New and Improved Tax Credit for First Time Home Buyers

HUD: Tax Credit Can Be Used on Closing Costs FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.Source: Robert Freedman, REALTOR® Magazine Online

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10 weekend projects to make yours a smarter home

For the most part, having a smart home is simply a matter of energy efficiency. These projects, plus 14 quick tips, will help you save both energy and money.

By Popular Mechanics

Kitchen

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1. Find sustainable finishes.
Kitchen upgrades offer a chance to choose products made from recycled or renewable materials. Consider a stone countertop made with recycled glass, a sustainable cork or natural linoleum floor, or cabinetry made from formaldehyde-free plywood.

Slide show: 10 Earth-friendly kitchen counters

2. Go chemical-free.
Caustic chemicals will partially dissolve a clog, but they contaminate water supplies and the fix won’t last. Instead, turn to the sink plunger — its flat bottom sits flush with the sink, unlike a bell-shaped toilet plunger. Before snaking a drain or removing the sink’s trap, try using needle-nose pliers or creatively bent coat hangers.

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Living room

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3. Build better fires.
To boost efficiency in the fireplace, begin by replacing the leak-prone midchimney “throat” damper with a “top-sealing” or “chimney cap” damper. This opens, shuts and seals like a storm door for the chimney. Then add a fireback — a handsome iron plate that protects firebox brick and radiates heat into the room. A fireplace heater will distribute the fire’s warmth by circulating air into the fireplace. A heat exchanger warms the air and fans blow it (smoke-free) back into the room, increasing the fireplace’s efficiency from 5% to 65%. If you don’t use your fireplace at all, contact the National Chimney Sweep Guild to find a certified contractor to seal your flue, which will prevent heat loss through the chimney.

4. Upgrade the thermostat.
Nearly half of the average home’s $2,000 annual energy bill goes toward heating and cooling, but a programmable thermostat can reduce that figure by about $180. Instead of a seven-day model, opt for a five-plus-two-day one — this will allow you to program the temperature for different weekday and weekend schedules, maximizing comfort and efficiency.

Basement

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5. Insulate the edges.
Sealing a basement’s perimeter walls with a vapor barrier and insulation helps heating and cooling systems work less hard to maintain indoor temperature and humidity. Insulate the ceiling’s joist bays against the foundation walls with expandable foam for an airtight seal. Then spray foam to plug up gaps where pipes and vents exit the house.

6. Heat water wisely.
Use foam jackets to insulate exposed hot-water pipes within 5 to 10 feet of the heater. Gas users can upgrade to fuel-saving tankless heaters; electric users should add timers so water stays hot only when it’s needed.

Attic

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7. Ventilate the space.
Install inconspicuous ridge vents that run the length of the attic’s peak. These work with soffit vents to cool the attic in summer; in winter, an exit route for warm air reduces the risk of leak-causing ice dams.

8. Cut air conditioning consumption.
Whole-house fans pull in outside air through the downstairs windows and push out hot air through the attic vents, cooling your house at a fraction of the cost of central air conditioning. Effective except on the most stifling summer days, the typical whole-house fan consumes less than 600 watts, but a 5-ton central air unit can draw more than 6,000. Solar-powered attic fans are very efficient, too, but ventilate only the attic space, not the living area.

Yard

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9. Make decks last decades.
Composite decking built with recycled plastic uses waste headed for a landfill. Redwood, cedar and ipê (pronounced ee-pay) naturally resist rot and can last much longer than pressure-treated wood. But buy only lumber certified “Pure” by the Forest Stewardship Council — there are no bad species, just bad forestry.

10. Add an awning.
Decks reflect the sun’s rays into your house, but adding shade above nearby windows and glass doors can reduce heat intake by up to 77%. In the summer, a retractable awning cuts an adjacent room’s air conditioning use by nearly 25%. It rolls out of the way in the winter to allow warm sunlight in.

14 steps to take today

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Stroll through your home with Popular Mechanics’ list of low-cost (or free!) upgrades, making quick fixes as you go.

1. Turn down the water heater: Lower the temperature to 120 F, and for every 10-degree drop, you recoup 3% to 5% of the power bill. No temperature dial on the tank? Check the temperature at the tap farthest from the heater.
2. Unplug appliances: Turn off power strips or pull the plug on appliances completely. Idle machines suck up 11% of your home’s electricity.
3. Clean your dryer: Slip a shop-vacuum hose into the dryer’s guts to remove lint wads and boost efficiency. Use an electric leaf blower to clear lint from vents that lead to the outside. It’ll work like new.
4. Optimize heating and cooling: Move furniture and rugs away from vents and radiators. Run a fan with the cooling system raised 2 degrees to drop cooling costs by 14%.
5. Drip-irrigate beds: Line gardens with hoses — no sprinklers, no hassle. Use mulch to retain moisture, and set timers to water in the morning.
6. Adjust mower blades: Cut no more than one-third the grass blades’ height — this helps your lawn develop strong roots, remain moist and absorb runoff.
7. Trust the dishwasher: Fully loaded, the dishwasher uses less water than hand-washing dishes. Save power by using the air-dry mode, not heat.
8. Insulate the attic hatch: Keep the conditioned air downstairs by weatherstripping the attic hatch’s edges. Cover the hatch with rigid polystyrene insulation.
9. Use small appliances: Downsize your cooking device: Toaster ovens consume half the energy of a full-size electric oven; microwaves use only one-third.
10. Install storm windows: Storm windows reduce heat loss through windows by 25% to 50%. Magnetic internal storm windows go up without a ladder.
11. Streamline the fridge: Fridges work best at about 38 F; freezers should register between 0 F and 5 F. Leave a thermometer inside for 24 hours, then check it.
12. Keep filters clean: Pleated electrostatic filters catch up to 60% of allergens (blue fiberglass ones catch only lint and dust). Change them every two to three months or as soon as they show discoloration.
13. Draw the curtains: Cover windows to prevent air loss. Curtains engineered for insulation multiply the R-value (a measure of thermal resistance) of standard insulated glass.
14. Fix a leaky toilet: Drop food coloring in the tank; if it ends up in the bowl, there’s a leak. Replacing the flapper can save thousands of gallons of water a year.

