If you decide to purchase a Mat Su Valley AK home by December 1, 2009, you’re going to be entitled to an $8,000 tax credit!

This amendment to the economic stimulus bill will be available if you purchase your first Mat Su Valley AK home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less.

To avoid possible abuse of this credit, the Government is only allowing for your primary residence and will only have to be re-paid if said house is sold within two years of purchase.

Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit. Most closings take about sixty days, so with that in mind you must go under contract by October 2nd, 2009 – this gives you seventy-three days from today to find your first home. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405.

For more information about this credit go to the IRS website.

And for Mat Su Valley AK Homes please think of the Kristan Cole Team today!

If you currently are in a situation where you must sell your Wasilla home and you owe more than what it is worth to sell, a Wasilla short sale can be a solution to your problem. Many myths have evolved over time, but understanding the reality is a way to help yourself.

Seven common short sale myths are:

1. Wasilla AK Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
2. Wasilla AK Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure, so short sales may be more favorable. Not easy, but more favorable.
3. You must be behind on your Wasilla AK mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
4. Wasilla AK Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
5. Listing your Wasilla AK home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
6. Wasilla Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a Wasilla short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.

For more information about short sales go to About website. And for Mat Su Valley AK Homes please think of the Kristan Cole Team today!

If you are a first-time Wasilla AK home buyer or maybe thinking about an investment, before you even look at houses for sale, the most important thing you can do is figure out exactly how much you can afford on a mortgage payment per month.

Save yourself wasted time and the disappointment of looking at the Wasilla community that you may later learn that you simply cannot afford. First, you should calculate your debt-to-income ratio. Lenders prefer that you use 36% and under, but you might want to consider using 28% of your gross monthly income for housing expense.

Following are the simple steps to figure out your Wasilla math:

1. Figure out all of your debt. Multiply your gross monthly income by .36 to find your total allowable monthly debt.
2. Add up all of your fixed monthly expenses.
3. Subtract your fixed monthly expenses from your total allowable monthly debt.

This number is the amount that you have for your mortgage payment, your home owner’s insurance and your property taxes.

For more help figuring out your total allowable monthly debt see a home affordability calculator.

And please think of the Kristan Cole Team when you’re looking for Wasilla AK Homes

Although mortgage rates for Alaskan Homeowners are still above the record lows, 30-year fixed mortgage rates are decreasing. Note: these rates do vary state by state. Fifteen-year fixed mortgage rates fell as well this week, as did 5-1 adjustable rate mortgages. Georgia’s thirty-year mortgage rates were the lowest, at 5.32%. At this time last year the average rate for a thirty-year fixed was 6.37%. The average rate this week was 5.2% – not quite as low as the record low of 4.78% from early spring.

Rates rose this past June due to the yields on long-term government debt climbing; investors became concerned that large amounts of extra government debt would trigger inflation.

Experts speculate that mortgage rates fell this past week from market concern due to the weakening labor market.

As for your interest in rates, keep in mind that the above does not include any add on fees called “points”. The average nationwide fee for a 30-year fixed rate mortgage and 15-year fixed rate mortgage averaged 0.7 of a point, while 5-1 adjustable rate mortgages averaged 0.6 of a point.

And for Mat Su Valley AK Homes please contact the Kristan Cole Team today!

For more information on mortgage rates have a look at Zillow.

If you are finding yourself in a position where you’re having trouble making your Mat Su Valley AK mortgage payments, you may be able to ask your borrower for a modification. A refinance is typically more advantageous, but if you’re ineligible due to inadequate income, a low FICO score, have little or no equity in your home or are behind in existing payments, a mortgage modification may be the ticket.

Here are some Mat Su Valley AK ideas as you begin the process:

1. Answer all of the questions on the servicer’s questionnaire. If they do not get answers to all of their questions, they may decide not to help you based on workflow and the inadequate information they have received from you. 
2. Answer all of these question as accurately as possible. Many of these questionnaires are not borrower-friendly, so if you need help answering a question ask for it. The servicer could reject you based on not receiving enough information.
3. Many servicers prefer you to fax all of your information to them, although some still accept it by mail.
4. When you do fax information, make sure it gets to the right person by labeling each page that you fax with your name and mortgage number in bold at the top of each page.
5. To avoid being overlooked for a “special program” such as “Fast Track Solution” and (MHA) program, be sure to include the reason why you believe you may be eligible in your hardship letter.
6. Due to the large number of folks in need of mortgage help, the number of people hired to do these transactions has greatly increased over a very short period of time. Hence, these servicer employees are very likely newly trained and are doing much of the work manually. It can’t hurt to stay on top of them by calling them to follow-up on your loan.

For more information go to MHA program  or for information on the ”Fast Track Solution” go to Wells Fargo.

And please click here if you’re looking for Palmer, Wasilla OR Mat Su Valley AK Homes

There really is some very good tried and true advice for a Wasilla AK seller when they are staging their Wasilla home for prospective Wasilla buyers. Here are things sellers have done mistakenly assuming that it will help them to sell their home, but all it did was cause them to miss their chance to make a great first impression. Never do the following to your Wasilla home for a showing:

• Leave your pet in the house, assuming that prospective buyers are probably pet owners as well, and will enjoy meeting your beloved furry friend.
• Let shrubs get so big that it blocks out light and has the look of an abandoned house.
• Assume that a buyer will not mind having a list of unfinished jobs to do around the house, if they purchase the home, that is.
• Throw all of your personal items that are laying about into your closets to make the house look clutter-free. One of the first things a prospective buyer does when they step foot into an entryway is to open that closet door, to see how much space it has…
• Assume that a prospective buyer is interested in all of the details of your extremely long kitchen renovation – with a photo album detailing each step.
• Forget to put away your personal papers, such as bills or bank statements.
• Use sickeningly sweet scented candles. Most buyers consider it an alarm bell for deeper odor issues.

