The IRS provides detailed information on what can and cannot be deducted by homeowners. Generally, you can deduct property taxes, mortgage interest and mortgage insurance premiums paid during the year.
Some nondeductible expenses that may be included in your monthly payment include fire or homeowner's insurance premiums and the amount applied to reduce the principal of the mortgage.
There are special provisions for minister's or military housing allowance. If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you still can deduct your real estate taxes and your home mortgage interest. You do not have to reduce your deductions by your nontaxable allowance.
Nondeductible payments. The IRS does not allow you to deduct the following items.
* Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance.
* Wages you pay for domestic help.
* Depreciation.
* The cost of utilities, such as gas, electricity, or water.
* Forfeited deposits, down payments, or earnest money.
The IRS provides comprehensive information on what you can and cannot deduct, what forms to file and how to calculate. As always, you are advised to consult with a tax professional to ensure that you fully maximize the deductions you are eligible for.
Sunday, February 28, 2010
Friday, February 26, 2010
Tax Advantages of Capital Improvements
Tax rules allow you to add capital improvement expenses to the cost of your home, which may help minimize your tax liability down the road. A rule of thumb - a capital improvement increases your home's value (e.g. a finished basement) and may be eligible, while a repair is simply returning something to its original condition (e.g. painting) and is not eligible.
While there is a capital gains exemption available to sellers, by keeping track of your capital improvements it may help offset any tax liability you would have beyond the exemption or in case you do not meet residency requirements for the exemption.
As always, if you are considering any capital improvements it may be wise to talk with your accountant to find out if the improvement can qualify, how it will be calculated and what records you should keep for future reference.
The National Association of REALTORS recently launched a new website, HouseLogic, that contains articles on many relevant topics for home sellers, buyers and owners. You can read more about Tax Breaks on Capital Improvements on their site.
While there is a capital gains exemption available to sellers, by keeping track of your capital improvements it may help offset any tax liability you would have beyond the exemption or in case you do not meet residency requirements for the exemption.
As always, if you are considering any capital improvements it may be wise to talk with your accountant to find out if the improvement can qualify, how it will be calculated and what records you should keep for future reference.
The National Association of REALTORS recently launched a new website, HouseLogic, that contains articles on many relevant topics for home sellers, buyers and owners. You can read more about Tax Breaks on Capital Improvements on their site.
Wednesday, February 24, 2010
Eight Agents Earn Home Staging Designation
In February, eight Nothnagle agents achieved the ASP designation (Acredited Staging Professional) after completing 16 hours of course work along with hands-on assignments.
ASP course attendees learn about Staging techniques that have been developed and refined over a 30 year period. Home Staging is proven to get top dollar for your home as you prepare it for sale. On average, a properly staged home sells twice as fast. This is because Staging sets the scene throughout the house to create immediate buyer interest in your property.
Congratulations to our newest ASP professionals! Pictured from left to right: Ro Naomi, Diane Dow, Martha Vega, Nancy Sanderson, Nancy Moscov-Rapp, Carol Verbridge, Patty Pagani and Cathy Chrisley.
Monday, February 22, 2010
Beware of Foreclosure Scams
With thousands of homeowners struggling to pay their mortgage every month, some individuals may jump at the chance to sell their home to the first person who promises to free them from the credit buster of foreclosure or pay to receive invaluable information about how to avoid home foreclosure. Unfortunately, there are unethical people who prey on people that are in desperate situations. The best rule of thumb....if it seems too good to be true, it probably is.
What to Look For
To protect yourself from home foreclosure scammers, keep the following in mind:
1. You should never pay for counseling for a home foreclosure. You can receive free counseling from HUD (U.S. Department of Housing and Urban Development) and HUD-approved counselors (in the Rochester area, The Housing Council is HUD-approved and provides FREE foreclosure prevention counseling).
2. You also should never accept assistance with loan modification unless it’s through a reputable lender.
3. If someone approaches you to ask you to sign over your deed, do not do it. EVER. Be skeptical of anyone who approaches you - you should be the one seeking out help and always check the business’s legitimacy.
4. If someone tells you to pay him/her your mortgage, for any reason, don’t do it. EVER.
5. Don’t fall for common international scams promising you money if you transfer money for someone overseas.
6. Never give out personal information to anyone on the Internet or phone.
7. The most important thing to keep in mind is that if something sounds too good to be true, it probably is. If you are at risk for foreclosure, do not work with anyone besides HUD, a HUD-approved counselor and/or your lender.
