We are assessing the announcement and impacts. We will provide more information as it is received from the Agencies.

The industry expects more operational details for HARP Phase II to be published by the FHFA, Fannie Mae and Freddie Mac on November 15, 2011.

As a reminder, we are currently doing HARP Loans under both Fannie Mae’s DU Refi Plus® and Freddie Mac’s Relief Refinance® Programs.

For more information regarding this program or if you have questions regarding the refinancing of your home call Don today at (417) 844-5370.

Jumbo Portfolio Rates

*Add 20 bps in TX and NM

• Purchase and Refinance available > $417,000+
• Cash out is available
• 80% loan to value to consolidate 1st and 2nd
mortgages in CA, FL, MI, NV, and AZ
• 90% loan to value to consolidate 1st and 2nd
mortgages in all remaining states

For complete product guidelines / restrictions / current rates please contact Don at (417) 844-5370 or fill out our contact form.

Are You Covered?

As the current real estate market keeps getting harder for people to sell their houses, it is not uncommon for a home to sit unsold for months. As the house sits on the market for a long period of time many sellers often move out of their current home into a new home, which leaves their old one vacant.

With the challenge of taking care of two mortgages many people don’t stop to think about their homeowners’ insurance policy. I can understand, with that type of stress, all that is on one’s mind is making sure both loan payments get paid. Thinking they have a current homeowners’ policy and that nothing needs to change the owner moves on. But is that truly the case? What happens if disaster strikes and you need to file a claim?

Most insurance policies for homeowners have some type of automatic coverage for up to 30 days on vacant homes. But, after the 30 day grace period is up most insurance companies will stop covering several items, and even some insurance companies will drop your homeowners’ policy all together leaving nothing in force. Some of the things that insurance companies stop covering are things like vandalism, fires and water damage.

So why would an insurance company drop certain coverages or drop the policy all together? Below is a list of some of the reasons:

1. Attractive nuisance
2. Lack of oversight of the house
3. Damage could go unreported for days, which would make the claim bigger than it should have been.

Leaving a home vacant can lead to a lot more problems than a house that is being lived in.

So what should you do if you have a vacant home?

The number one thing you should do as soon as your house becomes vacant is to get in touch with your local insurance agent and let them know. Find out if your current policy covers the vacant home. If your current homeowners’ policy does not cover a vacant home, then your agent can help point you to what you need to do next.

Looking for homeowners insurance in the Springfield, MO area?  Josh Holcomb is a licensed insurance agent with Farmers Insurance in Springfield, MO.  He handles homeowners, health, auto, life and business insurance coverage.  Give Josh a call today @ (417) 429-0644 for your insurance needs.  You can also visit Josh online @ http://insuringtheozarks.com.

I can think of no other time in my life that a midterm election seems so important. Usually when we think about a midterm election, actually come to think about it most of us probably don’t think about midterm elections. They usually have very low turn-outs and people don’t seem very concerned about them. But that does not seem to be the case this time around.

What is being predicted as one of the largest midterm election turn-outs in history could very well dictate the direction our country will go. If you have turned on the TV at all over the last month you know exactly what I am talking about. Hardly a program goes by without multiple political ads being aired. They are everywhere! And if you are like me, you are sick of them. Nasty, Nasty, Nasty! Its come down to who can smear their opponent the best. To this I say, I’m Fed UP!

The media has created a feeding frenzy of politicians who are out to one up their competition. As an American citizen, born and raised in this GREAT COUNTRY, I say STOP!!! Stop with the politics as usual. Stop with the fat government. Stop with telling me how I am going to live my life for YOU! The last time I checked Congress works for me and it is about time we as Americans wake up and take our position back.

I was one of those who use to think that voting didn’t make a difference. I would go out and vote for the President, but other than that it didn’t matter. Boy was I wrong! I now see what my complacency has done. Slowly this country is slipping away to be another historical statistic. It is time for the SILENT MAJORITY to take a stand for what we believe. We have been quiet for way to long. Our voice MUST be heard before it is to late and we leave a legacy of demise.

This is not about Republican or Democrat; this is about taking back the freedoms that this Great Country was founded on. A country that was founded on working hard and fighting for what we believed in. Tomorrow, November 2, 2010, we all have the right to the greatest freedom bestowed upon us… The right to freely VOTE!

