The number of U.S. home buyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years. April pending home sales increased to 90.3, which is a 6.7 percent jump. This is the third straight month of increases, although it’s based on contracts signed, not closings. That makes these numbers a little more volatile because mortgages are taking longer because of increased restrictions, and more of them fall through than in the past. The National Association of Realtors says this jump exceeds expectations, and is the biggest monthly jump... [more...]

As it stands now, the $8,000 tax credit for first-time buyers CAN be used for a down payment, with some stipulations. The IRS will allow a credit advance (basically, a short-term loan) in order for the money to be used as part of a downpayment. However, there are some things to know. First of all, this only applies to FHA mortgages. Secondly, and this is important, you still must have a 3.5% down-payment as required by FHA. This portion cannot come from the credit advance/loan. This money can be used to pay for closing costs and remaining down payment. This 3.5% is simply to reduce the  Read More →

We borrowed this interesting info from the zoo. Check out their original, printable sheetat  Read More →

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