As the time to file income taxes approaches, we need to take a new look at the changing tax landscape for homeowners. The dynamic atmosphere in Washington, D.C. has a different effect each year on which tax breaks are proposed, rescinded, changed, and extended for taxpayers who own a home.

Thanks to the efforts of many real estate industry groups including the National Association of Realtors, many of the  tax benefits that homeowners enjoy–which were on the chopping block over the past few months–have been protected and extended through the 2013 tax season. Continue reading →

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The median sales price of existing, single-family homes in Sacramento County climbed sharply in February compared with the same month in 2012, the California Association of Realtors said.

In Sacramento County, February’s median of $203,540 was about 24.5 percent higher than $163,530 in February last year. February’s median also was up about 1.3 percent from $201,010 in January.

Continue reading →

After years in the doldrums, the housing market appears back on track. Home sales and prices are up, and mortgage rates remain near historic lows, reinvigorating the appeal of homeownership. But qualifying for a home loan remains a hurdle for anyone without a solid personal balance sheet. “Now the requirements are much stricter,” said Erin Baehr, a certified financial planner in Stroudsburg, Penn. “You have to have the right income, you have to have the right credit score and you have to have the right down payment to get the best rates out there.” In addition, a tight supply of homes for sale in many markets means sellers often have the leverage that comes with receiving competing offers. That means buyers with the financial flexibility to raise their offer stand a better chance of winning out — another reason to bolster one’s finances before entering the homebuying fray. Here are six tips to get financially prepared to purchase a home: Continue reading →

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When you’re in the process of buying a property and financing your purchase, you probably would like to make sure your lender is giving you a fair deal. In order to make that determination, you need to get at least two bids from different lenders. They should give you these bids, which show the total costs and the interest rate you are eligible for, on the federally required Good Faith Estimate (GFE) form.

Theoretically, you can use the different lenders’ good faith estimates to compare the cost of financing between those lenders. This, however, is easier said than done because the costs that are most relevant to determining whether you’re getting the best deal — loan origination charges, credits and points — are mixed among other costs that are not determined by the lender. The combined costs are noted on page 2 of the GFE under “Estimated Settlement Charges.” Continue reading →

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.46 percent, up from 3.43 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 3.44 and 3.5 percent for the majority of the week, dropping to the current rate this morning.

“Rates remained fairly flat this week with little news to suggest a change in slow-but-steady growth trends both in the United States and abroad,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Due to the short week, we expect to see very little movement in mortgage rates this week.” Continue reading →

Q: Will I be able to get a mortgage being self employed?

My husband and I have been self employed for three years and we both have credit scores in the 640-660 range. We have been paying down our debt and currently have a credit utilization of about 45%. Still have two credit cards to pay down. Our income is just under $30,000, is it likely that we will be able to get a mortgage?

A: There are many factors involved in getting a loan.

However, to answer directly your question, if you are self employed and your tax returns reflect your income needed to qualify, you should be able to get a mortgage. If you are interested, I can set you up with a mortgage professional who can answer all questions you have regarding mortgages. It certainly sounds as if you are doing all things correct.

A: For the self-employed that are considering purchasing a home it’s important to be aware of the changes that have occurred in the world of lending. Continue reading →

Taxes are due April 15, which means it’s time to start gathering your W2s, 1099s, child care receipts and bank statements.

But before you sit down with your accountant, it’s important for you to know that merely owning a home could mean you qualify for tax breaks. In most cases, you need to itemize your taxes in order to take advantage of these deductions. Yes, it makes the tax-filing process seem impenetrable, but the benefits may outweigh the complications.

Here are a few of the tax breaks you’ll want to investigate:

Mortgage interest paid at settlement

Take a look at your closing statement; one item that’s generally listed there is home mortgage interest. On a mortgage of up to $1 million, you can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). This amount should be included in the mortgage interest statement provided by your lender.

Points

Did you pay points in order to obtain your home mortgage? These fees are included on the income tax deductions list and can be deducted as long as they are associated with the purchase of a home. If you refinanced your home, these points are still deductible, but it must be done over the life of the mortgage.

Property taxes

As long as they are based on the assessed value of the real property, you can deduct your state and local property taxes. However, if your money is being held in escrow for the purpose of paying property taxes, you cannot claim this deduction until the money is actually taken out of escrow and paid. If you do this, check your Form 1098 for the amount you may deduct. Be aware that if you receive a partial refund of your property tax, the amount of the deduction you can claim will be reduced. Continue reading →

With spring around the corner, open house season will soon be upon us. If you’ve listed your home for sale, you’ve probably already worked on making small repairs, de-cluttering, and generally sprucing up your home. Now is the time to start thinking about whether you want to hold an open house. And if the answer is yes, here are a few secrets to having the best open house in town:

• Stage your home for viewing. Since you have plenty of time to get ready for the day, take the time to artfully arrange your furnishings and belongings in an appealing manner. Remember that prospective homebuyers will have license to peek into your closets and cupboards, so make sure that they’re well organized and give a sense of spaciousness. For an added touch, buy some fresh flowers and put them out. Leave fluffy towels and pretty soaps out in the bathrooms. And the smell of freshly baked cookies is always appealing. Continue reading →