General Information About All Scams
When dealing with business affairs over the Internet, here are some tips you should keep in mind to protect yourself from fraud.
* Never send money to anyone unless you know for sure (by checking legitimate sources) of their integrity.
* Never give out personal information to anyone.
* Be suspicious of people who approach you via email or websites.
* If something sound too good to be true, it usually is just that.
* Always follow your gut instinct. If something doesn’t sound right, it’s best not to go through with it.
Internet scams should be reported to the Internet Crime Complaint Center.
What to Look For
To protect yourself from home foreclosure scammers, keep the following in mind:
1. You should never pay for counseling for a home foreclosure. You can receive free counseling from HUD (U.S. Department of Housing and Urban Development) and HUD-approved counselors (in the Rochester area, The Housing Council is HUD-approved and provides FREE foreclosure prevention counseling).
2. You also should never accept assistance with loan modification unless it’s through a reputable lender.
3. If someone approaches you to ask you to sign over your deed, do not do it. EVER. Be skeptical of anyone who approaches you - you should be the one seeking out help and always check the business’s legitimacy.
4. If someone tells you to pay him/her your mortgage, for any reason, don’t do it. EVER.
5. Don’t fall for common international scams promising you money if you transfer money for someone overseas.
6. Never give out personal information to anyone on the Internet or phone.
7. The most important thing to keep in mind is that if something sounds too good to be true, it probably is. If you are at risk for foreclosure, do not work with anyone besides HUD, a HUD-approved counselor and/or your lender.
General Information About All Scams
When dealing with business affairs over the Internet, here are some tips you should keep in mind to protect yourself from fraud.
* Never send money to anyone unless you know for sure (by checking legitimate sources) of their integrity.
* Never give out personal information to anyone.
* Be suspicious of people who approach you via email or websites.
* If something sound too good to be true, it usually is just that.
* Always follow your gut instinct. If something doesn’t sound right, it’s best not to go through with it.
Internet scams should be reported to the Internet Crime Complaint Center.
Saturday, February 20, 2010
10 Ways to Prepare for Homeownership
Are you considering buying a home? If you're considering a purchase, there are several preliminary steps you can take to prepare. And don't forget....buyers may be eligible for the homebuyer's tax credit, up to $8,000 for first-time buyers and $6,500 for repeat buyers meeting certain residency and income limits.
How to get started:
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment, however options such as FHA and other programs will require a much lower down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a Nothnagle agent! They are experienced professionals who can help guide you through the process. Often, a buyer's agent is compensated by the seller so you will get representation, a skilled negotiator and a trusted advisor to help you navigate through the adventure of finding your new home.
How to get started:
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment, however options such as FHA and other programs will require a much lower down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a Nothnagle agent! They are experienced professionals who can help guide you through the process. Often, a buyer's agent is compensated by the seller so you will get representation, a skilled negotiator and a trusted advisor to help you navigate through the adventure of finding your new home.
Thursday, February 18, 2010
Improve Your Credit Score
Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.
1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.
Tuesday, February 16, 2010
Interested in a Career in Real Estate?
Have you ever thought of a career in real estate? Don't know how to get started? Nothnagle is seeking motivated individuals to join our company. Real estate can offer you unlimited earning potential and the freedom and flexibility of setting your own schedule.
For Rochester residents, we offer several upcoming Career Day Seminars. Find out about licensing requirements and why Nothnagle can provide you with the tools and training you need to launch your real estate career.
We offer our exclusive Fast Trac Training Course that will have you up and running in no time. Our Fast Trac Training Course is a three-week comprehensive training program taught by a NYS certified instructor. Topics include:
• Business Planning and Goal Setting
• Extensive Technology Training on Nothnagle Tools
• How to Price Different Property Types
• Handling Objections
• Negotiating Offers
• How to Successfully Close on a Listing Presentation
• How to Successfully Close on a Buyer Presentation
• Mortgage Financing
• Learn Over 60 Ways to Prospect for Clients
• How to Sell New Construction
• How to Sell HUD homes
• Relocation
• And MORE!
Want to be up and running faster? We can do it! Contact us to find out more.
For Rochester residents, we offer several upcoming Career Day Seminars. Find out about licensing requirements and why Nothnagle can provide you with the tools and training you need to launch your real estate career.
