, as it affects your real estate, your home, buying or selling, refinancing, relocating, etc I have tools available for various situations that could help if we are able to deal with the problems soon enough.
Most emphasis is placed on recent information. For example, a late payment one month ago is weightier than a late payment a year ago. Therefore, time will gradually 'heal' bad credit; every month that passes helps.
The longer an account is open and the more payments that have been made on time, the more points you earn. Thus, taking a new auto loan (installment credit) will lower your score at first, because longevity has not been established and because the balance in proportion to the limit is high. (People buying houses should wait to take out a loan for furniture, appliances, auto, SUV, boat, Jet Ski, etc. until after their home loan is closed.)
Late payments and collection accounts have a major negative impact on the credit score. Collections, or charge-offs, are especially damaging. Even after a collection has been paid off with a zero balance, the fact that it is on your report will significantly lower your score for several years. A ten dollar collection last month can be more damaging than a three year old bankruptcy!
Frequent delinquent payments are more damaging than an isolated delinquency. Also, sporadic late payments (a 30 day late last month and a 30 day late three months ago) are more damaging than successive late payments, (successive 30 day late payments are called a "rolling 30" and it counts as only one late) because of how it reflects on a person's financial habits.
How severely delinquent the payment was (30 days, 60 days, 90 days) affects the credit score. The more severe the delinquency, the more damaging it is to the score. (Late payments less than 30 days late are not reported.) Utility companies do not report late payments unless they go to collection. Therefore if you have to be late on something, be late with the utilities! (Be sure to make satisfactory arrangements to pay the account current.)
Chapter 7 and Chapter 13 bankruptcies affect your credit score equally. More points are not awarded for debt reorganization Chapter 13.
Having more than three open bank cards lowers your score. Having less than three bank cards, will not give you as high a score as having three. Therefore, three open bank cards, all with low balances, are one way to raise your score. But do not close any open accounts after they are open, unless the company terms are no longer favorable. It will reduce the amount of available credit and have a negative influence on overall debt ratios. A person who has $50,000.00 in available credit and is using $30,000.00 will have lower scores after they close several "unused" accounts and only have $40,000.00 in available credit.
Credit balances up to or close to the limit will lower your score, even if all payments have been on time. Therefore, it is better to have several accounts with small balances than one or two accounts with large balances. (Balances should be 0% - 30% of the allowed limit for the best score.) There is a modest hit to score at a 50% balance compared to credit limit. There is a major hit to score at a 75% or higher balance. If balances are carried for some time at 75% or higher it will be impossible to maintain scores over 700.
SPECIAL NOTE! Accounts that are "maxed out" each month, (even if they are paid off each month) will hurt a score. The system will only recognize balances under 30% AT THE TIME OF THE CREDIT PULL for the best score! The solution is to get a limit raised, and only borrow up to the 30% limit. The proportion of your debt to your income is not counted, because it is illegal to consider income; therefore, people with high incomes who can easily afford to carry a lot of debt will be docked on their scores the same as others for having high balances and/or more than three bank accounts.
Having no revolving credit accounts at all will hurt your score.
When applying for a mortgage loan, mortgage payment history is considered far more important than credit cards or installment loans.
Credit card payment history (revolving credit) is more important than installment loans. Therefore, it is better to pay down credit cards before paying down installment or auto loans.
Having a finance company loan on your credit report will lower your credit score. Having two finance company loans is worse; having three or more is worse still. (A regular auto loan is not considered to be in this category of loan.) Beware of furniture companies, electronics companies, lumber yards and others who set up financing with a finance company. Finance company loans are designed for people who cannot get funds elsewhere, hence the expression "hard money loans."
Debt management companies such as Consumer Credit Counseling reported on your file may significantly lower your credit score. Some creditors will report your payments as being late the entire time you are in CCC because they do not receive full payments each month. Some lenders consider being in a debt management program like being in a self-made chapter 13 bankruptcy.
Repossession, including a voluntary repossession, is a major negative and will damage your credit significantly. Whose fault it was has no bearing on a credit score or in a loan approval.
A mortgage foreclosure is even more credit damaging than a bankruptcy in the eyes of a mortgage lender.
Closing off all accounts and having no open credit will lower your score. Keep longstanding accounts open to improve your score (even with zero balance). Use revolving credit at least every six months. Don't pay cash when you can use credit. Just pay off the account each month. Carrying balances on revolving accounts does not build credit. Paying on time each month builds the credit score.
You can rate shop without hurting your score: All mortgage loan inquiries and all auto loan inquiries within a 14-day period are treated as one inquiry. It is assumed that you are shopping for just one mortgage or just one automobile at a time. The exception to this can occur when some of your inquiries are before and some are after the date of the credit bureaus' monthly update. (Usually around the third week of the month). Most updates occur starting the 24th or the 25th of the month.
