buying power: Federal Tax Credit for Home Buyers - 04/07/09 08:19 AM
Homebuyer Tax Credit Forms and Rules Now in Place  
For the purpose of this credit, a first time homeowner is defined as one who has not owned a home for the 36 months ending on the date of purchase.
The Treasury Department has moved at record speed to implement one piece of the new American Recovery and Reinvestment Act of 2009 (aka the Stimulus Act).
The Treasury Department and the Internal Revenue Service which will manage this credit announced on Wednesday, February 25th,  that forms and regulations are already in place for homebuyers who wish to claim the first-time credit enabled under … (0 comments)

buying power: What's Your Buying Power? - 01/08/09 05:47 AM
What's Your Buying Power-Interest Rates vs Purchase Price
 
Most folks think that when they apply for a loan the Lender qualifies them for a certain total amount of money.  This is only partly true.  What you are being qualified for is the amount you are able to pay EACH MONTH, and this determines the total amount that the bank will lend you.
 
Let's suppose you want to borrow $200,000 to buy a new home.  You have the down payment and closing costs saved up and you contact the Lender for a loan.  When the Lender runs your credit report … (0 comments)

 

Elaine Cerrato

Ocean City, MD

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Coldwell Banker

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