This article was written by Elizabeth Svoboda for Popular Mechanics.

Up to $14,999 Down Payment Assistance When Purchasing Foreclosed Property

New Program To Help Stabilize Missouri Neighborhoods

MHDC is offering a new product to help stabilize and rebuild the neighborhoods of Missouri hard hit by the housing downturn. The commission received $4.2 million from the Neighborhood Stabilization Program (NSP), which was part of the Housing and Economic Recovery Act of 2008. These funds are intended to be used for down payment and closing cost assistance for qualified buyers purchasing foreclosed property that will be used as the owner’s principal residence.


Qualified buyers may receive up to 20% of the purchase price (up to $14,999) to use for down payment and closing costs.

Buyer must use MHDC First Place Loan program for first mortgage.

NSP funds provided through a second mortgage with an interest rate of 0%, which is forgiven after five years of occupancy.

First-time and repeat buyers are eligible.

Purchase price must be discounted a minimum of 5% from the current appraised value. This must be determined by an appraisal completed within 60 days prior to making an offer on the property.

Borrower must receive eight hours of homeownership counseling from a HUD-certified counselor.


Borrower income limit is 120% of area median income, see Income & Price Limits.


Must be an owner-occupied, foreclosed property that has been without tenants for the last 12 months.

First-time homebuyers utilizing this program are also eligible to receive the $8,000 federal tax credit for first-time homebuyers if the home is purchased prior to December 1, 2009.

Don't Sit on the Fence, Now is the time to Buy

With the Spring and Summer season upon us, there couldn't be a better time to buy! Inventory is still high in most markets, giving the home buyer many choices. The first time home buyer $8,000 tax credit is available to buyers who have not owned a home in the last three years. You can amend your tax return and get a check this year if you make a purchase now. FHA is in the process of possibly allowing the tax credit to used as a down payment, I'll post more on that as the news breaks.

Here in St Charles County, MO we are starting to experience a definite increase in showings and closed sales. I'm confident that with the sunny weather we also have a sunny real estate forcast. According to Lawrence Yun, Chief Economist, NAR Research, in a recent market update, "Housing affordability is one of the best headlines I can give you. The first quarter housing affordability index figure of 172 is the highest ever recorded since NAR began tracking the measure. The higher the figure, the more people have the financial capacity to enter the market. A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest." If you've been on the fence about buying now is not the time to hesitate! As interest rates begin to increase, even a .5% hike could cost you $30,000 in interest over the length of your loan (based on $150,000 purchase price). You'll never find conditions more favorable- BUY NOW!

Beautiful Incline Village Listing

See a Virtual Tour of this home by clicking the link below

http://vu.realbiz360.com/preview_listing.php?listing_id=68251

You'll feel like you're on vacation living in beautiful Incline Village: lakes, golf, tennis, fishing, and only 10 minutes from Wentzville. If you like the peace that a resort community supplies with the convenience of city living then this is for you. This 1600+ sq ' ranch has beautiful bamboo wood floors(10X stronger than oak), that come with a life time warranty, in the great room, kitchen and breakfast room. The tasteful interior paint, vaulted ceilings, plant shelves and fans in every room give this home a warm and inviting feel. The extra large master bedroom suite features double entry doors, a walk in closet and luxury bath, the perfect place to unwind and relax. You'll enjoy the great outdoors on the deck while the kids have fun with all their playmates in this family oriented neighborhood. This home is priced to sell.


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VACATION BIBLE SCHOOLS IN ST CHARLES COUNTY

Week 1 June 8 - 12
• Camps Edge, 9 am - 3 pm: Calvery Church on Mid Rivers for K - 5th Grade or 9am - 11:30 for 4 years old +: $30 or $15 respectively - register online or at church
• Crocodile Dock, 6 pm - 9 pm: Willott Road Community Church, 4 years old - 6th grade
Week 2 June 15 - 19
• Gadget's Garage, 9 am - noon: Immanuel Lutheran in St. Charles
• Crocodile Dock, 9 am - noon: Messiah Lutheran in Weldon Springs
• Bommerang Express 6 pm - 8:30 pm: First Baptist Church O'Fallon, pre K+
• Camps Edge, 9 am - 3 pm: Calvery Church in Wentzville for K - 5th Grade or 9am - 11:30 for 4 years old +: $30 or $15 respectively - register online or at church
Week 3 June 22 - 26
• Boomerang Express 9 am - noon: First Baptist Church Harvester, 3 years old+ if potty trained
• Crocodile Dock, 9 am - noon: Zion Lutheran in Harvester
• Crocodile Dock, 9 am - noon: St. Cletus in St. Charles
Week 4 June 29 - July 3
• Crocodile Dock, 9 am - noon: First United Methodist in St. Charles, 2 years old+
Week 5 July 6 - 10
• SunRock Kids Camp, 9 am - noon: St. Charles Presbyterian Church
Week 6 July 13 - 16
• Camps Edge, 6 pm - 8:30 pm: St. Charles Christian Church, 2 years old+