What happens when the tax credit goes away?

As you have heard the current Federal $8000 tax credit is just months from expiring. Most real estate agents commenting on the fact that 38% of the home buyers today are first time home buyers account this large percentage to the tax credit. So what happens when the credit goes away? Does the housing slump pummel to the ground? I would imagine that there will be a huge push at the end of June to get the loans closed and people in the property which will account for record numbers like we saw end of 2009 before the credit was extended. There are still so many people out there wanting to own a home that due to the lack of available credit have not been able to buy a home.
Above the $8000 credit (which I will say is a huge incentive), home ownership has tax benefits above and beyond any other benefit most of us can claim. Mortgage interest deductions in TX alone usually make the difference of a tax payer owing at the year end or getting a check back. So let's not forget that home ownership is still the American dream. It is a dream that is still very attainable with tax credits as well as subsidy incentives. If you are having trouble getting the home you deserve because credit standards are too strict Campaign 82 has a VERY effective credit program that is a third party service with over 15 years experience. If you are serious about buying a home please talk to us about your options as we differ from the rest. I do not care if your credit is too low now, if you are serious we will work together and get you where you need to be. Credit denial happened to me on my first home and no one was there to tell me what to do. In the end it took a lot of time and effort on my part but buying a home was the proudest moment of my life. I want to help, that is my promise.

Campaign 82 Real Estate's Subsidized Housing

Campaign 82 has recently partnered with a large developer who builds homes that qualify for the government subsidy programs. These programs are a unique opportunity individuals with low to median income to purchase a new home.

This program creates the option of qualifying for up to $40,000 dollars toward the purchase of this new home. Wouldn't it be great if the $40,000 dollar credit was forgiven? Well it is, if you purchase a home through this program and stay in the residence for 5 years you can forget about paying back that $40,000!!

We have 58 homes that qualify for this program located in Stafford AZ, and Willcox AZ. Contact us soon for more information. 520-413-1600

What's a subsidized loan? Subsidized loans are loans for which the borrower does not pay interest. Interest would normally be charged periodically according to the annual percentage rate (APR). With a subsidized loan the interest is paid by another party.

How do I qualify for a subsidized loans? Depending on the source of your loan, you'll need to see if you qualify. Some housing loans (like some first time home buyer loans) require that you live in a certain area and earn less than specified dollar amount.

Finding value in today's market

Many people are still very much in the market for a new home. I have a lot of buyers asking advice on getting "the deal" but before you set your sights for low balling a home builder I suggest you think about a few things.
Let's suppose you purchase a home from a builder today and offer something like $5,000 off sale price. Great, what a deal! But think about this... What happens when your neighbor gets $5,000 off your price? The $5k you just pocketed just cost you $10k. Builders who cut prices do not add stability! Buyer beware.
Also pay attention to the neighborhood. Is it in a community that financing is easily obtained? You do not want to be somewhere that is difficult to finance or you soon will be surrounded by renters.
How is the builders stability? Do they have cash or tons of inventory they cannot move? Most larger builders are publicly traded and this information is public. For instance DR Horton was very cash heavy end of Dec 09 when they announced over $2 Billion in the bank!

Campaign 82 offers credit assistance for those who need it!

We are please to announce that we have partnered with Credit Score Consultants based in Houston, TX with offices in Tulsa, OK to offer those clients that need credit assistance in buying a new home. With credit tightening and more and more people not able to meet the minimum credit score standards we noticed that much of the reason people do not qualify is due to past credit collections and items that can quickly and easily be corrected or removed from reports. This allows the borrowers credit score to reach the level it needs to be in order to qualify for a mortgage.
We are able to offer one of two programs depending on the clients budget:
1. For $49/mo and available to cancel at any time, Campaign 82 will issue the borrower their credit report and a blue print on how to self correct and update to the three bureaus to best improve their score. This process typically takes about 3-6 months depending on the level of credit repair.
2. For $495 flat fee ($250 down and $245 due in 30 days) buyers are offered a fast track repair done by a third party team of credit consultants. This company has been in the business of credit repair for 15 years and will blow you away with how capable of moving your score in the right direction in a matter of 60 days. For those that have good credit lines and just need an improved score to purchase a home quickly this is the way to go.