Please join me along with millions of others as we head to the polls tomorrow to make our voices heard. Don’t sit by thinking it doesn’t matter, because it does. Your voice needs to be heard.

Your Country Needs YOU!

Get out and vote your conscience, VOTE CONSERVATIVE!

Some call it a buyer’s market; I call it a bargain market. With the large inventory of short sales and foreclosures available, affecting property values and low interest rates, it is an amazing time to buy a home. Even with economic fears it should be noted that there is no documented case in US history of the Real Estate Market staying down over five years.

Buying a home today is a great way to invest in the future. The terms Foreclosure and Short Sale have flooded the media lately yet the understanding of them is vague. Though they can be great bargains there are a few things a buyer needs to know before shopping and purchasing one.

• Foreclosures and Short Sales, often referred to as distressed properties, involve more documentation to complete a sale, this equates to longer closing times.

• Distressed properties are homes that often need some form of repair. This requires special consideration when it comes to financing. Having a skilled Realtor and Lender familiar with these considerations can make all the difference in completing a smooth and pleasurable transaction.
• Savings on these properties can often be as great as purchasing them for 40-60 cents on the dollar, however this again requires a very skilled Realtor familiar with the process and how their pricing works.
• Distressed properties are almost always sold as is where is. Many people including some Realtors believe this to mean no matter what you are buying. This is incorrect. As is where is simply means that the seller will NOT be making ANY repairs to the property to complete the sale. You as the buyer still have full rights to inspection and protection against hidden defects. Again this is where a skilled Realtor is vital.
• Short Sales though they can be a great deal can take sometimes up to 6 months to get closed whereas foreclosures are much quicker from 30 to 60 days and some as quickly as 10. Be prepared to hurry up and wait to get your bargain.

If you are a home owner looking to upgrade it is still a great time to sell. Keeping in mind that equity is made when you buy not when you sell. This means the same loss you may take selling, the other seller will be taking on the larger house so you get the better bargain.

If you take a 4% loss on $100,000 home ($4,000) and upgrade to a $200,000 home their loss is $8,000 based on the market before you begin to negotiate. That is a $4,000 bonus to your position.

If you are a first time home buyer the benefits are huge as the home you buy today if kept in good maintenance should only appreciate in good stride over the years to come.

In conclusion with speculation of rising interest rates in the first quarter of 2011, it is a great time to get out and buy or upgrade. For more information on Investment properties, Foreclosures, and Short Sales feel free to contact Gary Busker at 417.353.9189 and he will be glad to assist you in your bargain hunting.

Are you looking to purchase a home in the Springfield, MO area? Gary Busker is a licensed Realtor with Murney Associates in Springfield, MO.  He specializes in residential real estate, first time home buyers, investment properties, foreclosures and short sales. Give Gary a call today @ (417) 353-9189 for all your real estate needs. You can also visit Gary online @ http://pulseoftheozarks.com.

When getting a home insurance quote there are many things to keep in mind, but one of the most important is how financially strong the company is that you are working with. You can look at Moody’s and Standard & Poor’s rating systems, which would give you an idea of the strength of the insurance company you are working with. Working with a weak financial company could save you some money up front but in the long run cost you a lot of money when you have to make a claim and they can’t pay it.

I would say the second most important thing is where a company stands with the Department of Insurance. On the Department of Insurance website you will be able to see complaints for each company and make sure the person who is selling you an insurance policy is licensed or not. After you find a strong insurance company that is in good standing with the Department of Insurance then you need to look at how much Insurance you need.

When you are buying a homeowners policy you need to check to see if it is actual cash value or replacement cost. There can be a big difference from actual cash value to replacement cost, sometimes in the tens of thousands. Actual Cash Value is the value of the home, which means your home could appraise at $100,000 but it would cost $130,000 to rebuild that house. If you had actual cash value you will get a check for $100,000 but if you had replacement cost, they would have to write you a check for $130,000 for the example above.

There is not a right or wrong answer when it comes to actual cash value or replacement cost, but there could be a big problem if you don’t have what you need. Spending time with a local insurance agent can help you understand which one would be best for you. You also need to make sure you understand what is in the policy and what isn’t.