We offer our exclusive Fast Trac Training Course that will have you up and running in no time. Our Fast Trac Training Course is a three-week comprehensive training program taught by a NYS certified instructor. Topics include:
• Business Planning and Goal Setting
• Extensive Technology Training on Nothnagle Tools
• How to Price Different Property Types
• Handling Objections
• Negotiating Offers
• How to Successfully Close on a Listing Presentation
• How to Successfully Close on a Buyer Presentation
• Mortgage Financing
• Learn Over 60 Ways to Prospect for Clients
• How to Sell New Construction
• How to Sell HUD homes
• Relocation
• And MORE!
Want to be up and running faster? We can do it! Contact us to find out more.
Sunday, February 14, 2010
76 Days Remain to Take Advantage of Tax Credit!
A new year, a newly extended and expanded tax credit! Both first-time and repeat buyers may be eligible to take advantage of the tax credit in 2010. While buyers have until April 30, 2010, to be under contract, you won't want to procrastinate and potentially miss out on one of the best opportunities in real estate....and up to 8,000 incentives to buy now!
First-time buyers (defined as someone who has not owned a home in the past three years) can qualify for 10% of the purchase price, up to a maximum of $8,000. Repeat buyers (defined as someone who has owned a primary residence for five out of the past eight years) can qualify for 10% of the purchase price, up to a maximum of $6,500.
To qualify, the home must be used as a primary residence, must be under $800,000 and there are income limits of up to $125,000 for individual filers, $225,000 for married couples filing jointly. There is a modified tax credit available for some higher income individuals/couples.
The tax credit does not have to be repaid if the home is used as the primary residence for at least three years.
For more information, contact your Nothnagle agent or visit: www.realtor.org as well as the IRS information page.
First-time buyers (defined as someone who has not owned a home in the past three years) can qualify for 10% of the purchase price, up to a maximum of $8,000. Repeat buyers (defined as someone who has owned a primary residence for five out of the past eight years) can qualify for 10% of the purchase price, up to a maximum of $6,500.
To qualify, the home must be used as a primary residence, must be under $800,000 and there are income limits of up to $125,000 for individual filers, $225,000 for married couples filing jointly. There is a modified tax credit available for some higher income individuals/couples.
The tax credit does not have to be repaid if the home is used as the primary residence for at least three years.
For more information, contact your Nothnagle agent or visit: www.realtor.org as well as the IRS information page.
Friday, February 12, 2010
Beware of Rental Scam
One recently discovered scam uses the name of the National Association of REALTORS (NAR) to pursued unsuspecting individuals to send rental deposits for the property rental's key via Western Union. If you are looking to rent a property and are contacted by someone who says that they represent NAR, and they request that you send your deposit to them by Western Union, don't do it! You will never see your money again, or the key to the property.
This scam has been reported but the investigation just began and people are not aware that this is a scam. If you believe you have fallen victim to this (or other scams over the Internet), please contact the Internet Crime Complaint Center.
General Information About All Scams
When dealing with business affairs over the Internet, there are always some things you should keep in mind to protect yourself from fraud:
* Never send money to anyone unless you know for sure (by checking legitimate sources) of their integrity.
* Never give out personal information to anyone.
* Be suspicious of people who approach you via email or on websites.
* If something sound too good to be true, it usually is just that.
* Always follow your gut instinct. If something doesn’t sound right, it’s best not to go through with it.
This scam has been reported but the investigation just began and people are not aware that this is a scam. If you believe you have fallen victim to this (or other scams over the Internet), please contact the Internet Crime Complaint Center.
General Information About All Scams
When dealing with business affairs over the Internet, there are always some things you should keep in mind to protect yourself from fraud:
* Never send money to anyone unless you know for sure (by checking legitimate sources) of their integrity.
* Never give out personal information to anyone.
* Be suspicious of people who approach you via email or on websites.
* If something sound too good to be true, it usually is just that.
* Always follow your gut instinct. If something doesn’t sound right, it’s best not to go through with it.
Wednesday, February 10, 2010
Nothnagle, REALTORS - Property Centre Now Open for Business in Buffalo
Nothnagle Realtors is pleased to announce the launch of Nothnagle, REALTORS - Property Centre, a franchised office under the ownership and management of industry veteran Mark Pagano.
Nothnagle, REALTORS - Property Centre opened its first location at 499 Franklin Street and a second location in Williamsville will open prior to the spring market.
