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Governor signs $8K homebuyer credit into law

TALLAHASSEE, Fla. – May 27, 2009 – Gov. Charlie Crist signed the budget bill (SB 2600) today that lays out how the state will spend its $65.6 billion in the fiscal year that starts July 1. Included is $30.1 million for the Florida Homebuyer Opportunity Program, which will help with downpayment assistance.

Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out.

The state spending plan passed today also includes the following for real estate-related programs:

• Up to $400,000 to prevent, combat and publicize the dangers of unlicensed real estate activity in Florida.

• $540,000 to continue and complete a study to make recommendations on passive strategies on nitrogen reduction that complement the use of onsite wastewater treatment systems.

• $3 million in the Real Estate Trust Fund for the Education and Research Foundation.

• A reduction in the eviction filing fees from $265 to $180 – the only fee reduction in the 2009-10 budget, and one with a negative fiscal impact of up to $36 million.

© FLORIDA ASSOCIATION OF REALTORS

Stacey D. Van Schenck

Mortgage Consultant

Capstone Home Mortgage, LLC

An Affiliate Of Wells Fargo Home Mortgage

MAC M1965-011

3126 Little Road

Trinity,  FL  34655

(727) 842-6275 Tel

(866) 425-6407 Toll Free

(866) 406-7661 Fax

https://www.homeloans.com/wfhm/stacey-vanschenck/index.page

Saving thousands while still spending.

Millionaires make up just 2 percent of the population. They get a bad rap during recessions for being wasteful with their money and are frequently used as examples of excess. It's the millionaires that you don't see that you can learn from in times like these. I call them the frugal millionaires and interviewed 70 of them to uncover ways we can all be smarter with money.

Nearly 70 percent of the economy is based on consumer spending. To keep the economy going we need to keep spending but not waste money in the process. This is where the frugal millionaires come in. They've been smart with their money all along and haven't lost it all and had to remake it. These are the kind of people you want to learn from when it comes to spending your money.

Spending philosophy.

Frugal millionaires are unique thinkers when it comes to spending money: 1) they can easily delay their need for gratification when purchasing; 2) they are resourceful in getting what they want by carefully timing their consumer purchases; 3) they make living below their means painless; 4) they don't like wasting anything (especially money); 5) their sense of "self-entitlement" is highly minimized: and 6) spending is OK with them...depending on what they are buying (think: appreciating vs. depreciating assets).

[For more, see, "10 Secrets of Millionaires' Money Management."]

Buying tips.

These millionaires keep more money than they spend, that's why they are rich. Their tactics work for them so they'll work even better for you. Key Point: They don't view shopping as a sport. They shop efficiently and spend their time doing more important things with their lives. Here are their tips that will help you save while spending:

Cars: Buy used (or off lease) fuel-efficient cars, often with "certified pre-owned" warranties. This warranty can be better than a new car, plus the initial depreciation hit is avoided. Drive the car for a long time and never lease it.

Eating Out: Bring half of a meal home to eat later (this also saves the waistline). Eat at happy hours. Bring wine from home and skip dessert. Value food quality over expensive ambience.

Eating In: Eat better and less expensively by cooking at home. Make it a friends and family event. Get your kids involved. Bonus: You can have that extra drink without worrying about getting busted for driving under the influence. Also: buy day-old bread at the best bakery in town and freeze it. Eat oatmeal, because it's the most cost-effective breakfast food. Get a supermarket "club card" and buy food on special. Play the game of trying to see how much of a discount can be saved off the total food bill.

Clothes: When you buy something new donate something used to charity. Buy traditional clothes, but wait for the off-season to acquire them. Go for high quality - not high price. Buy vintage clothing and avoid logo clothing and keep people guessing who the designer might be. Hint: There shouldn't be one!

[For more, read: "Juggling Your Money in the Recession."]

Consumer Electronics: Buy low-end gear that has the basic functionality of the more expensive stuff. Don't be the first to buy new technology. Wait at least one lifecycle so the bugs are worked out. Buy refurbished electronics whenever possible.

Computers: Buy more mainstream computers with proven technology. Select higher capacity hard drives, a decent amount of RAM (the memory that the program runs in) and a cost effective processor. Super fast doesn't always equal super good...unless you are building airplanes or bridges. Laptops are a good compromise between desktops and netbooks. Don't go through the pain of upgrading operating systems on existing computers, it's not time efficient and you will probably go insane trying.

Going green: Being green and frugal go hand-in-hand. Yet frugal millionaires don't readily fall for the trendy green hype machine. They typically buy green if it helps the environment and lowers their costs. They look at the timeframe when a product can pay for itself. They do use compact fluorescent lighting, turn off lights and equipment that isn't being used, monitor AC and heat usage (with programmable thermostats), drive efficiently, live in "right-sized" homes and turn off the water when they aren't brushing their teeth or washing dishes. Because they have trained themselves to not waste money they won't waste anything else either. They get into good habits and keep them going. You can, too.

© Copyright 2008 U.S.News & World Report, L.P

I can Help Raise Credit Scores by 50-150 points!! Increase your PURCHASE POWER!!!
Call 727-858-0830 for a Complimentary Consultation or Email today ShelbyLBennett@yahoo.com 
Shelby Bennett/Interactive Credit

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score created by Fair Isaac. The Fico score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.