For more information on the credit programs please register or email us. We are always available by phone as well (214) 599-0063 direct, (918) 899-9299 cell.

The numbers game

So we have officially been in business (on our own) for about 17 days! From what we have learned from our previous company and especially now that our website registration and approval process is improving is that every morning we wake up to several new opportunities. Whether a client has simply filled out a registration or a full pre-approval we do know that most clients these days do not qualify for a home purchase. It is the 5-10% that do that we wait for and eventually close.
But what do we do with the other 90-95%? That was the topic of conversation in our living room last night.
Every day we are turning away 6-7 potential clients because they don't fit the mold. Whether it is a credit glitch, income issue, divorce, bankruptcy, foreclosure, etc the underlying point is that every one of these people would like to own a home. So why not help them? Today starts a new division of Campaign 82 where we help people correct their situation and eventually get into the home they deserve. I have spent a lifetime reviewing credit and know the ropes for sure. After all, I was denied my first home purchase because my own credit at 23 years old was terrible! Because I was in the business I spent the next 10 months cleaning it up so that I could purchase my 1st home at 24 years old via FHA financing. I was soooo proud! What about those that do not know how, don't know where to start? That is my commitment.

Olympics opening ceremony...

A few billion of us will be watching tonight and I am very excited to see the show! Wouldn't it be great if the next Olympics was opened by a James Cameron creation?

The fear of the http://www.blogger.com/img/blank.gifunknown: Down Payment Assistance

I spent most of my career in the finance world as a loan officer, then an underwriter, then a sales manager. I remember clearly that every year I would look back on the year before and think to myself, "Last year I had NO idea what I was doing!"
After two years in the business I was comfortable enough to speak to large groups of realtors at their weekly sales meetings. After four years I was winning awards for production. Finally after seven years I thought I knew it all. I was producing close to $100 MM per year in mortagage loans and considered by my Realtors an expert in real estate.
I went on to be a builder/developer and now am on the Realtor side of things. I have officially been in real estate my entire life, born into a family that owned Title/Escrow companies their entire life. So why is it that when the market changed and buyers became scarce, I had NO IDEA how to sell down payment assistance programs??
I had heard of them, sure, but nobody really ever needed them. There were plenty of 100% financing programs available as long as you were willing to pay a higher rate. They always seemed confusing and involved way too much effort. So I found myself a little embarrassed to learn that these assistance programs are quite simple and very abundant in the market place. They also happen to be one of the ONLY ways to help buyers that struggle to obtain financing for 100% of the price of the home. Here is a run down of what is out there:

USDA Rural Development Loans

These loans are based on geography. When I hear of USDA I think of meat! What we forget is that this is the Department of Agriculture and they are focused on Rural area development. This program is as simple as an FHA with no down payment requirements. It is typically available in areas outlying major cities and are popular in many suburbs that are more favorable than the City center. Many builders have figured this out started building specifically in these areas which means opportunity for more development otherwise.

Housing Authority Down Payment Assistance

Many local and State agencies allocate a certain amount of funds each year for homebuyer assistance. Typical FHA loans require 3.5% down payment and this assistance is popular coupled with FHA loans. The authority typically offers 4% assitance so the total financed is 100.5% (the remainder can be used for buyer closing costs). These programs typically require attending a 2 hour homebuyer class and have income maximums of around 115% AMI.

FHLB Subsidies

These programs are specifically aimed at providing affordable housing options for those considered very low income to moderately low income. This can be also in the form of USDA direct loans but are more commonly offered by developers of large housing projects. The developers apply for grants by the government to allow them to credit a certain amount of subsidy to the home buyer. Typically this susidy is 5% but we currently have a project that is offering buyers up to $40,000 in down payment assistance. These are typically forgiven over time (usually 5-7 years) and have no monthly payment obligation. Income restrictions are tight on these but what a great way for someone to purchase a $100,000 home for $60,000!

Campaign 82 giving back to community.

