Alpharetta Cumming Lake Lanier Real Estate Blog: January 2010

NEW YORK (CNNMoney.com)January 20, 2010: 3:53 PM ET -- It's going to be harder to get a government-backed mortgage from now on.

Looking to shore up its weakening finances, the Federal Housing Administration is set to announce stricter standards on Wednesday.
The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger downpayments.

The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders.

"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," FHA Commissioner David Stevens said in a statement. "Importantly, FHA will remain the largest source of home purchase financing for underserved communities."

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Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, interest, mortgage, rates, real estate, vanderhoff

Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, interest, mortgage, rate, real estate, vanderhoff

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Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, interest, mortgage, rate, real estate, vanderhoff

The snow began to fall on us here in Forsyth County yesterday afternoon. By morning there was a thin, but nice blanket of snow across the landscape as I looked out my window. Sipping my coffee I did a little work from the home office as I watched the kids' not so successful attempt at a snowman. They had a little more success with the snow angels and snow ball fights. Forsyth County schools followed the early release schedule on Thursday and had a full snow day, along with Fulton County today. A great way to ease back into the school schedule after the holidays!

Hopefully the roads will be less treacherous tomorrow as I make my way out to take a few property photos. Thankfully the new year has begun with some increase in activity in the real estate market. Many are trying to take advantage of the tax credit before it expires in April, the low mortgage rates and the already low home prices and great deals currently available. It's a great time to buy! Give me a call if you or someone you know is looking to buy or sell.

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Tips for Preventing and Avoiding Frozen Water Pipes

POWER OUTAGE: If the power goes out and you are no longer receiving a water supply, the potential for your pipes to freeze is even greater. The best thing to do is to shut off the main water supply valve (coming into your home), then to open all taps so that the remaining water in the pipes trickles out and leaves no pressure in the system.

NEW HOMES: If you have the luxury of participating and/or overseeing the building of your home, make sure the plumber does not run any plumbing supply lines in the outside walls of the home. Even if he indicates he will wrap them in insulation, do not accept this compromise. Even insulated pipes in outside walls can freeze.

EXISTING HOMES: Assuming that your home's heat system doesn't fail, it is the water pipes located in outside walls, or in floors over unheated spaces, such as garages, that are in danger. Bathrooms over a garage are a common source of trouble. If you have an attached garage, keep your garage door closed. Unheated garages can be twenty or more degrees warmer than the outside temperature, and even if you don't have water pipes over the garage, keeping it closed will keep the adjoining rooms of your home warmer, too. Get in the habit of checking that the door is closed before you retire for the evening! If you have an existing home and there are plumbing supply lines running on the outside walls that you have access to, then insulate these pipes with pipe insulation or pipe heaters, available at most hardware stores.

If you're vacationing during winter months, never turn your heating system off, or set the thermostat below 55 degrees. Regardless of how well walls are insulated, unless there is a source of heat for the pipes, they can freeze if the temperature of the room drops low enough. Typically, frozen water pipes occur in unused rooms whose heat source has been shut off, and from vacant homes and commercial buildings whose thermostats have been turned down or off. Arrange to have someone check on your home frequently if you are away from your home for a prolonged period during the winter.

If you have a pipe that freezes every year, try installing a louvered grille or some source of air flow between the the room that frequent freezing occurs in and a heated room. This will allow some heated air to get to the pipe and keep it warm. When insulating, look for small holes to the outside that let cold air access to the pipe. Some expanding foam will do a nice job of sealing out the breeze.

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The Worker, Homeownership, and Business Assistance Act of 2009 was extended through April 30, 2010. This tax credit of up to $8,000 is for qualified first-time home buyers purchasing a principal residence. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Click here for questions and answers that will provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Visit our website at www.VanderhoffRealEstate.com and search all available listings in the area. We'd love to help you find your next home.

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Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, interest, mortgage, rates, real estate, vanderhoff