FREE HOMEBUYING CLASS

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

                                                      

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

·         Getting your financial ducks in a row

·         How much house can I afford? (And do I want as much house as I can afford?)

·         Will the bank say YES?

·         Don’t lose your shirt – how to avoid predatory lenders

·         How do I buy a foreclosed property and do I want one?

·         Where to find free down payment money…sort of

·         The daunting closing documents and procedures

·         I got my dream house – now what??

·         Am I in to stay?  How to avoid foreclosure

Location and Time:

Toll Brothers Marlboro Ridge Community Center

11401 Marlboro Ridge Road

Upper Marlboro, MD

Saturday November 5, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

DEGREE AWARDED:  Upon completing the 8-hour class, you will receive a “Certificate of Completion” which is a prerequisite to applying for many downpayment/closing cost assistance programs, including the Prince George’s County My Home Program, and the State of Maryland CDA Program.

REGISTER:  To register for the workshop, have your client call 301-699-8031.  If they get voice mail, they should leave a message and someone will get back to them.

Home buying grants for DC Govt. Employees

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

                                                      

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

·         Getting your financial ducks in a row

·         How much house can I afford? (And do I want as much house as I can afford?)

·         Will the bank say YES?

·         Don’t lose your shirt – how to avoid predatory lenders

·         How do I buy a foreclosed property and do I want one?

·         Where to find free down payment money…sort of

·         The daunting closing documents and procedures

·         I got my dream house – now what??

·         Am I in to stay?  How to avoid foreclosure

Location and Time:

Upper Marlboro, MD

Saturday October 8, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

DEGREE AWARDED:  Upon completing the 8-hour class, you will receive a “Certificate of Completion” which is a prerequisite to applying for many downpayment/closing cost assistance programs, including the Prince George’s County My Home Program, and the State of Maryland CDA Program.

REGISTER:  To register for the workshop, have your client contact Cherelle Silue at 301-699-8031.

New Home Buying Program

PRINCE GEORGE’S COUNTY, DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT LAUNCHES THE BUY SUITLAND HOMEOWNERSHIP ASSISTANCE PROGRAM

The Buy Suitland Program has started accepting new applications

The Buy Suitland Program offers income eligible, credit worthy first time home buyers up to $40,000 in down payment and closing costs assistance to purchase foreclosed or short sale properties in the following census tracts:

  8018.02; 8019.02; 8020.01; 8020.02; 8021.05; 8024.05; 8024.06

Additional information on the program, including training schedules can be found at:  www.princegeorgescountymd.gov/buysuitland

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

                                                      

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

·         Getting your financial ducks in a row

·         How much house can I afford? (And do I want as much house as I can afford?)

·         Will the bank say YES?

·         Don’t lose your shirt – how to avoid predatory lenders

·         How do I buy a foreclosed property and do I want one?

·         Where to find free down payment money…sort of

·         The daunting closing documents and procedures

·         I got my dream house – now what??

·         Am I in to stay?  How to avoid foreclosure

Location and Time:

Prince George’s County Association of Realtors

8400 Corporate Drive, Suite 225

Landover, MD  20784

Saturday, February 12, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

DEGREE AWARDED:  Upon completing the 8-hour class, you will receive a “Certificate of Completion” which is a prerequisite to applying for many downpayment/closing cost assistance programs, including the American Dream Downpayment Initiative (ADDI), Prince George’s County Neighborhood Stabilization Program, and MMProgram (CDA).

REGISTER:  To register for the workshop, have your client contact Cherelle Silue at 301-699-8031.

WHAT'S IN THE TAX BILL FOR YOU? / TAX FILING DATE CHANGES

From BizActions.com


Summary: In a flurry of activity, President Obama signed the tax bill that was highly debated by all parties involved. There were some good items left for consumers, some altered and some removed. Millions of consumers will not have to worry about higher taxes for 2011. Let's get to the high points on what it can mean for you.

More take home pay. 
Normally Social Security and Medicare deductions are taken out of paychecks at a 6.2% rate. For the next year, that reduction will be 4.2%. This will impact 150 million workers.

The change will save a worker with annual income of $40,000 almost $800 a year. An employee earning $70,000 in income will save almost $1,400.

Without the new tax provisions, this 2% change would not have come about. What was left out was a huge tax increase had the Bush era tax cuts not been renewed

Energy Improvement Incentives Altered.
There are still incentives to make energy-efficient improvements to your home. The new tax provisions scales back 2010's  30% credit. Homeowners are due a 10% credit which caps at $1500 if they add insulation or energy-efficient windows or certain roofs.

Mortgage Insurance Premium Deductions
The tax deduction for homeowners who pay mortgage insurance premiums will be extended fro one more year. Homebuyers who put less than 20% down on a home loan generally have to buy mortgage insurance which protects the lender from defaults.

