Ok, here we go again. We are roughly 45 days away from the Federal Tax credit expiring for would-be home buyers. It seems like we just went through this the other day and in fact, it was just last October when we were writing articles just like this. It’s mid-March and at the end of April, the tax credit for home buyers and first-time home buyers will expire. The question is did you take advantage of it?

I must admit, for far too many years I originated loans and guided my clients by the philosophy to “buy as much home as you possibly can afford” believing that most people ended up “growing into their mortgage payment” as they continue to improve their employment skills and subsequently their income levels.

So you are sitting on the sidelines right now missing out of the $8000 First Time Home Buyer Tax Credit because someone at the bank told you that your score was not good enough to buy right now. The banker probably did not provide much more information other than you “need to fix your credit and pay your bills on time” if you want to buy a house.

Sure, as a new home buyer you are going to get your $8000 tax credit for buying a home (provided you close before the deadlines) and you will begin to “itemize” your tax deductions (real estate property taxes, mortgage interest, and points) going forward each year. All of these can potentially save you allot of money on your federal taxes which one of the many reasons people chose to buy rather than rent.

In this month’s news letter we’ll tell what new changes are coming to FHA loans and the details on our contest to win $250,000 dollars towards the purchase of your dream home. For more information about the contest read below. But first…what’s going on with FHA loans?

HUD announced this week several major changes for FHA loans later this year. Some of this items will not go into effect for several months but are worth noting. Overall, HUD is doing the right thing to keep themselves in business and help consumers be able to purchase homes.

Colorado Realtors Dan Polimino, Gary Lohrman and Mortgage Lender Andy Jorgensen are at it again. This time the trio is giving the American public a chance to win $250,000 dollars in cash towards their Colorado Dream Home.

Colorado Realtors Dan Polimino, Gary Lohrman and Mortgage Lender Andy Jorgensen are at it again. This time the trio is giving the American public a chance to win $250,000 dollars in cash towards their Colorado Dream Home.

Fuller Sotheby’s agent Dan Polimino talks about how the tax credit extension has the phone ringing and people buying homes in Denver Colorado. He also talks about what it means for future buyers and seller. Finally he tackles the outlook over the final six weeks of the year.

I am sure by now that you saw the news from two weeks ago about the first-time home buyers’ tax credit being extended through April 30, 2010 and Congress creating a new credit for people other than first-time home buyers.