Marcus Bruno - Realtor

Homebuyer Tax Credit Extended To "Upgraders"

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 30 Nov 2009 11:06:33 -0600

Home Buyer Tax Credit Extended and Expanded!

The U.S. government recently extended and expanded the home buyer tax credit. The $8,000 first-time home buyer credit that was scheduled to expire December 1 will continue in effect until April 30, 2010.

In addition, beginning December 1, many current homeowners will qualify for a $6,500 tax credit if they've lived in their current home for at least five years and are seeking to relocate. Plus, the income limits for single buyers and married couples were also raised.

There has never been a better time for you or someone you know to take advantage of this tax credit because hundreds of homes are now priced below market value.

If you have a family member or friend who could benefit from learning more about this tax credit program, please have them call me for a free one-hour consultation so we can discuss how these changes will help them.

"One of the big items needed to claim the credit is a copy of a properly executed settlement statement which must be attached to the tax return where the homeowner is claiming the credit. This goes for both First Time Homebuyers as well as those claiming the "Upgrade" credit of $6500. The new law gives the IRS a wide purview to summarily deny claims for the credit without having to audit the taxpayer or notify them. I heavily advise those thinking about claiming the credit to see professional tax advisory services from a reputable accountant with experience in this arena", says Mike Fine of Finesse Tax Accounting.

Marcus Bruno
HomeSource Real Estate
240 460-6318
301 464-0044

P.S. Because this program is a tax credit - it does not have to be repaid. Who's the next person you know who should learn about this program

Foreclosure Aid

Marcus Bruno (HomeSource Real Estate Soltutions) — Wed, 04 Feb 2009 14:25:31 -0600

If you know anyone in foreclosure please tell them not to go to court without an attorney.

Forecloure AID

Maryland Foreclosure Prevention Pro Bono Project: 877-462-7555.
Civil Justice Network: 410-706-0174
Legal Aid in Maryland and Virginia: MD 888-2115-5316 & VA 866-534-5243
Neighborhood Legal Services Program in the District: 202-269-5100

Also, I can help you if you need to modify your loan or sell your home before forclosure.

Marcus Bruno

Homes@MarcusBruno.com cell: 240-460-6318

$7500 Home Buyers Tax Credit

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 26 Jan 2009 10:53:04 -0600

A $7500 tax credit is available to singles, married couples and unmarried co-purchasers who purchase a home by July 2009. Only principle residences are eligible. No investments, or second homes are eligible however, houseboats, house trailers, cooperative apartments, condominiums are eligible. You must be a first time homebuyer or have not owned a home in the last three years. As a single buyer your income must not be over $95,000 and married joint filers cannot gross more than $170,000.

Congress is currently debating a deadline extension to Dec 31 and possibly making this tax credit free from repayment. Currently purchasers are required to repay the $7500 over a certain number of years interest free.

Whether or not they eliminate the repayment requirement it's still a great benefit to get the tax credit because $7500 can go be used as reserves for any unexpected challenges.

Hope this helps,

Marcus Bruno

240 460-6318 or Homes@MarcusBruno.com

Five Questions To Ask Your Lender – Before You Sign Anything!

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 08 Dec 2008 12:17:02 -0600

Do you have a variety of loan programs to fit my cash flow and expected length of ownership needs?
Do you offer pre-approvals, not just pre-qualifications?
Do you have the ability to handle difficult credit history?
Is the rate that you quoted me the rate I will get at closing?
Can you give me a list of your last five clients as references with their phone numbers?

Government Funded Home Buyer Programs Suspended In DC & MD

Marcus Bruno (HomeSource Real Estate Soltutions) — Wed, 03 Dec 2008 09:32:42 -0600

We have just heard that the D.C. Government-funded Home Purchase Assistance Program and the Maryland Bond Program's CDA loans have been indefinitely suspended for budgetary reasons. What does this mean if you are among those buyers who have been approved for zero-down loans by lenders using these products? You'll have to wait for the suspensions to be lifted or you can use more traditional forms of financing. The good news is that down-payment assistance programs like Nehamiah and Ameridream should be rolled back out pretty soon. Also, some lenders still offer zero-down loans that allow closing-cost assistance from the home sellers. I know that the PG County Association of Realtors and the Greater Capital Association of Realtors are lobbying pretty hard to get these programs up and running again. Efforts are also underway to pressure the D.C. Council to reconsider their decision.