Most insurance policies for homes has a max on guns, jewelry, fur and fine crystals if they are not added with a floater. One of the biggest risks people take without knowing it is not having flood insurance. No homeowner policy covers flood damage.

What about flood insurance coverage if there are flash floods?  Most people in Springfield, MO don’t have to worry about living in a flood zone, but flash floods happen all over the Springfield area. For more information on Flood Insurance go to FEMA’s website.

How do I get a better Homeowners Insurance Rate?

There are a lot of things that play into determining how insurance companies rate your house for homeowners insurance.

1. The Area – Where is your house located? What are your fire codes? Are there a lot of storms in the area?
2. Credit Score – What is your credit score? The higher your credit score is the lower your rate will be.
3. Materials – What kind of siding does your house have? Brick will stand up better in a hail storm than siding.
4. Age – How old is your house? The older the home, if it hasn’t been updated, the greater the chance of an electrical fire.

These are just some of the things that are taken into account when quoting a homeowners insurance rate.  It is highly recommended that you understand the differences discussed above and what is involved in a homeowners insurance policy before committing to one company.

Looking for homeowners insurance in the Springfield, MO area?  Josh Holcomb is a licensed insurance agent with Farmers Insurance in Springfield, MO.  He handles homeowners, health, auto, life and business insurance coverage.  Give Josh a call today @ (417) 429-0644 for your insurance needs.  You can also visit Josh online @ http://insuringtheozarks.com.

Planned Development at US 60/65 Interchange in Springfield, MO

Have you heard of Project 6065?  After doing some research for yesterday’s post  on the new US 60/65 Interchange in Springfield, MO I came across a website on Project 6065.  I don’t know if you have seen the plans for this, but it looks pretty interesting.

They are looking to develop a large residential and retail area just north of the new US 60/65 Interchange.  My understanding is they want to preserve some of the green space, so they have created the Project 6065 website in order for you to share your thoughts and vote on different restaurants, stores and other uses for the land.  Go check it out and make your voice heard.

This has been in discussion for a while now, but I just learned about it and I have asked quite a few people I know and they hadn’t heard anything about it either.  So I am helping to get the word out.

I know there has been some opposition to this, so we would like to hear your thoughts.  Have you just learned about this development or have you known for a while?  Are you looking forward to this new development or are you against it?  Let’s hear what you have to say.

Go to their site at http://6065project.com and make your voice heard.  You have a chance to vote for what you would like to see go in there or you can contact them to express your thoughts and feelings on this new development.

We want to know what you think.  Leave your comments below.

Well, for those of you who have not had the opportunity to try the new US 60/65 Interchange in Springfield, MO, you are really missing a huge improvement in local travel. Granted only the northbound US 65 ramp to west bound US 60 is open at this time, but I can’t even begin to tell you how wonderful an experience that was.

NO MORE CLOVER CLUB!!!

YIPPEEEEEEEE!!!!!

I don’t know about you, but getting on and off that ramp alone was enough to bring on cold sweats. I know plenty of people who would avoid the ramp at all costs. It baffles me how there weren’t more wrecks there. It would be one thing if everyone getting on and off drove the same way, but that never happened.

First, you would have your speeders, those who would fly on and off without yielding (If you are one of these, you know what I am talking about). Then you would have your stoppers, those who would get to the top of the ramp and then just stop, waiting for traffic to pass, which I almost found myself in 2 or 3 wrecks because of this. And finally you would have your mergers, who would not stop, but cautiously merge on and off, which I would have to say would be me. Not that there is one right or wrong way, but it sure made for some scary exits and merges.

Click Here for Details

Well, we can now all begin to breathe a sigh of relief, because those fearful days are coming to an end. The new northbound US 65 ramp to west bound US 60 opened on Sunday 10/17/2010. And last night for the first time, as I was taking the family to dinner at HuHot Mongolian Grill, I was able to experience this new off-ramp. What a pleasure it was! The only confusion one might have is that you need to make sure you veer off to the right or you will take the off-ramp heading towards Rogersville. See the picture to the right to see what I am talking about.

