TOM & CYNDEE
BROWNER QUAD CITIES REAL ESTATE WITH RE/MAX
SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE
BROWNER
CRS, ABR, GRI, e-PRO, CRB, MRA.
BROKER OWNERS - RE/MAX BI-STATE
SERVING IOWA & ILLINOIS
DAVENPORT - BETTENDORF - MOLINE - ROCK ISLAND & SURROUNDING COMMUNITIES
563-388-0008 Office - 563-570-7629 Cyndee's Cell - 563-343-1092 Tom's Cell
Hi!
Contact us at tom&cyndee@quadcitiesrealestate.com Have a real estate question? The answer is just a phone call or E-mail away. Buying or Selling a home is an important financial decision. WHEN YOUR MONEY MATTERS, be careful and check out who you are dealing with. You deserve the best information and service available. If you would like to know what you should expect, check out our Buyer Representation or Seller Representation pages.
WOULD YOU LIKE TO OWN A HOME?
FEDERAL TAX REFUND PROGRAM
The Federal Government has come up with a program for first time buyers. As defined, someone who has not owned a home in the last three years. You must qualify for the loan and buy the home with your own money. Your income can not exceed $95,000, (recognize this kind of Buyer)? They will then give you as an income tax refund 10% of the purchase price of a home up to a total of $8000. You must buy the home this year and you can either go back and change your 2008 return to get the money early or will get it back with your 2009 return. That is like paying too much into with holding and getting the money returned to you when you file. So if the refund is higher than your taxes due, you still get the money and in the latest version, there is no pay back of this refund. So call me, lets get you into a bank and pre-qualified, then find the right house and you can own this year cheaper than rent and get all of your acquisition cost, 10% of purchase price up to $8000, back from the federal government. Call me!
IOWA PROGRAM
OK, OK, so not totally free, you still have to make the monthly mortgage payments. The Iowa Finance Authority has announced a new program to allow first time buyers (have not owned a home for three years) to invest in Iowa and own their own home. This new program requires you to purchase a home under $200,000 and if you are a single or couple, your income can not exceed $46,120.
If you meet the profile, the state will give you a 3% grant (called down payment?). If you make a reasonable offer, and ask the seller to pay $1500 in closing cost, you might be able to get into that first home without any money at all. You still have to qualify for the long term debt banking guidelines, have to have a job and be breathing. You know, the normal things. Can't have judgments against you, back child support or a credit history full of late pays. Have to promise to make your mortgage payments on time or the bank will get real angry. No difference, if you do not pay the landlord on time, he gets real angry. At least with home ownership, every time you make one of those payments a portion of it goes towards principle and that increases your equity situation. With appreciation and possible tax benefits, the gain may be more. Over time, a lot more. As a renter, you are always buying a home, it just happens to be for the landlord. Of course you also have to pay the landlord a profit on his investment above his mortgage, taxes and expenses. Home ownership is usually cheaper!That said, if you are a normal type of person, with decent credit and a desire to own your own home instead of buying one for the landlord, call us.
It even gets better. Your mortgage rate will be at 5.625% for 30 years. That is real cheap money for you. So what are you waiting for: "Higher interest rates, higher home prices or to save your down payment and closing cost?" If you do not want to wait and pay more later, Call us at 343-1092 or 570-7629. We would be happy to sit down with you and walk you through the whole process. In a few weeks, you will in your own new home or condo and you really don't have to tell your friends that it was all free. Let them envy you, or believe you won the lottery or something! I won't tell if you don't.
Make too much money? So you can't get the 3% down and closing cost. You can still get seller assistance and perhaps a 5.25% mortgage for 30 years fixed. No origination or discount fees. You can buy any home under $200,000 in a non-targeted area. Your income guideline is under $57,950 for one or 2 people and must be under $66,643 if you are a family of 3 or more. Higher income levels apply for targeted areas and home prices can rise to $245,000. Still a good deal. If interested, call us at 343-1092 or 570-762