Contact me by email or at 240-460-6318 for more zero down opportunities.

Free Report! How to buy Bank Owned/foreclosures For Dummies

Marcus Bruno (HomeSource Real Estate Soltutions) — Wed, 05 Nov 2008 09:26:15 -0600

Public Notice: New Carrollton, MD
Bank-Owned Homes for Sale
Must Sell Quickly
2 and 4 Bedrooms Homes in New Carrollton from $125,000-$425,000
New Website has all the Details

Click Here
New Carrollton Foreclosures

The Richest Man In The World Wants To Talk To You!

Marcus Bruno (HomeSource Real Estate Soltutions) — Thu, 23 Oct 2008 09:12:34 -0500

Good Morning,

Listen and watch the richest man in the world becuse he has something important to say about this economy.

Click Here Now!

There Is A Risk If You Wait

Marcus Bruno (HomeSource Real Estate Soltutions) — Tue, 23 Sep 2008 11:58:32 -0500

Unless you are living out in space you are probably aware of the government bailout of major financial institutions. The 700 billion dollar bailout has now been expanded to include buying studen loans, car loans, credit cards and any other 'troubled' assets held by banks.

"Such a large takeover by the government will surely be accompanied by adverse, unintended consequences," said Pat Toomey, president of the Club for Growth, a conservative advocacy group. When the government gets involved prices go up. Fees, and points and even interest rates will start to rise.

There is a window of opportunity right now when Fannie Mae and Freddie Mac are flush with new federally funded cash. They are going to be able to loan more money to banks and purchase more loans from banks. The banks ability to lend and the very reasonable interest rates makes it a golden opportunity for those who want to buy their first home or sellers who want to move up to a larger more spacious home, or someone who is relocating somewhere else around the country. If you decide to wait you are taking a risk because the government will raise rates, points and fees to pay for this bailout.

I just dont think that it's a risk worth taking. If your risk tolerance is low, this may be the golden opportunity to take advantage of the low fees and points and rates that are available in the economy right now.

The Tax Credit Is A Loan

Marcus Bruno (HomeSource Real Estate Soltutions) — Fri, 15 Aug 2008 10:53:55 -0500

The homebuyer tax credit is a little misleading. You will receive a tax credit of 10% of your purchase price up to $7,500. Here's the kicker. You will have to pay it back over 15 years in equal installments. So the tax credit is actually a loan which you will pay back to the government with increased taxes.

Buyers, don't lose out!!!

Marcus Bruno (HomeSource Real Estate Soltutions) — Sun, 03 Aug 2008 17:26:24 -0500

As of October 2008, Congress has stopped FHA lenders from accepting gift funds from down-payment assistance programs (DPAP). What does this mean to buyers? It means losing an amount equal to 1 to 3% of the sales price of a home which you could have used towards your purchase. For a $300,000 dollar home, it means $9,000 that you can't get anymore. We were using these DPAPs for years to allow buyers to purchase homes using very little or no cash. Now every single home buyer must have a minimum of 3% down. It's not too late though: buyers have until October 2008 to use DPAPs--after that they're toast!

Dispute Your Real Estate Taxes

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 28 Jul 2008 12:34:00 -0500

With the decline in the real estate market, there is a chance your home might have been over-assessed by the tax assessor's office. Ask a real estate agent or an appraiser to get proof of value. Then contact the County Tax Assessor Office; speak to the person who assessed your home and request an adjustment. If the assessor doesn't agree and you strongly feel that the taxes are too high, then contact an attorney and allow a judge to make the final decision.

*Search For Homes at wwww.MarcusBruno.com

Prince Georges Foreclosures #1 in MD

Marcus Bruno (HomeSource Real Estate Soltutions) — Tue, 15 Jul 2008 12:12:57 -0500

1 in 58 homes. See for yourself at Property Foreclosures in MD. Baltimore City is rounding a close second. If anyone is caught up in this problem, maybe your rate has changed or you're just falling behind, there is a forum being held in D.C. on July 19th and July 23rd to address your challenges and give you options. Go to www.NACA.com for more information.