US 65 to 60 Off-Ramp

For those of you who have been staying clear of the US 60/65 Interchange in Springfield, MO because of how dangerous the clover club of old was, go give the new US 65 off-ramp a try. I think you will really like what you see. No more worries! Ok, I guess we are still on the roads with lots of crazy drivers, but I guarantee this will take a lot of those worries away.

One last note, you might want to watch IRT Deadliest Roads on the History Channel if you think our old clover club was dangerous. It might make you appreciate our roads here in the US just a little bit more. I know it did for me. One night of watching this show and I was convinced I would take the clover club any day over what they have to deal with.

Get out there and experience the new off-ramp. Let us know what you think. Don’t take for granted all the work that has gone into this new project. Thanks MoDOT for the great improvement!

Though there is much debate whether this was a good thing for the country, the fact is, it’s a done deal and you need to understand the facts of this new law.

With this new law in effect we realize that there are many questions being asked. Well, we have the answers for you.

Q: What has stayed the same in the new law?

1) First-time home buyers still get a credit of as much as 10% of the purchase price, up to a maximum $8,000. “First-time” means people, including both partners of a married couple, who haven’t owned a principal residence for three years before the purchase.

2) All taxpayers who claim a credit must use the home as a principal residence for the next three consecutive years.

3) The credits offer dollar-for-dollar reductions of tax and are refundable. This means that a taxpayer who doesn’t pay enough tax to offset the credit can get a refund. For example, if you qualify for an $8,000 credit but only owe $5,000 in tax, you could receive a $3,000 check from the Internal Revenue Service.

4) Under the new law, as under the old, 2009 home buyers may claim the credit on either their 2008 or 2009 returns, and 2010 buyers may claim the credit on either their 2009 or 2010 returns.

5) Taxpayers do not qualify for a credit if they buy from a lineal ancestor or descendent, including parents or grandparents and children or grandchildren.

Source

Q: What has changed?

Several important features took effect as of Nov. 6:

1) To take advantage of the tax credits, a buyer must have a contract in place before May 1, 2010, and the deal must close before July 1, 2010. No further extension is expected.

2) The price of the house is now capped. For purchases made after Nov. 6, no credit is available for any home costing more than $800,000.

3) There is now a tax credit for repeat buyers as well as for first-time buyers. Taxpayers who have lived in one residence for five consecutive years of the past eight can now qualify for a tax credit of as much as 10% of the purchase price, up to a maximum $6,500, of a new principal residence. The new home does not have to cost more than the old one.

4) Income limits for people who qualify for a tax credit are far more generous than under the previous law. For single filers, the credits now phase out between $125,000 and $145,000 of modified adjusted gross income; for married couples, the range is $225,000 to $245,000. For most people, modified adjusted gross income will be the same as adjusted gross income.

5) The new law contains anti-abuse measures designed to stem fraud, which became a problem with the previous home-buyer tax credit. Most buyers must be 18 or older, and no taxpayer may take a credit if he or she is claimed as a dependent on someone else’s return. Taxpayers taking the credit will also have to furnish proof of purchase. According to Robert Dietz of the National Association of Home Builders, this will usually be a HUD-1 form.

6) People taking the tax credit, as under the old law, aren’t allowed to buy a home from a lineal ancestor or descendent. The new law, applying to purchases made after Nov. 6, also says a person may not take a credit if the home is purchased from a spouse or the spouse’s lineal relatives.

Source

For more details or to answer any questions you may have regarding the home buyer tax credit please contact Don @ (417) 844-5370 or fill out our contact form to be contacted by email.

All the news on this bill shows that it will probably happen very soon.  Not only will this bill be an extension to first time home buyers, but they are looking to extend up to a $6,500 tax credit to move-up buyers.  For those who have lived in their home for at least 5 years and are ready to move up, now might be the perfect time.

With the real estate market still struggling to pick up and average home prices still low, this could be a great time to find some great bargains and take advantage of the tax credit extension.

We hope to know the outcome of this bill by the end of the week.  Stay posted as we will let you know as soon as they officially announce the outcome and the details of this tax credit extension.

We would love to hear your feedback on the first time home buyer tax credit extension.  Are you for this?  Why or why not?  Leave your comments below.