“The Nothnagle system will bring buyers and sellers together using the latest technologies available, resulting in a world-class experience like no other. It also arms my agents with the tools they need to consistently exceed the expectations of today’s real estate consumer,” said Mark Pagano, President of Nothnagle Realtors Property Centre.
The Nothnagle system offers a comprehensive package of tools for both the agent and real estate consumer. Nothnagle Realtors Property Centre will offer buyers and sellers services that have not previously been available in one package before, from the nationally-recognized website, Nothnagle.com, to on-line guided tours, a customizable on-line TV show, mobile access, comprehensive marketing plans and products, YouTube videos and more.
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Nothnagle Realtors has 900 sales associates and employees and operates 24 company-owned sales offices. With over $1.1 billion in sales last year, Nothnagle Realtors was ranked 33rd largest broker in the country in the REALTOR® Magazine Top 100 report. For more information, please visit www.Nothnagle.com. For information on franchise opportunities, contact Jay Teresi, Director of New Business Development, at 585-256-9268.
Mark Pagano, President of Nothnagle Realtors Property Centre, is a seasoned real estate broker, owner and investor. He has years of experience and is knowledgeable in all facets of residential and commercial real estate.
Nothnagle, REALTORS - Property Centre opened its first location at 499 Franklin Street and a second location in Williamsville will open prior to the spring market.
“The Nothnagle system will bring buyers and sellers together using the latest technologies available, resulting in a world-class experience like no other. It also arms my agents with the tools they need to consistently exceed the expectations of today’s real estate consumer,” said Mark Pagano, President of Nothnagle Realtors Property Centre.
The Nothnagle system offers a comprehensive package of tools for both the agent and real estate consumer. Nothnagle Realtors Property Centre will offer buyers and sellers services that have not previously been available in one package before, from the nationally-recognized website, Nothnagle.com, to on-line guided tours, a customizable on-line TV show, mobile access, comprehensive marketing plans and products, YouTube videos and more.
###
Nothnagle Realtors has 900 sales associates and employees and operates 24 company-owned sales offices. With over $1.1 billion in sales last year, Nothnagle Realtors was ranked 33rd largest broker in the country in the REALTOR® Magazine Top 100 report. For more information, please visit www.Nothnagle.com. For information on franchise opportunities, contact Jay Teresi, Director of New Business Development, at 585-256-9268.
Mark Pagano, President of Nothnagle Realtors Property Centre, is a seasoned real estate broker, owner and investor. He has years of experience and is knowledgeable in all facets of residential and commercial real estate.
Monday, February 8, 2010
Practicing Home Fire Drills
Nothnagle Realtors has partnered with the Prevention 1st Foundation to distribute safety materials to homeowners. Many accidents that occur in and around the home are preventable with some simple precautions and safety tips to follow.
Home Fire Drills
Does your family know what to do in the event of a fire? Lives can be saved if everyone in the household is prepared by planning and practicing your escape route. Here are some tips to help you get started:
* Think about how you will escape from every room, starting with bedrooms.
* If possible, plan two escape routes from each room. Your second route may be to go out a window, or stand at a window where firefighters can see you.
* Decide where you will meet outside.
* Plan everyone’s role. Who will make sure children get out? Plan for special needs. Do you have: Young children? Older adults? People with temporary or permanent disabilities? Do you ever have overnight guests?
* Share your plan with babysitters and frequent visitors.
* Keep your floors, hallways and stairs clear of clutter.
* Fire extinguishers require planning too.
* Practice your home fire drill.
You can make this fun for your kids! Prevention 1st offers an animated game for kids to play..."Help Mikey Make it Out." The foundation's web site also offers a 15-minute video to help you prepare and execute your plan.
Remember, regularly test your smoke detectors and always check your batteries. A good rule of thumb to follow if your smoke detector is battery-operated...change your clock, change your battery, and you will always be prepared.
Home Fire Drills
Does your family know what to do in the event of a fire? Lives can be saved if everyone in the household is prepared by planning and practicing your escape route. Here are some tips to help you get started:
* Think about how you will escape from every room, starting with bedrooms.
* If possible, plan two escape routes from each room. Your second route may be to go out a window, or stand at a window where firefighters can see you.
* Decide where you will meet outside.
* Plan everyone’s role. Who will make sure children get out? Plan for special needs. Do you have: Young children? Older adults? People with temporary or permanent disabilities? Do you ever have overnight guests?
* Share your plan with babysitters and frequent visitors.
* Keep your floors, hallways and stairs clear of clutter.
* Fire extinguishers require planning too.