In trying to figure out a way to market an affordable subdivision in a very small town we started a brainstorm on how to carry information to people that did not typically surf the web. There are traditional advertising avenues like radio and print but those are expensive and not always effective. The local agents already knew that the way to the community is word of mouth. Ok... what if I do not know anyone in the community?? Who does? And then there was the lightbulb! The community knows the community. Churches, schools, police and fire departments, large employers, etc. So I email the pastor of the local church and ask him to provide pamphlets on our program, "Sure", he said. "Just mail them to this address and I will set the info out front."
Not exactly a home run marketing plan.
So I emailed the pastor and said, "Thanks. For every home we close we will donate an amount to your church." BINGO!
So this is our platform. There are some work arounds as most States' Real Estate Commissions are very careful about what may seem like a kickback but in the end, the client gets the credit, the community charity or church gets the donation, and we got a marketing strategy!
This just goes to show that it is possible to "Do well" and "Do good" at the same time...

Campaign 82 Focuses on new E-zine

In less than one week Campaign 82 will release our first ever e-zine, the Renegade Realtor! In this publication we will focus on how going back to the traditional means of selling (actually talking to people) is a hit in these days of efficiency overkill. Every sales person out there is pushing technology tactics and we could not agree more that this is an incredible way to maximize production and meet new goals. What technology does not do for us is create the relationship between us and our clients. This first publication will be geared to those agents looking for a point of difference to crank up their real estate career.

58 homes offered in AZ with up to $40,000 forgivable assistance

58 brand new homes will be built targeting 1st time homebuyers and subsidizing each home purchase up to $40,000! What this means is that when you purchase a home the credit will be determined by your annual income and given to you at the day of closing as a credit toward down payment of the home. Each year 20% of the debt will be forgiven and on the 5th year the debt will be completely forgiven and is your equity! There is never a payment on the subsidy unless you sell the home prior to 5 years occupancy and at that time it is a prorated payback depending on how long you have lived in the home. For example, if you purchase a home for $120,000 and are given $40,000 subsidy and stay in the home 3 years, 60% of the subsidy will be forgiven (20% per year) on the sale date close and 40% added to payoff. For more information including floor plans and pricing contact Amanda at 214-599-0063.

50 New Affordable Homes being built in Mcalester, OK

Wow! 50 brand new homes will be built targeting 1st time homebuyers and subsidizing each home purchase up to $40,000! What this means is that when you purchase a home the credit will be determined by your annual income and given to you at the day of closing as a credit toward down payment of the home. Each year 20% of the debt will be forgiven and on the 5th year the debt will be completely forgiven and is your equity! There is never a payment on the subsidy unless you sell the home prior to 5 years occupancy and at that time it is a prorated payback depending on how long you have lived in the home. For example, if you purchase a home for $120,000 and are given $40,000 subsidy and stay in the home 3 years, 60% of the subsidy will be forgiven (20% per year) on the sale date close and 40% added to payoff. For more information including floor plans and pricing contact Amanda at 918-899-9299.

Campaign82 Real Estate launches Oklahoma, Texas and Arizona!

Campaign 82 Real Estate launches real estate sales, marketing, and financing in Oklahoma, Texas and Arizona.

Campaign 82 LLC, is a premier Real Estate Sales and Marketing company, with expertise in residential finance. We specialize in marketing developers that specifically target new home buyers in low to median income of their county. These developers are often "not for profit" and cannot advertise the programs available for new home buyers in need of affordable housing. There is affordable housing available, and we can show you where!

What ever happened to everyone working together to help??

Campaign 82 is different from most real estate companies because we have an extensive background in finance. One of our founding members was a mortgage underwriter for one of the largest mortgage companies in the country and has the ability to determine eligibility for programs much more difficult to understand than the standard FHA and conventional models.

We know that many real estate agents do not want to deal with the buyers that may need much more attention via government subsidies and down payment assistance. We especially understand the opportunities allowed to buyers that do not qualify based on income and debt to income ratios. These are government programs that require experience and knowledge that most real estate professionals have not acquired.

So give us a call

Amanda Dailey

918-899-9299

www.campaign82realestate.com