For more information on Home Staging Tips view this website.

And please click here if you’re looking for Wasilla AK Homes

Mat Su Valley Alaskans or Mat Su Valley ‘to be Alaskans’, If you are concerned about your credit score, there is significant new info’ about what credit companies deem important. One change being made is that there is a significantly more negative weight on a person’s credit balance being near the limit. Experts strongly suggest people try to keep all balances owed near 30% of available credit. Another important fact is that you should never close an account with a zero balance. If you close the account, it can alter your total Debt to Credit ratio. It works in your favor to have a long credit history. Also, do not apply for too many credit cards, especially from companies that do not set a spending limit.  To raise your score, always pay your debts ON TIME. Your payment history makes up 35% of your score. A late payment can actually drop your score by up to 100 points and these late payments could last on your report for seven years. Bankruptcies last for ten years. If your score is below 620, people assume you are a bad risk dooming you to credit denial, sub prime interest rates, higher home insurance premiums, and possible checks form landlords withholding a lease.

To order a free report go to annualcreditreport.com.

And please click here if you’re looking for Palmer, Wasilla OR Mat Su Valley AK Homes

• Iris: Bearded or not, this flower never disappoints if you plant it properly. Make sure the bulb is set slightly above the soil surface.
• Delphinium: In full sun these bloom tall spikes in either blue, purple, red, pink yellow and white.
•  Peony: Needs full sun and time. Peonies usually take a couple of years to become established and show their gorgeous petals. Never bury the buds more than two inches below the soil’s surface.
•  Purple Coneflower: These re-seed themselves and do well in hot and dry spots. Remember, “the first year they sleep, the second they creep and the third year they leap with color.”
•  Yarrow: In white, yellow and pink this plant actually needs a hot, dry spot with poor soil.

Buying your first Wasilla AK home can be a very exciting milestone in a person’s life. It is very easy to picture all of the good times you will have in Wasilla AK in the future, but many people get lost in the excitement and forget to plan for a rainy day. To avoid losing your Wasilla AK home to unforeseen circumstances down the line such as a job loss or an illness, keep these things in mind when considering purchasing your first Wasilla AK home.

• Make sure that you have enough in savings to cover your mortgage while you find a new job, should you lose your job. Many experts recommend at the very least to have six months worth of savings to cover all expenses, including the mortgage.
• Understand before purchasing your Wasilla AK home, all of the expenses that will be involved to maintain the home. If you are considering purchasing a fixer-upper, make a list of all of the inevitable things that will need to be replaced or repaired and their costs. 
• Consider your other expenses, such as your car payment or transportation costs, taxes, etc. and whether or not this new home will be affordable for you.

For more information on the First-time home buyer tax credit go to Federal Housing.

And please click here if you’re looking for Palmer, Wasilla OR Mat Su Valley AK Homes

Everywhere you go you are hearing the same thing “…wow, the real estate market is really taking a beating. I need a new home, a bigger home, or one that is closer to my job, but I think I will just wait out the market. It’s got to get better, right?” We hear it in the grocery store, at sporting events, barber shops, and the nightly news broadcasts are reinforcing the negativity. You want to buy now, but is this the right time?

Here are three solid reasons why the time to buy that home is NOW!

1. The $8000 housing tax credit. There are six things you need to know about the $8,000 first-time home buyer tax credit. 1. This credit is equivalent to 10 percent of the purchase price of the home–although it’s capped at $8,000 and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2.  For the purpose of this legislation, a “first-time home buyer” is someone who hasn’t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit. 3. Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it. 4. The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.  5. Because the tax credit is “refundable,” qualified buyers can take advantage of it even if they don’t have much tax liability. In other words this tax credit will be refunded to a buyer, if this year end tax liability is less than the credit. 6. Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

2. Lower Interest Rates: With the new $8,000 housing credit, it might be a good time for you or any of your home buying friends to consider buying; especially with interest rates so low.  The lower interest rates mean more buying power for you.  For Example:

Interest Rate Years Monthly P&I Payment Mortgage Amount (Buying Power)

4.8% 30 $1049 $200,000

5.8% 30 $1049 $178,837

6.8% 30 $1049 $160,980

To start taking advantage of this tax credit and interest rates that are at all time lows, start shopping on our www.KristanCole.com and see all homes for sale in the Multiple Listing Service. You can also check out our Best Buy List and sign up to receive our list of Bank Owned and Foreclosed Properties.

3. $7500 rebate from Alaska Housing for a new home with a 5 star energy rating: If you purchase a newly built home with a 5 star energy rating on or after April 5, 2008, Alaska Housing has a $7500 REBATE application. Call Alaska Housing at 1-800-478-2432 and ask for the rebate Program manager or call the Rebate Manager direct at 330-8183, or go online www.ahfc.state.ak.us/energy.

You may never see a better time to buy your dream home. There is currently a good inventory of homes available, sellers are motivated to sell, and there are incentives to buy. In a normal market we would tell you that a “good deal” and a “good home” were mutually exclusive, but not today. We saw a similar opportunity in the late ‘80’s, but we may not see this opportunity again for years to come. Don’t be one of those buyers next year who say “…gosh, I sure wish I had bought our dream home in 2009!” Don’t let this opportunity pass you by. Call The Kristan Cole Team today at 907-373-3575 or go to our website at www.KristanCole.com and see ALL homes for sale including foreclosures and bank owned homes.