* Practice your home fire drill.
You can make this fun for your kids! Prevention 1st offers an animated game for kids to play..."Help Mikey Make it Out." The foundation's web site also offers a 15-minute video to help you prepare and execute your plan.
Remember, regularly test your smoke detectors and always check your batteries. A good rule of thumb to follow if your smoke detector is battery-operated...change your clock, change your battery, and you will always be prepared.
Sunday, February 7, 2010
Help Us Help the People of Haiti
Nothnagle Realtors is collaborating with Habitat for Humanity International to raise funds to address shelter solutions for families displaced by the recent earthquake in Haiti. Over the next four weeks, Nothnagle will be utilizing its advertising vehicles to raise awareness and ask the community for their financial support of Habitat’s initiatives in Haiti. Nothnagle will match a portion of the contributions raised for Habitat with a corporate donation.
Over 3 million people have been affected by the January 12 earthquake and estimates put the number of homeless as high as 2 million. Prior to this catastrophic event, 80% of Haitians were living in poverty, 54% in abject poverty.
“We were looking for a way to utilize our resources to help the people of Haiti and felt that partnering with Habitat to address housing needs made the most sense,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors.
To donate on-line, please visit www.Nothnagle.com and click on the Habitat banner on the homepage. To donate by check, please make checks payable to Habitat for Humanity International and include “Haiti Earthquake” in the memo line. Mail checks directly to Habitat for Humanity International at 121 Habitat Street, Americus, GA 31709, or drop off checks at any Nothnagle branch office and we will forward to Habitat.
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About Habitat for Humanity International
Habitat for Humanity International is an ecumenical Christian ministry dedicated to eliminating poverty housing. As a builder of decent, safe, affordable housing, Habitat for Humanity recognizes the need to provide long-term solutions to the housing needs of families who have been affected and displaced by the earthquake in Haiti but cannot qualify for a conventional mortgage. To help, please visit Habitat for Humanity's Web site at www.habitat.org.
Over 3 million people have been affected by the January 12 earthquake and estimates put the number of homeless as high as 2 million. Prior to this catastrophic event, 80% of Haitians were living in poverty, 54% in abject poverty.
“We were looking for a way to utilize our resources to help the people of Haiti and felt that partnering with Habitat to address housing needs made the most sense,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors.
To donate on-line, please visit www.Nothnagle.com and click on the Habitat banner on the homepage. To donate by check, please make checks payable to Habitat for Humanity International and include “Haiti Earthquake” in the memo line. Mail checks directly to Habitat for Humanity International at 121 Habitat Street, Americus, GA 31709, or drop off checks at any Nothnagle branch office and we will forward to Habitat.
###
About Habitat for Humanity International
Habitat for Humanity International is an ecumenical Christian ministry dedicated to eliminating poverty housing. As a builder of decent, safe, affordable housing, Habitat for Humanity recognizes the need to provide long-term solutions to the housing needs of families who have been affected and displaced by the earthquake in Haiti but cannot qualify for a conventional mortgage. To help, please visit Habitat for Humanity's Web site at www.habitat.org.
Friday, February 5, 2010
Changes to FHA Program
On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives: 1) financial soundness of the FHA insurance fund – ensuring that its capital ratio returns above 2 percent, 2) fulfilling its mission of serving borrowers not adequately served by the private sector and 3) facilitating the recovery of the housing industry and the over-all economy.
While the changes will result in some higher costs for home buyers, FHA mortgages remain one of the best options for many purchasers, especially first-time buyers who may not have stellar credit and/or a large cash reserve saved for a downpayment.
Changes include an increase to the upfront mortgage insurance premium, which is paid by the borrower when the loan is made, from 1.75 percent to 2.25 percent. For a loan of $100,000, the mortgage insurance premium would be $2,250, up from the current $1,750. The FHA also said it was cutting the amount of aid sellers could provide buyers (often referred to as "sellers concessions") from 6 percent to 3 percent of the purchase price.
The FHA is raising its minimum credit score for a 3.5 percent down payment to 580 while scores below that level would be required to have 10 percent down. But most FHA lenders won't lend to anyone below 620 so it's unclear how many borrowers would really be affected by the down payment change.
More info: FHA to Provide Early Relief to Struggling Homeowners
See the summary of changes from the National Association of REALTORS.
While the changes will result in some higher costs for home buyers, FHA mortgages remain one of the best options for many purchasers, especially first-time buyers who may not have stellar credit and/or a large cash reserve saved for a downpayment.