The cost of bad credit
Keeping BAD CREDIT costs more than fixing BAD CREDIT

How much have you paid in additional fees due to your poor credit rating? One estimate is that a poor credit rating costs the average consumer $3000 per year or $50,000 in a lifetime due to extra charges that are assessed simply because of a low credit score. Unnecessary deposits, excessive interest, higher insurance rates, lower paying jobs are just a few of the financial hardships faced by those with problematic credit. This dollar figure does not include the extreme inconvenience, additional stress, low self-esteem, and loss of dignity associated with being considered a second-class citizen in a society that is based on credit worthiness. Put an end to your credit problems…if it costs MORE TO KEEP BAD CREDIT THAN TO RESTORE YOUR CREDIT STANDING. Why would you want to pay MORE to have so much LESS??

Cost of Bad Credit

Automobile Financing
If you are financing a car and have bad credit, you are probably paying thousands of dollars more than you would pay once you had restored your credit. This extra interest shows up every month in a dramatically higher payment. One of the first things that our members often do once they have restored their credit is to refinance their automobile for a fraction of their current payment or buy twice the car at nearly the same payment. Take a look!

$20,000.00 car paid over 5 years:

Credit Status	Rate	Payment	Cost of bad credit
Perfect	7%	$396.02	$0.00
Mildly Damaged	10%	$424.94	$1,735.25
Damaged	20%	$529.88	$8.031.60
Severely Damaged*	25%	$587.03	$12,460.39

Home Mortgage
The "American Dream" of owning your own home is out of reach for most people with credit problems. As you see below, even mildly damaged credit will cost a small fortune in additional interest. This forces credit challenged consumers to raise families in less desirable neighborhoods and to pay off someone else's mortgage for them leaving the credit challenged with only several years worth of rental receipts.

$100,000.00 home paid over 30 years:

Credit Status	Rate	Payment	Cost of bad credit
Perfect	7%	$655.30	$0.00
Mildly Damaged	9%	$804.62	$50,155.24
Damaged	12%	$1,028.61	$130,791.63
Severely Damaged*	Mortgage generally not available at any price

Champions Club Homes CMA 

Quick Comparative Market Analysis

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Listings update :

RES - Buyer Full Report
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WWW.ISELLCHAMPIONSCLUB.COM  

During the early part of this month a series of events took place which generated quite a bit of excitement for consumers and Realtors alike: consumer confidence about the economy hit its highest level of the year, mortgage rates hit the lowest in decades, and home sales jumped by amazing percentages in key markets. 

Nationally, the forces moving real estate right now are increasingly turning positive and encouraging.  Consumers across the country say they’re feeling better about their economic futures, which is always an important factor for future home purchases.  A recent article by Kenneth Harney in Realty Times reported the Conference Board’s Consumer Confidence Index hit its highest point for the year this month, with the “expectations index” component up by 65 percent over February.   (Kenneth Harney writes an award-winning, nationally-syndicated column on housing and real estate and is also the managing director of the National Real Estate Development Center, a professional education company.)

Here in the Sunshine State, the first signs of confidence in the housing market are starting to appear, along with hopes that government stimulus plans will reinvigorate business, according to a recent University of Florida survey. The quarterly survey—based on responses from leaders and professional advisers throughout the real estate industry—indicate “there is light at the end of the tunnel.” Perhaps most significant is those surveyed perceive the outlook of their own business has improved after three years of steady decline.

Locally, the first quarter of 2009 started out strong for existing home and condominium sales in both the Tampa Bay area and the state.  According to FAR, first quarter sales of existing homes jumped 18 percent with the sale of 5,721 homes in the Tampa-St. Petersburg-Clearwater market. 

The good news continues into the second quarter as well, with numbers showing a strong start in the Tampa Bay area.  April home sales hit a 22-month high, according to GTAR.  Sales hit 1,429 homes, the largest number in Hillsborough County since June 2007.  It also was the fourth consecutive month that sales increased from the previous month.

Equally important is that consumer psychology is becoming more positive toward housing which is especially significant for today’s home sellers. Last month, a Gallup poll asked a national sample of Americans whether this is a “good time to buy a house.” The result of that research showed 71 percent answered yes signifying an 18 percent increase in one year and the highest level in four years.  Clearly numbers like these add up to a turnaround getting underway, which is definitely outstanding news for all of us.

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THERE ARE GREAT DEALS ON HOMES, VILLAS, CONDOS, & MORE...

Property values have bottomed out. Now is a great time to BUY! Before the market turns around and starts going back up, take advantage of these great deals! Whether it is your first home, an investment property, or your dream home! Let me help you. I have helped clients purchase Foreclosure & Short Sale Homes at 50% of Market Value! I locate the Best Deals even before they go in MLS or REALTOR.com. That gives you great buying power!!! I have the knowledge and experience of dealing with the Banks to get you the best deal possible! Why rent or put your dreams on hold while you can own a home now, below market value and get the deal of a century!!!

I am also a relocation specialist and deal with out of state clients all the time, if you or someone you know is looking to make Florida their home, I can help!

EMAIL ME: CBennett@prutropical.com or call 727-858-4588 For a free list of BANK OWNED and Pre-Foreclosures Properties If you have been thinking about buying or selling a home please call me. Receive a free Home Market Analysis, no obligation. Also, I can help with Investment Properties, New Home Construction, Waterfront, & much more. I am dedicated to give you the best service possible and to make all your real estate transactions run smoothly. www.REOCHRIS.com Delivering A World Class Experience...One Client at a Time.