Do your best to keep your home. Your home's value will double every 10 years and the average homeowner's net worth is 46 times that of a renters. See http://housingmarketfacts.com.

Giving the house back to the bank is the last thing you should do. Get educated and find out what options you have.

Home Buying Grant Money Is Available

Marcus Bruno (HomeSource Real Estate Soltutions) — Tue, 01 Jul 2008 20:33:37 -0500

Home Buying grant Money Is Available

Maryland Housing and Community Development has a division called the Community Development Administration. CDA has an excellent housing program called More House 4 Less or the Maryland Bond Program. The program offers closing assistance, low rates, and matching grants through partnership programs.

Closing assistance can come from three different sources that you can use in conjunction. One type is in the form of a 2% to 3% grant depending on your interest rate (in the 6's). Another is the Smartkeys grant which gives an additional $5,000 if you work in the same county that you'll live in. Lastly is the House Keys 4 Employees program which matches any monies your employer donates towards your home purchase. To find out if you employer is on the list click here. A portion of the House Keys 4 Employees grant must be reimbursed when you sell your home in the future.

The More House 4 Less mortgage product offers low rates at 5.85 with no points and 5.75 with one point (rates subject to change). If it couldn't get any better, they don't require monthly mortgage insurance just an upfront premium that can be financed into the loan. The upfront mortgage insurance payment is even less than those charged by VA and FHA. 30 year and 40 year mortgage terms are available.

Combine these programs with closing assistance that you may be able to receive from the seller in this slow market and you're talking about more money than you need. My last client received a total of $27,000 in free money. Also, he's a PG. County police officer and got an additional $2,000+ reduction in his closing costs because he's a first time home buyer in M.D. and P.G. police are exempt from county transfer taxes. He decided to use the extra money to pay down his mortgage principal.

This is by far the best program I've ever had my buyers use but there are some catches. Like I mentioned before a portion of your grant may have to be repaid when you sell. Also, the house must be in excellent condition. CDA underwriters will review the home inspection report and will want certification that the house is structurally sound. You need to use a loan officer who is familiar with this program. Most loan officers don't do CDA because they are prohibited from charging points so many aren't familiar with the process or just don't want to do it. Click here for a list of eligible lenders or just contact me for my preferred lenders.

Search for homes at www.MarcusBruno.com

We Have Finally Reached The Bottom

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 23 Jun 2008 12:21:41 -0500

In my opinion we have probably reached bottom of the market. How do I know? I'm glad you asked. For the main fact that foreclosed single family homes less than 240k in a decent neighborhood gets swallowed up in no time and has multiple offers. So how could prices get any lower?

Short sales have flooded the market and soon the unsold ones will turn into foreclosures. If prices do continue to decline it'll be because foreclosures have over supplied the market. But as of right know bank owned properties only represent 1.6% of active listings in D.C (60 out of 3,733), 2.7% in Prince George's (213 out of 8,146) and 2.4% in Montgomery (165 out of 6,921). I don't believe the number of foreclosures at the moment have any impact on market prices. There are too few of them.

Search for homes at www.MarcusBruno.com

Rent With Option To Buy or Lease Purchase How It's Done?

Marcus Bruno (HomeSource Real Estate Soltutions) — Fri, 02 Nov 2007 11:21:11 -0500

Many rental property owners are landlords by default rather than choice. What alternatives do you have? How can we make buying affordable for our tenants?

Purpose & Profile of a Lease Purchase

A. Helps Sellers Sell

1. Opens the Market to Less Qualified Purchasers

2. Secures a Price & Terms

3. Secures a Tenant with a "Vested Interest"

4. Helps Achieve a Higher Sales Price

B. Helps Buyers Buy

1. Locks a Price for 12 - 24 Months

2. Serves as a Forced Savings Plan

3. Secures a Home for Purchase, but Allows Occupancy to Begin

Important Considerations

A. Suitable Only for those who Qualify, but Lack Sufficient Cash

B. Condition is As-Is at the time of Possession

C. Repairs are Generally the Responsibility of the Purchaser

D. Non-Refundable / Refundable Deposits and their Disposition

Rent with Option and Lease Purchase, What's The Difference?

