MSHDA's Mortgage Credit Certificate Program:

You ask what is a Mortgage Credit Certificate? Mortgage Credit Certificates (MCC) reduce the amount of federal income tax a homebuyer pays. The estimated annual cost savings is calculated on a monthly basis to help homebuyers qualify for a higher mortgage payment, and therefore a higher priced home-expanding home choices. MCCs are available to homebuyers who meet household income and home purchase price limits.

Calculating the Credit:

Total Mortgage Amount x Loan Interest Rate=Annual Interest

Annual Interest x MCC Rate (20%)= Tax Credit for the Year

Where Can you Get A MCC?

Many banks, credit unions and mortgage companies participate in the MCC program. A list is available on the MSHDA website : michigan.gov/mshda.

These MCCs can be combined with convential, FHA, Rural Development and VA Mortgage loans. Just because the first time homebuyer's tax credit has expired doesn't mean you shouldn't take advantage of this BUYER's market! Call Me Today!

According to the Associated Press,  mortgage rates dropped to the lowest level in decades for the sixth time in seven weeks, offering the most attractive opportunity for those who qualify to refinance or purchase a home.

Government-controlled mortgage buyer Freddie Mac said Thursday that the average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

If you're in a position to buy and have been hesitating, now is the time. Mortgage rates will eventually go up and with inflation they could sky rocket. I cannot stress enough that NOW is the time to buy.

Dave Ramsey was asked "What are the advantages of using a real estate agent versus going the for-sale-by-owner route when it comes to selling a home?"

His response was this:

I've had a real estate license for 30 years. If I were to put my personal residence on the market today, I'd use an active real estate agent who really knows his or her stuff in the marketplace. I'd gladly pay them their commission, too.

Now, why would I do a for-sale-by-owner, or FSBO, I'm only getting my place in front of buyers I can attract from seeing a newspaper ad, Craigslist and anyone who happens to drive by the house. If you go with a high-octane real estate agent, you will have the advantage of being exposed to his or her entire pool of buyers.

More importantly, you will be in the MLS or Multiple Listing Service, database. There, you will immediately have thousands of potential buyers.

So, who do you think will have the best chance of selling your house? Market exposure is everything in the real estate game.

And think about this: Even if you went the FSBO route every time you moved, you might do three or four of these transactions in a lifetime. A good agent closed three or four deals last week. They will know all the ins and outs of buying and selling a home, and they'll walk you through every step of the process. Research has shown that, between basic mistakes, pricing errors and lack of negotiating skills, you will cost yourself more than the agent's commission by trying to sell it yourself.

Trust me, you will get a much better deal-with a lot less hassle- by using a top-flight real estate agent.

How long do Short Sales take?... quite and interesting question, as there are several variables in play when you are working on a Grand Rapids Short Sales. Things you to understand in regards to short sales, which can complicate the negotiation process.

1. There can be more than 1 lien on the home (i.e. 80/20 mortgage, HELOC, water) If 2 mortgages they may be with the same bank or different banks, if different it can take longer to get them to agree on the settlement, if they will agree, some will never agree.
2.  Even though the mortgage is serviced by a bank that doesn’t mean the primary investor is that bank they may need to take the negations to another bank to see if they will work with it. (Typically this is how Fannie or Freddie fits in) as they are the primary investors in the majority of loans.
3. There may be defects in title, or legal disputes such as property lines etc... That may be involved that can hold the process up.
4. The Realtor or third party negotiator that is working on the file my be very experienced and have connections or not. This can vary the time of a short sale by over a month or two.
5. From the time you make an offer the short sale times can differ if the sellers have already started the process with the bank, compared to starting at Square one.

I guess what I’m trying to convey to you is that they are very complicated, and can be simplified if things are be handled by professionals. I have had probably close to 40-50 short sales completed in the last 2 years. And they have ranged from 45 days to just over 10 months. I would say a typical short sale should take around 3-4 months. You should look the professionals you are working with to give you an indication of how long you individual situation is going to take, and the variables involved.

View this MLive.com Article regarding the amount of money Kent County has lost in its property values.

http://www.mlive.com/news/grand-rapids/index.ssf/2010/04/kent_county_loses_12_billion_i.html

According to REBAC (Real Estate Buyer's Agent Council, Inc.) there are 10 features that builders will most likely include in 2010 :

1. Walk In Closet in Master Bedroom.

2. Laundry Room

3. Insulated Front Door

4. Great Room

5. Low-e Windows

6. Linen Closet

7. Programmable Thermostat

8. Energy Efficient Appliances and Lighting

9. Separate Shower & Tub in Master Bathroom

10. 9 Foot Ceilings or Higher on 1st Floor

CrimeMapping.com is a website designed to help you find out the recent crime activity that has been happening in your neighborhood or a neighborhood you're looking to move to. The website has been developed by a goup that works with law enforcement agencies thoughout the US to provide the public with accurate statisitics of crime in all neighborhoods. The goal of the website is to lower crime rates by assisiting local police departments through a better informed society. This website is a great tool to use if you're looking to move or are planning on putting your home on the market.

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit. (Like a Rebate Check)

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

It appears that someone is pulling the addresses, property descriptions, and listing comments from listed properties and adding erroneous “homes for rent” advertisements to Craigslist.  The person posting the ads is offering an email address for inquiries and then sends the following response to those inquiries:  Our family has relocated to South Africa and are willing to rent our home in Grand Rapids.  Please complete the attached application and we will have someone meet you at the property for a showing.   This is apparently an attempt to gain consumers’ personal identification and information, and is also causing headaches and confusion for the true listing agents and property owners, since they too are starting to get calls from interested renters.  If this happens to you, please report the incident to the FTC at 877-382-4357 or fill out an online complaint form.