All In The FamilyThe $1,000 per child tax credit is valid until the end of 2012. It was supposed to be reduced in 2011 to  $500 per child. The value of the credit diminishes after adjusted gross income reaches $75,000 and $110,000 for married couples.

A credit of up to $3,000 for dependent care for children under 13 was also extended. For children that are in college, the "American Opportunity Credit" can mean a $2,500 break(salary of $90,000 or less.)

TAX FILING DATES TO CHANGE:
from www.irs.gov
WASHINGTON - Following last week's tax law changes, the Internal Revenue Service announced today the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns. In addition, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file as well.
The start of the 2011 filing season will begin in January for the majority of taxpayers. However, last week's changes in the law mean that the IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17.
People claiming any of these three items - involving the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction as well as those taxpayers who itemize deductions on Form 1040 Schedule A - will need to wait to file their tax returns until tax processing systems are ready, which the IRS estimates will be in mid- to late February.
"The majority of taxpayers will be able to fill out their tax returns and file them as they normally do," said IRS Commissioner Doug Shulman. "We will do everything we can to minimize the impact of recent tax law changes on other taxpayers. The IRS will work through the holidays and into the New Year to get our systems reprogrammed and ensure taxpayers have a smooth tax season."
The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the late tax law changes. In the interim, people in the affected categories can start working on their tax returns, but they should not submit their returns until IRS systems are ready to process the new tax law changes.
The IRS urged taxpayers to use e-file instead of paper tax forms to minimize confusion over the recent tax changes and ensure accurate tax returns.
Taxpayers will need to wait to file if they are within any of the following three categories:

• Taxpayers claiming itemized deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes. In addition, itemized deductions include the state and local general sales tax deduction extended in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 enacted Dec. 17, which primarily benefits people living in areas without state and local income taxes and is claimed on Schedule A, Line 5. Because of late Congressional action to enact tax law changes, anyone who itemizes and files a Schedule A will need to wait to file until mid- to late February.
  
  
• Taxpayers claiming the Higher Education Tuition and Fees Deduction. This deduction for parents and students - covering up to $4,000 of tuition and fees paid to a post-secondary institution - is claimed on Form 8917. However, the IRS emphasized that there will be no delays for millions of parents and students who claim other education credits, including the American Opportunity Tax Credit and Lifetime Learning Credit.
  
  
• Taxpayers claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250. The educator expense deduction is claimed on Form 1040, Line 23, and Form 1040A, Line 16.

For those falling into any of these three categories, the delay affects both paper filers and electronic filers.
The IRS emphasized that e-file is the fastest, best way for those affected by the delay to get their refunds. Those who use tax-preparation software can easily download updates from their software provider. The IRS Free File program also will be updated.
As part of this effort, the IRS will be working closely with the tax software industry and tax professional community to minimize delays and ensure a smooth tax season.
Updated information will be posted on IRS.gov. This will include an updated copy of Schedule A as well as updated state and local sales tax tables. Several other forms used by relatively few taxpayers are also affected by the recent changes, and more details are available on IRS.gov.
In addition, the IRS reminds employers about the new withholding tables released Friday for 2011. Employers should implement the 2011 withholding tables as soon as possible, but not later than Jan. 31, 2011. The IRS also reminds employers that Publication 15, (Circular E), Employer's Tax Guide, containing the extensive wage bracket tables that some employers use, will be available on IRS.gov before year's end.

Fewer U.S. Homeowners Underwater on Their Mortgage

Fewer U.S. Homeowners Underwater on Their Mortgage


By Alejandro Lazo Print Article

RISMEDIA, December 15, 2010—(MCT)—The number of homeowners in the U.S. who owe more on their properties than what those homes are worth has declined steadily for most of 2010, according to Santa Ana, Calif. research firm CoreLogic. But the drop in properties with negative equity has more to do with troubled borrowers losing their homes to foreclosure than an increase in prices. About 10.8 million, or 22.5% of residential properties with mortgages were in negative equity positions at the end of the third quarter. That is down from 11 million, or 23%, in the second quarter.

The number of underwater borrowers has declined by more than 500,000 during the first nine months of 2010, according to CoreLogic.



“Negative equity is a primary factor holding back the housing market and broader economy,” CoreLogic Chief Economist Mark Fleming said. “The good news is that negative equity is slowly declining, but the bad news is that price declines are accelerating, which may put a stop to or reverse the recent improvement.”



About 2.4 million borrowers had very little equity, less than 5%, at the end of the third quarter. Underwater and near-underwater loans accounted for 27.5% of all U.S. mortgages.



The states with the most underwater mortgages at the end of the third quarter were Nevada with 67%, Arizona with 49%, Florida 46%, Michigan 38% and California 32%.



(c) 2010, Los Angeles Times.



Distributed by McClatchy-Tribune Information Services.



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