A. Lease Purchase is a contract with a delayed Settlement. There should be a lease attached to a contract. The contract has a settlement date, price and terms. Most jurisdictions will treat this as a tenancy with tenant's rights, so a lease should also be attached

B. Rent With Option is an Option Contract that sets forth the terms under which a tenant may purchase and an action date. There is no penalty for not exercising the option. The price or means to establish a price is determined in advance. There may or may not be a fee for the option and that fee may or may not be applied to the purchase

Steps To Setting Up The Deal:

1. Set Fair Market Rent

2. Set Fair Market Sales Price

3. Determine how long price will be held (or when escalations will be applied)

a. Example - If buyers/tenants purchases property within 1 year, the sales price will be $300,000. After 1 year and within 2 years the sales price will escalate to $325,000.

4. Determine minimum purchase deposit (Ask buyers/tenants how much can they put down? - But at least equal to a month's rent. Essentially, an option fee is refundable only at settlement.)

5. Calculate buyer's/tenant's closing costs required to settle. Subtract the initial deposit. The net amount is to be calculated by monthly additional deposits by buyer (and, if any rent credit from seller.)

a. Figure-out how many months it will take, at the monthly additional (and rent credit) to produce sufficient cash to equal net. Juggle numbers to make shortest time, but affordable payment.

b. Example - Rent is $1650. Buyers/tenants needs at total of 13,000 to close. They make an initial deposit of $4,000. The net amount needed to close is $10,000. The buyers/tenants decide they can make an additional deposit of $250.00 per month. Seller decides to make a matching credit to the buyers equaling $250.00 if the buyers/tenants can settle in one year. At the end of 1 year the buyers/tenants has accumulated $10,000 to put towards their closing.

c. The buyers/tenants should pay at least as much each month as the future mortgage payment projected.

d. Additional deposits are refundable if the buyers/tenant fails to qualify, but not if tenant walks from the deal.

Qualify For A CDA Mortgage

Marcus Bruno (HomeSource Real Estate Soltutions) — Mon, 06 Aug 2007 15:58:16 -0500

If you are considering buying a home in Maryland try to qualify for a CDA Mortgage. This product will allow a lender credit of $3,000 or more and options to lower your mortage payment. "First-time homebuyers" are not the only type of buyers that can qualify. They define first-time buyers as a person who has not owned a home in Maryland for the previous three years. So, if you've owned a home in Maryland but not in the previous 3 years you are eligible of the first-time home buyer's status. However, if you have recently owned a home, as long as you buy in the target areas you can use this product. Click More House 4 Less to get more info.

My client saved $300 a month using this mortgage and a whopping $4,000 cash. She does still have to pay mortgage insurance. However, instead of her paying $90 per month for mortgage insurance she financed a funding fee of $6,500. Which means her loan amount went up from $225,000 to $231,500. Her payment went down further because she got a lower rate and she decided on taking the interest only option to increase her savings.

On the flip side, she could of chose to pay the $90 in mortgage insurance and as her property goes up in value eventually the MI payment would fall off (your may have to "remind" the lender to do it.) Her property would have to go up 20% in value and/or her loan amount must decrease fewer than 80% of the value of the home. Your decision will be influenced by how fast your home may appreciate and whether you want to pay down your mortgage.

The CDA mortgage is not always the best option. It tends to lose its flavor as you go up in the sales price. Closing costs and rates may be higher using the CDA versus a conventional loan. If you are getting all closing paid anyway by a seller the CDA credit is not needed. Can you get all closing paid and receive the CDA credit so you walk away with money in your pocket? No, the lenders don't want to see you walk away with money. Everyone always asks that question.

Take advantage while it's still here!

"This is what the LORD says, he who made the earth, the LORD who formed it and established it-the LORD is his name: 'Call to me and I will answer you and tell you great and unsearchable things you do not know." Jeremiah 33:2-3