default avatar
Welcome to the site! Login or Signup below.
Logout|My Dashboard

President’s Corner Five points you should remember in the new year when buying a home

Font Size:
Default font size
Larger font size

Diane Gallagher

Posted: Friday, January 13, 2012 5:31 pm | Updated: 5:32 pm, Fri Jan 13, 2012.

I do believe this year is off to a great start. As you know, every week I will be talking about one thing or another. This week, I will tell you about the FHA (Federal Housing Administration) anti-flipping rule, as well as something to think about if you are considering purchasing a new home.

Last week, the Federal Housing Administration temporarily extended the anti flipping rule through the end of this year, 2012. What this means: This will permit buyers to contine to use FHA-insured financing to purchase homes that have changed hands in the last 90 days, no matter how long the homeonwer has held title, whether it is a HUD home, a bank owned home or even an investor purchase.

FHA says this extension will allow homes to resell quickly and are hopeful to stabilize real estate prices. Most butyers who are purchasing, using FHA financing, are only required to come in with 3.5 percent for a down payment and if you get your sellers to help with your closing costs, you have little out of pocket expense. Now that’s exciting! If you have more questions contact contact a realtor.

Five things to think about before you jump into buying a home.

1. Examine the houseing market: One avenue that housing analysts look at to gauge housing affordability is the price versus rent ratio. Sometimes it doesn’t make sense to buy in a market you are in.

2. Consider additional costs: Remember, if you choose to buy a home, your mortgage payment may be the biggest cost each month, but it’s not the only one. So make sure you are not mortgage broke.

3. Look into the future: Are jobs coming into the area, or are they leaving town? Is there enough demand for housing that prices will rise over the time you will live there? Ask questions, and keep your eyes and ears open.

4. Look into your personal future, too: Before buying, decide how long you plan to live in the home. If you plan to stay there for 10 years, a drop in value a year after you move in could be balanced out by many years of price appreciation. But if you only plan on living there for 5 years or less you might consider leasing.

5. Consider your personal finances: Does the down payment wipe out savings you might need for a rainy day, if so you might want to reconsider and enjoy life a little.

I look forward to next week and hope you do too. If there is something you would like to know please email me at larpres2012@yahoo.com

More about

More about

More about

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don’t pretend you’re someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don’t threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don’t insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the ‘Report’ link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.
  • 9 Don’t be a troll.
  • 10 Don’t reveal personal information about other commenters. You may reveal your own personal information, but we advise you not to do so.
  • 11 We reserve the right, at our discretion, to monitor, delete or choose not to post any comment. This may include removing or monitoring posts that we believe violate the spirit or letter of these rules, or that we otherwise determine at our discretion needs to be monitored, not posted, or deleted.

Welcome to the discussion.

Take advantage of home ownership tax deductions

A huge benefit of homeownership is a variety of tax deductions that you should be aware of before you file your returns with the Internal Revenue Service. It’s important to consider each home tax deduction and credit you are entitled to, as well as avoid common tax-filing errors.

Posted: December 19, 2014
Comments (0)
more »

Loan Calculator

Your News

News for the community, by the community.

Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists