Great News for First Time Home Buyers in Washington State

Great news and big news for the residents of Washington State regarding home ownership, buying and selling.

The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment. The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.

The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds.

The program is the first of its kind in the nation and would work as follows:

•· The State Treasurer's Office would make an off-setting deposit in an FDIC-insured short-term
account with a selected financial institution. The investment would earn a low interest rate to
stay fully insured under federal guidelines.

•· Realtors and other stakeholders back the loans with funds to provide security against losses.

•· The financial institution provides the Washington State Housing Finance Commission a line of
credit to advance up to $8000 to qualified first-time home buyers for a down-payment.

•· Buyers repay the advance loan after filing for and receiving the tax credit.

The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer's office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature.

State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time homebuyers make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. "In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy," Hobbs told the Senate Ways and Means Committee.

"Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state," said Greg Wright, President of the Washington Realtors. "This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide." According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.

The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance. The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers. These "bridge loans" would expire at the same time as the federal tax credit, on November 30, 2009. All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.

"With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright, a Chelan Realtor. "The Senate's budget helps bring that opportunity to families throughout our state."

Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate. A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.

"First-time homebuyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling," Scott explained. "The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance."

The members of the Snohomish County-Camano Association of REALTORS® are committed to giving back to the communities in which they live, raise their families and derive their incomes. We provide community service, both individually and as a group, donating money talent and time to many worthy causes. The philosophy of our Association is that as members of this community, and as real estate professionals we are on the front lines to provide affordable housing. Since there is a lack of affordable housing for those above the poverty level, there certainly is an even greater need for those under the poverty level.

The Snohomish County REALTOR® Homeless Endowment Fund was established in 1991. The fund provides rental security deposits and emergency housing vouchers to individuals and families in need of housing. Many families or individuals qualify for a rental, but need assistance with the security deposit so they can get into their new home, and who otherwise might be homeless.

The Volunteers of America Western Washington screen the tenants, set up a no interest loan and repayment plan, provide casework services and counseling. The Association, upon receiving a signed note, writes the check directly to the landlord. The tenant repays the loan on a payment plan which takes into consideration their particular financial situation. Since the fund started operating in September 1991, we have raised over $550,000 and assisted over 4000 families.

This year's event will be a little bit different The 2009 Homeless Endowment Fund Gala will be held at the Everett Train Station. It will be an elegent evening which will include; A High End Silent Auction Lip Reader Palm Reader Magician Live Band Gourmet Hors D'ourves 2 Local Wineries A Local Brewery Opportunity to win a one carat Diamond!

While the Homeless Endowment Fund Auction has been an SCCAR tradition for the past 18 years, this is the first ever SCCAR Homeless Endowment Fund Gala. Because this is a more intimate, upscale event space is limited. Make sure you reserve your tickets as soon as possible.

As Past President 2007 of this Association, I can tell you we are so proud to assist the Volunteers of America Western Washington in a worthy cause.

First Time Home Buyer Tax Credit - New Information

Great news today. The IRS has revised it's Form 5405 that allows a first time homebuyer to get a tax credit for $8,000. The most important change is they can claim it on their 2008 TAXES!
That's correct, if you purchased a home in 2009 you can check a box that states you are collecting the $8,000 credit on your 2008 taxes and get the money immediately. If you have already filed your return for 2008, you can use this form to amend your return and re-submit. You will get your tax rebate in a few weeks.

The caveat, you must not have owned a home in the last three years and need to buy a home between now and December 1, 2009.

This is great news, buyers. Get that cash that you need NOW instead of waiting.

For all your real estate needs, contact me: Karen Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors - 425-308-3669 or visit my web site for more buyer information.

Extended Tax Credit Available for 2009 First Time Home Buyers

The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit. This important change gives qualifying homebuyers cash they do not have to pay back.

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

For All Your Real Estate Needs contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, ACRE, RE/MAX Northwest Realtors, Mill Creek WA -425-308-3669 or visit my web site

Beautifully Remodeled Tri Level on Private Lot

Remodeled Tri Level on Large Private Lot with RV Parking

Location: Silver Lake

Pride of ownership is evident here with a fabulous remodel. New roof in 2008, fresh decorator paint on the interior, new carpeting, tile flooring in kitchen, gas range, pergo flooring upstairs. White mill work and white doors accent the living areas.

The living room has a bayed window and there is a window wall in the kitchen for plenty of natural light. The kitchen opens to the family room on the lower level separated with a rod iron railing and half wall. Oversized kitchen to hold more than one chef, newer appliances and plenty of cupboards.

The family room has a wall of built ins for your tv and stereo system. There is a wood stove for cozy rainy nights plus a powder room and laundry room leading to the garage.

The upper level has three nice sized bedrooms. The master suite has crown molding accents and the bath has twin sinks and a tile counter. All bedrooms have built-in California closets. The main bath has tile counters.

The lot is 9583 sq. ft and is completely fenced. There is RV parking with a gate that opens to a sport court. Room to park all your toys or guest parking. A storage/garden shed remains.

This home has fabulous street appeal and is close to shopping and freeways.

Information

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Karen Villa Schweinfurth, ABR, CRS

425-308-3669

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Pricing

Price: $385,000.00

Property Location

13114 29th Ave. S. E.
Everett, WA 98208
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Features

Bedrooms: 3

Bathrooms: 2.5

Parking Spaces: 10

Year Built: 1989

Subdivision: Evergreen Grove

Lot Size: 9583

Garage Size: 2

School District: Everett

Square Footage: 1749

Agent Name: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO

Broker: RE/MAX Northwest Realtors

MLS #: 29016171

Attributes

Appliances

Range/Oven

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Security System

Vaulted Ceilings

California Closet Systems

Tile Floors

Pergo Flooring

Kitchen Window Wall

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Basketball Net

Secluded setting

Tool Shed

RV Parking w/Gate to yard

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EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2225483

Changing Times or Not

Having just cleaned out my desk recently with my new business plan in place, I found an old newspaper, The Everett Herald, from March 1992. The headlines read: "Boeing Gives Layoff Slips to 3,000"; "Unemployment rate rises to highest level in more than six years" - 7.3%.And then I compare the headlines with a more recent post February 2009: "Boeing Gives Layoff Notices to 6,000", Unemployment rate rises to 7.1% in Snohomish County in December 2008".Catch any differences, probably not. It's the real estate cycle. We just happen to be in the "down cycle" but remember, what goes down, needs to come up. It will take awhile, but it will happen.

It's a great time to buy in the Snohomish County area. With rates at an all time low, still plenty of inventory, and seller concessions, buyers hold the upper hand. Well you say, "I need to sell to buy". OK, the key is to price your home realistically to sell and make it up on the buying end.

For expert advice in the Snohomish County area, call Karen Villa Schweinfurth 425-308-3669, or email: karen@karensvillas.com.

Also visit my web site for ALL your real estate needs. Search for properties in all of Washington, get buyer/seller tips, financing information, do your own market analysis. It's all there for the taking.

Hope you find this information helpful. Make it a great day where you are.

Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO
RE/MAX Northwest Realtors
RE/MAX Hall of Fame Member
REALTOR of the Year 2008

Four Bedroom Two Story With Master On Main

Four Bedroom Two Story With Master On Main

Location: Candle Ridge

Built in 2000 this home has four bedrooms with the master on the main. The second master is located upstairs. The home sits on a 10,000+ sq. ft. lot that is fenced and has RV parking in addition to the three car garage. There is a sprinkler system with timer to keep your garden on track and a very sunny, private yard for gardening.

Fresh interior paint just completed. The kitchen has slab granite and stainless with a Jennaire island. The family room has a gas fireplace with custom mantle and Bose surround sound stereo system. There are two water heaters and a heat pump for central A/C. The master suite has a soaking tub, two sinks and an oversized walk in closet. The master opens to the deck and hot tub for those cozy nights.

Job transfer forces sale and we are priced aggressively. Don't miss this great value. Minutes to freeways and shopping and a peek a boo view of the sound too.

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Karen Villa Schweinfurth

425-308-3669

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Pricing

Price: $355,000

Flexibility: Negotiable

Property Location

28111 82nd Dr NW
Stanwood, WA 98292
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Features

Bedrooms: 4

Bathrooms: 2.5

Parking Spaces: 3

Year Built: 2000

Subdivision: Stanwood/Candle Ridge

Lot Size: 10,018

Garage Size: 3

School District: Stanwood

Square Footage: 2272

Agent Name: Karen Villa Schweinfurth, CRS, ABR

Broker: RE/MAX Northwest Realtors

MLS #: 281888281

Attributes

Appliances

Range/Oven

Full Refrigerator

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Hardwood Floors

Kitchen Island

Vaulted Ceilings

Bose Surround System

Exterior Amenities

Patio

Fenced Yard

Hot Tub

Grass Lawn

RV Parking

Play Set

Heat Pump for A/C

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VFLYER ID: 2055871

Four Bedroom Two Story with Master on Main

Photo Gallery Formal Lving Room Kitchen Cook Island and Eating Area Family Room Family Room Play Set Deck and Hot Tub Yard Description Built in 2000 this home has four bedrooms with the master on the main. The second master is located upstairs. The home sits on a 10,000+ sq. ft. lot that is fenced and has RV parking in addition to the three car garage. There is a sprinkler system with timer to keep your garden on track and a very sunny, private yard for gardening. Fresh interior paint just completed. The kitchen has slab granite and stainless with a Jennaire island. The family room has a gas fireplace with custom mantle and Bose surround sound stereo system. There are two water heaters and a heat pump for central A/C. The master suite has a soaking tub, two sinks and an oversized walk in closet. The master opens to the deck and hot tub for those cozy nights. Job transfer forces sale and we are priced aggressively. Don't miss this great value. Minutes to freeways and shopping and a peek a boo view of the sound too. Features Bedrooms: 4 Bathrooms: 2.5 Parking Spaces: 3 Year Built: 2000 Subdivision: Stanwood/Candle Ridge Lot Size: 10,018 Garage Size: 3 School District: Stanwood Square Footage: 2272 Agent Name: Karen Villa Schweinfurth, CRS, ABR Broker: RE/MAX Northwest Realtors MLS #: 281888281 Location 28111 82nd Dr NW Stanwood WA 98292 Powered by vFlyer.com vFlyer Id: 2055871

Medical Identity Theft

With identity theft on the rise these days, most of us are already taking steps to protect ourselves. But did you know that there’s now a growing form of identity theft known as “medical identity theft” that can not only devastate victims’ finances, but also compromise their health, too. According to Joy Pritts, JD, author of Your Medical Record Rights, here’s what you need to know.

What is Medical Identity Theft?

Medical identity theft occurs when criminals access victims’ medical records. Since medical records contain a person’s social security number and credit card information (if bills have been paid via credit card), criminals can open accounts and make fraudulent charges. However, criminals also gain access to victims’ health insurance policy information and medical histories, and they can create forged health insurance cards to sell to people who are uninsured and need expensive medical treatment. A person who buys a fake health insurance ID card would then seek treatment using the victim’s name and policy number, and then disappear, leaving the victim with the bills to pay.


Why Should You Be Concerned?

Victims of medical identity theft not only have to repair their credit and convince credit agencies and service providers that bills are fraudulent, they also have to correct inaccurate medical information that becomes part of their health records. Victims could be denied life insurance or individual health insurance if their record shows treatments that they did not have. In addition, victims could receive treatments or medicines that could be harmful to them on the basis of inaccurate content in their medical records.


Steps to Take if You Suspect a Medical Identity Theft

Read all bills and “Explanation of Benefits” statements from your insurance company to verify they are for treatment you received.


If a bill or statement refers to treatment you did not receive, contact the employee in charge of investigating fraud at your insurance company and at the medical facility involved and explain the situation. Follow up with a letter sent via registered mail with return receipt once again explaining the situation, asking for any bills to be voided, and asking that your medical record be amended to state that you did not have this health problem or receive this treatment.
Report the identity theft to the police department and state’s attorney general’s office.
Contact the health care providers you use, explain the situation, ask if the erroneous information has been added to the providers’ records, and if so, ask them to correct the records.

Report the fraud to the major credit bureaus and set up fraud alerts. Also, request free copies of your credit reports to make sure no new fraudulent accounts have been opened.

Review your medical records every few years to make sure there are no errors.


To learn more about your medical record rights, visit http://ihcrp.georgetown.edu/privacy/records.html.

What Steps Consumers Can Take To Protect Themselves from a "Hurricane Wall Street"

This information comes as a courtesy from my lender, Ken Allen, Branch Manager with MetLife Home Loans. You can reach him at 425-6702418 or ken@kenallen.com.

With Wall Street engulfed in the biggest financial crisis in a generation, there are a few things that consumers can do to protect themselves from this perilous storm,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

#1 – Make Sure Your Investments Are Protected Through the SIPC
The Securities Investor Protection Corporation (SIPC) was created in 1970 as a non-profit, non-government organization funded by its members: broker-dealers that trade in stocks, bonds, mutual funds and other investments in the financial markets. The primary role of the SIPC is to return funds and investments to investors if the broker-dealer holding these assets becomes insolvent. “The SIPC does not cover you if the value of your investments goes down,” said Nicholas. “The SIPC makes sure that you recover the assets in your investment accounts if your stock brokerage firm or the financial institution where you hold your investment account goes bankrupt. For example, if you have an account at Lehman Brothers or any other financial institution that goes bankrupt, the SIPC will make sure that you recover the assets you hold in the investment account. However, if the stocks or other investments that you hold in your investment accounts have lost value due to a decline in stock prices or market conditions, the SIPC will not reimburse you for the lost value of your investments.”

SIPC coverage is limited to $500,000 per customer, including up to $100,000 for cash. “This does not mean that you will only recover $500,000 worth of your account,” said Nicholas. “Under virtually all circumstances, you will recover the full amount as part of the unwinding and liquidation of the brokerage firm.” If sufficient funds are not available in the firm’s customer accounts to satisfy all the claims, the reserve funds of the SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $100,000 for cash claims. Additional funds may be available to satisfy the remainder of customer claims after the cost of liquidating the brokerage firm is taken into account. According to the SIPC web site, it typically takes one to three months for investors to recover their property from an account at a failed brokerage firm.

SIPC covers stocks, bonds, mutual funds and other securities registered with the Securities and Exchange Commission (SEC), which is the government agency that oversees the SIPC. The SIPC does not cover unregistered investments such as commodity futures contracts or commodity options. In response to the impending collapse of Lehman Brothers yesterday, the SEC issued a press release specifically indicating that it is taking actions to ensure that those who have accounts at Lehman Brothers will recover the assets in their accounts in the event that Lehman becomes insolvent.

#2 – Make Sure All Your Bank Accounts Are Covered with FDIC Insurance
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that was created in 1933 to insure bank depositors and protect them against the failure of their bank. The current limit on FDIC insurance is $100,000 for bank accounts and $250,000 for retirement accounts. “You should make sure that all deposits over the limit are held in separate accounts owned by different individuals or entities,” said Nicholas. “This means that if you are married with two children, you can have one account in your name, one account in the name of your spouse and one account each in the names of your two children, all with the maximum of $100,000 in deposits, and you would still be fully insured for the full $400,000.”

Additionally, if you have a corporation or limited liability company (LLC), your business can also have an account at that same bank and it will also be insured up to the $100,000 limit. The only caveat is that the company must be engaged in an "independent activity," meaning that the entity is operated primarily for some purpose other than to simply increase your insurance coverage. When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives you the opportunity to restructure your accounts, if necessary.

If your deposits at one bank exceed the FDIC limits, it’s advisable to move the money and open up some new accounts at other banks that are not affiliated with one another and that are not owned by the same parent company. Additionally, you may consider asking your bank if they participate in the CDARS® network. CDARS® stands for Certificate of Deposit Account Registry Service®, and it is offered by nearly 2,500 financial institutions across the country. When you place a large deposit with a financial institution that is part of the CDARS network, the financial institution uses CDARS to place your funds into certificates of deposit issued by other banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance.

#3 – Max Out Your Home Equity Line of Credit Before Your Lender Cuts Off the Limit
“Lenders have been arbitrarily reducing credit limits on home equity lines of credit,” said Nicholas. “If you still have credit available on your home equity line, it could be very beneficial for you to draw out the money now before the lender reduces your limit. In this environment, it’s probably a safer bet to have the cash sitting in your FDIC-insured bank account in case you lose your job or in case you need the funds for any other reason.”

#4 – Stop Making Extra Mortgage Payments and Take Out a Mortgage Even If You Don’t Need One
“Cash is king in a liquidity crunch,” said Nicholas. “The worst thing you can do in this environment is dump more of your cash into your home equity because you may not be able to get access to it if you run into financial difficulties, if the housing market continues to decline, or if the credit crunch gets worse. Although it sounds counter-intuitive, you should have as big a mortgage as possible – even if you don’t need it - and leave as much cash as possible in a safe, liquid place that is readily available to you. This empowers you to weather the storm and also have your funds available to take advantage of bargain opportunities that are becoming available because others have not followed this advice. In this environment, the one with the most cash wins.”

Ken is a CMP, Certified Mortgage Professional.

About CMPS Institute: CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors regardless of the diversity of specializations within the industry. Over 5,500 financial professionals have gone through the program since its launch in 2005.

For all your real estate needs, call Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO Internet Certified, at 425-308-3669.

Are The Financial Heavens Opening up in Washington State

JP Morgan Chase is expanding it's home lending business in Washington State and will more than quadruple it's market share by the end of the year. Chase has seven branches and plans to open up four more offices this year.

As reported in the Puget Sound Business Journal "The financial's giant's plans are reflective of the state's rosy reputation among mortgage bankers, and also could indicate a resurgence of the mortgage industry as stable lenders step in to fill the gaps left by those that have gone out of business."

They also reported that Golf Savings Bank, a subsidiary of Spokane-based Sterling Financial Corp., is also expanding its home loan business and plans to add 20 new loan officers by the end of the year probably hiring former employees of Washington Mutual who just closed 23 offices in Washington State.

So buyers, get off the fence, we have a great economy here in Snohomish County, interest rates are low and there is plenty of inventory to choose from.

Contact me, Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, REALTOR - "As no one knows Washington Real Estate like a Washington Realtor - 425-308-3669.

http://www.karensvillas.com