Changes include an increase to the upfront mortgage insurance premium, which is paid by the borrower when the loan is made, from 1.75 percent to 2.25 percent. For a loan of $100,000, the mortgage insurance premium would be $2,250, up from the current $1,750. The FHA also said it was cutting the amount of aid sellers could provide buyers (often referred to as "sellers concessions") from 6 percent to 3 percent of the purchase price.
The FHA is raising its minimum credit score for a 3.5 percent down payment to 580 while scores below that level would be required to have 10 percent down. But most FHA lenders won't lend to anyone below 620 so it's unclear how many borrowers would really be affected by the down payment change.
More info: FHA to Provide Early Relief to Struggling Homeowners
See the summary of changes from the National Association of REALTORS.
Wednesday, February 3, 2010
Ontario Branch Wins "Red Kettle Challenge" Trophy
Fifteen agents from the Ontario branch braved the cold temperatures to volunteer to collect money for the Salvation Army's Red Kettle Campaign in December. The project was in partnership with Boy Scout Troop 127, who hosted a local "Red Kettle Challenge" that Nothnagle Realtors, along with other area businesses and groups, participated in. Nothnagle is proud to announce that we captured the trophy this year! The winner is not selected by the amount of money they raise, but by the unique way manner in which they appeal to the public.
Nothnagle agents dressed up as Santa and his helper elves, handing out candy as shoppers entered the Ontario Tops market. It was a great experience for our agents, who raised over $1,000 in donations and had a fun time doing it! The Ontario branch is proud to participate with the local Boy Scout troop, to demonstrate to our local youth striving to do good deeds in their community. We're already thinking of ideas for 2010....
Monday, February 1, 2010
Nothnagle Announces Top 30 Agents of 2009
Nothnagle Realtors held our annual awards event and company meeting on Friday, January 29, 2010. At the event, we announced the "Top 30" agents based on 2009 sales. Some of the agents making the list have been a member of this prestigious groups for many years while others just made the list for the first time. This is a tremendous achievement for all of these professionals.
Introducing this year's Top 30....
Marcia Glenn (Penfield)
Sam Morreale (Irondequoit)
Richard Sarkis (Main)
Steve Wrobbel (Fairport)
Cathy McWilliams (Canandaigua)
Jaci Cannan (Pittsford)
Mike Drouin (Pittsford)
Vickie Howard (Pittsford)
Doug Logory (Greece)
Debbi Jacob (Pittsford)
Janis Reding (Fairport)
Brian Donovan (Pittsford)
John Masters (Greece)
Irene Bennett (Pittsford)
Mary Tubiolo (Penfield)
Pam Dickson (Gates)
Dan Patterson (Ontario)
Joy Sherry (Greece)
Kathy Keogh (Fairport)
Mary Lobene (Spencerport)
Carol Andrews (Henrietta)
Ginny Hronek (Pittsford)
Josie Licata (Penfield)
Geetha Vijay (Pittsford)
Beth Forester (Fairport)
Bob Finocchio (Fairport)
Annette Rotondo (Batavia)
Robin St. George (Fairport)
Kathy Walker (Brighton)
Sam Cretekos (Fairport)
Jim Peck (Fairport)
Introducing this year's Top 30....
Marcia Glenn (Penfield)
Sam Morreale (Irondequoit)
Richard Sarkis (Main)
Steve Wrobbel (Fairport)
Cathy McWilliams (Canandaigua)
Jaci Cannan (Pittsford)
Mike Drouin (Pittsford)
Vickie Howard (Pittsford)
Doug Logory (Greece)
Debbi Jacob (Pittsford)
Janis Reding (Fairport)
Brian Donovan (Pittsford)
John Masters (Greece)
Irene Bennett (Pittsford)
Mary Tubiolo (Penfield)
Pam Dickson (Gates)
Dan Patterson (Ontario)
Joy Sherry (Greece)
Kathy Keogh (Fairport)
Mary Lobene (Spencerport)
Carol Andrews (Henrietta)
Ginny Hronek (Pittsford)
Josie Licata (Penfield)
Geetha Vijay (Pittsford)
Beth Forester (Fairport)
Bob Finocchio (Fairport)
Annette Rotondo (Batavia)
Robin St. George (Fairport)
Kathy Walker (Brighton)
Sam Cretekos (Fairport)
Jim Peck (Fairport)
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