Congress helping Homeowners to modify loans

Looking to help homeowners remain in their home Congress is ready to spend the remaining 350 billion dollar bailout funds. Loan modification will help decrease foreclosures and help homeowners to remain in their homes leading to the housing market to stabilize.

Congress is considering tax credits to banks for making such modifications. Ways to modify are extending the loan to a 40 year mortgage, decrease increase rate, refinance using the FHA program.

Already we are being to see banks are more patient and willing to work with the homeowner.

If your housing exceeds 31% of your gross monthly income you could qualify for such a program.

1st Time Homebuyer Tips

People are getting ready for the buying season. As interest rates drop to a 30 year low, 1st time homebuyers and getting off the fence to begin looking to buy a home. If you are a 1st time homebuyer here are a couple of tips to make the process easier.

1. All real estate agents are the same. No, they are not. When shopping for an agent the first thing you need to ask yourself is "Do I feel comfortable with this agent?" You will be sharing information with them, asking them questions etc. You need to make sure that you can openly communicate with this person. Also, look for an agent with experience. Most realtors who have been in the business for a while have earned designations and awards. Interview several agents during the process. Go to their office and talk with them about the area they work, years of experience and ask how many transactions they have a year. Most importantly choose an agent you talk with!

2. If I wait long enough...I will find the perfect home. There is no such thing as a perfect home. Raymond and I bought our home in Atlanta over 15 years ago. We love the yard. We have children and dogs and needed elbow room in the backyard. Is it our perfect home? No! My home is a box. Though it fits my needs it is not my favorite floor plan...but it does have a great yard and that at the time was more important than the floor plan.

3. I can find my home on my own. The power of the internet has changed my business. Statistics show over 87% of homebuyers turn to the internet before calling a realtor. Yes, you can shop online. Remember, location, location, location. It is important to consider location when buying. This an agent can help you with. We have access to tax records, zoning of adjoining property. In today's market you need to ask yourself why is this seller selling their home FSBO? Did an agent turn the listing down? Is it overpriced or stigmatized?

4. Foreclosures are the best deals. You can find some great deals on foreclosures but working with the asset management company for good contract terms can be difficult. Remember the bank knows little about the condition of the property. Multiple offers are made on these homes and closing terms can not always be met.

Most importantly....hire a professional to help you through this fun time of your life....buying a home. It is the American dream.