Multiple inquires from credit card companies (revolving credit) will lower your score. A person may be looking to open several lines of credit and significantly increase their debt. The trap is "apply for an account and get 20% off your purchase." Yes you got a "deal" and you "dinged" your credit at the same time! Three in a month will burn your score!
Age is not a factor in credit approval; however, length of time that credit is held is a factor. Therefore, maintain your accounts for a long period of time. Be sure to use the account occasionally. Never close an account, unless the terms are unbearable.
Rent does not appear on your credit report. However, when you apply for a mortgage, the lender will request a verification of your rent payment history and consider it heavily in the decision to grant a loan. Therefore, paying rent on time is extremely important when applying for a home loan. It is very important to keep all of your payment records for at least two years. Sometimes cancelled checks are the only recourse!
Length of time from the last delinquent payment, paid off collection, discharged bankruptcy, or other negative report is a factor, so the more time you have been building good credit since then, the better your score will be. An account is damaged by misuse of credit. Proper use of credit is the only way to improve the credit score. You fell "off the horse", get right back on!) "Credit surfing" or paying off one credit card with another and then another in a rotating fashion, does not look good. It hurts your score because of multiple revolving account inquiries and the short length of time the accounts are open.
You may request a copy of your own credit report without it affecting your score.
Credit card companies and insurance companies sometimes look at credit files to determine who to mail solicitations to. This does not affect your credit score. However, you may request to be excluded from these solicitations.
Everyone has their own individual score. Married persons do not share a score. Therefore, everyone needs to have some credit established in their own name and be responsible for the management of their own credit. (Credit accounts may be held jointly in both names or individually). It is possible to be only an "authorized user" on an account. This type of account can be excluded from the debt ratio! Having several names and addresses for yourself on a credit report will lower your score. This would apply to people who have moved a lot within the past seven years and people who have credit in multiple names such as: Bob Jones, Robert E. Jones, R. Edward Jones, Bobby Jones; or Joanne Smith, Jo Smith, Joan Smith, Joanne K. Smith, Joanne Kathleen Smith, J. Kathleen Smith, Joanne Martin (Maiden name);. If you clear off all the names and addresses except one, your score could go up 20-30 points instantly!
Late payments and collections may remain on a credit report for seven years. Bankruptcies may remain on a credit report for up to ten years. Unpaid tax liens and unpaid civil judgments can remain indefinitely. Although profession does not affect your credit score, some institutions disfavor certain ones because of their experiences in the past with late payments. Occupations in disfavor are those, which have unstable income, periods of no income, seasonal work, and frequent job changes. In addition, some lenders charge an extra fee to self-employed borrowers, because self-employment carries a higher risk factor.
When first establishing credit It is easier to open department store cards or gasoline cards than it is to open a bank card. Make sure the new card company reports to a credit bureau!
Consider taking out a small personal loan at a bank and deposit the money into a savings account at the same bank as collateral for the loan to help get credit established. The account needs to report for at least six months to be effective. Be sure that the loan is with a "reporting" bank. It is no help to have a loan with a bank that doesn't report to a bureau!
Several months ago there were articles in the media about buying a new home. At the time many builders were scrambling to get the cash needed to pay their subcontractors. The articles didn't say that inventory homes were the best bargain in town, but they were in many cases. Now the biggest discounts are past. This does not mean that I do not take my clients to look at new construction. It is a great choice for many people.
A growing family that needs more space. If it is a three car garage for adult toys or a more private bedroom and bath that are needed tell me where you would like to be located. We will find what meets your criteria, price it by the square foot. There are many areas that you would be surprised how competitive new construction can be. Especially when I show the builders representative com parables.
New homes are much more energy efficient than most existing homes. Not just the appliances, but the insulation, windows, etc are not just new but the tchnology is better. New means that you recieve the benefit of the entire warranty of the item. This applies to roof, furnace, water heater, etc. This lowers your maintenance costs and upkeep. That is even before talking about whether your situation may call for a planned unit development such as condo or villa so that you do not even have to shovel snow.
Many of the amenities that people desire are less expensive to build into the house rather than achieve them by remodeling. This could apply to the larger bathroom, the gourmet kitchen, or the home theater.
Homes period are a great investment. VA with 100% financing, FHA and its 6% down or a builder who uses a 10% down mortgage are all the best leveraging you could do. You control the property, have all the appreciation over time, receive tax advantages on the interest and all for so little money down. The equity in a home can be judiciously borrowed on. Please don't take all the equity out of your house. Ask me about your situation and a lender to refinance. Interest rates are still very low.
Don't forget, there is plenty of money available, you just need to be better qualified for it.
Talk to me about one of the biggest decisions in life and how it applies to your situation.
Dwight Puntigan - Century 21 Luetkenhaus - 636-219-6242
Office Phone: (636) 980-2121
Cell Phone: (636) 219-6242
Email Me
For first time home buyers, growing families, relocations, investing, recreational living, downsizing, and to assisted living with attention to the creation, growth, and maintainence of family wealth.
Dwight Puntigan
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