Some wonder what has changed from last years First Time Home Buyer tax Credit and 2009’s First Time Home Buyer tax Credit. Well now you can review them Side By Side.
Posted by Great Northwest Indiana Associates of Realtors GNIAR here is a side by side look at what the differences are. Take a look.
Gina Bombin, NWI Real Estate Pro
WASHINGTON, February 02, 2009
Allowing large national banks to enter into real estate brokerage and property management could be devastating to the safety and security of the nation’s economy, which is why the National Association of Realtors® has been calling for legislation that would permanently ban banks from entering into real estate transactions.
“We thank Sens. Barbara Boxer, D-Calif., and Richard Burr, R-N.C., for their leadership in introducing legislation to prevent big banks from expanding their business to act as real estate brokers and managers,” said NAR President Charles McMillan.
During the introduction of the Community Choice in Real Estate Act on Friday, Sen. Boxer said, “Permitting banks to engage in commerce could compromise their lending decisions and create conflicts of interest while restricting consumer choice and competition among mortgage lenders.”
Some national banks had petitioned the federal government for the power to own and operate local real estate brokerage or property management companies. Since 2003 language has been included in annual appropriations bills to temporarily block implementation of these actions. The Community Choice in Real Estate Act would make the prohibition permanent.
“Imagine how much worse the crisis in the financial sector and our overall economy would be if banks had been permitted to enter into commercial activities such as real estate,” McMillan said. “We hope that Congress will work quickly to close any loopholes and pass laws that maintain the separation of banking and real estate and protect our nation’s economy from unnecessary and avoidable risks.”
For more info on this and how you can get involved visit Realtor.org
Gina Bombin, NWI Real Estate Professional
When thinking about purchasing a new home as a first time home buyer, there are so many factors to consider. But what do you do first as a first time home buyer?
Well, when you have made the decision to become a home owner, the first step as a first time home buyer before you do anything is get pre-qualified with a lender. It is important that you contact a lender or a Realtor to recommend a qualified lender to get pre-qualified. Sit down with them, bring in all your financial papers. Have them look at everything. This is very important. If you are serious about buying then you need to lay it out there so the professionals can help you in every aspect and counsel you on what is the best options for you. Why? Well, this is going to save some frustration in the buying process by helping you avoid looking at houses out of your price range. It will also give you a starting point on what you can afford. Plus, it could bring to light any credit issues you may have and give you time to correct them. Is it a good idea to contact the appropriate professional six months to a year prior to actually making that big purchase to help you make a “To Do” list for you and prepare you for becoming a first time home buyer in the year to come. Before running out the door once you have become pre-qualified sit down and meet with a Realtor in their office and discuss your plans and goals. You will only need to work with one, so pick one you are comfortable with. Talk about what you are looking for. How the buying process works. Have questions ready for your Realtor to Answer. Also, to take a look at the homes that fall in your criteria. Sometimes just taking a moment and looking at what is available may help you evaluate what you are looking for.
You should be comfortable with your lender and your Realtor during the process of becoming a first time home buyer. Also, understand that they are the professionals and they are the ones looking at your transaction and your situation. Every situation, every transaction, every home buying process is different and they know how to help you become a first time home buyer. So ask them all the questions you can think of that way you get the right answer and their professional option for your purchase. You will then be on the road to becoming a first time home buyer.
Go Luck and Happy Hunting!
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