First Time Home Buyers in Cheyenne, Pine Bluffs and Laramie County, Wyoming - Choose Connie Webb as Your Real Estate Agent(s)

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid!

Buying Your First Home? REALTORSŽ Are Your Professional Guides. Make Sure You Choose a Top Expert.

You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Cheyenne, Pine Bluffs and Laramie County real estate expert, it's my job to guide you, from beginning to end.

I will take the time to go through each and every step of the buying process. There are no dumb questions!

Together, we will consider:

How much can you really afford?
How to qualify for a mortgage.
How much cash you should put down.
How to buy a home with little or nothing down.
What it takes to get approved for financing. What banks and other financial institutions are looking for.
How much your payments will be.
The tax advantages of buying.
Is renting or buying better for you?

Read more about your credit score and what it means below. The Credit Bureau companies have adoped new credit score standards and you should be aware of what that means to you. I would be happy to speak with you about your credit score and what you can do if it is not what you need to qualify.

Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached.

First Time Home Buyers

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.

$8,000 Home Buyer Tax Credit at a Glance

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The Law´s Other Provisions

In addition to the tax credit, the American Recovery and Reinvestment Act of 2009 has several other provisions that will benefit home buyers and the housing market. The legislation:

Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009. Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds. Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increases the credit rate from 10 percent to 30 percent; raises the lifetime cap from $500 to $1,500; expands the list of eligible improvements.
For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the previous three years).
Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.
Provides a "patch" for the Alternative Minimum Tax for tax year 2009.
Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
Increases New Markets Tax Credit allocating authority for 2008 and 2009.
Delays for one year-from 2011 to 2012-the start of the three percent government contractor withholding requirement.

Federal Tax Credits for Energy Efficiency includes:

Tax Credits for Consumers

Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:

Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:

Cars
Tax Credits for Home Builders
Tax Deductions for Commercial Buildings
For More Information
**Please note, not all ENERGY STAR qualified homes and products qualify for a tax credit. These tax credits are available for a number of products at the highest efficiency levels, which typically cost much more than standard products. If, for whatever reason, you decide not to purchase a product covered by the tax credit, you may still consider purchasing an ENERGY STAR product. ENERGY STAR distinguishes energy efficient products which, although they may cost more to purchase than standard models, will pay you back in lower energy bills within a reasonable amount of time, without a tax credit.

Agencies Adopt New Credit Scoring System
Tuesday March 14, 1:09 pm ET
By Eileen Alt Powell, AP Business Writer

Consumer Credit Reporting Agencies Create New Credit Scoring System to Simplify the Loan Process

NEW YORK (AP) -- The three major consumer credit reporting agencies announced Tuesday that they have created a new credit scoring system aimed at simplifying the loan process for both lenders and borrowers.

The announcement by Equifax, Experian and TransUnion said the new "VantageScore" was "a direct result of market demand for a more consistent and objective approach to credit scoring."

The agencies in the past each used their own proprietary formulas to create their own scores, meaning that a lender dealing with a consumer's application for a credit card or a mortgage might have to reconcile three widely different scores.

With the new system, a single methodology will be used to create the scores.

"Under the new scoring system, credit score variance between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation," the agencies said in a joint statement.

It added that VantageScore "will provide consumers and businesses with a highly predictive, consistent score that is easy to understand and apply."

Kerry Williams, group president of Experian's credit services division, told The Associated Press that his agency was making the new scores available immediately to financial institutions and expected wide adoption, but said he did not expect the scores to be rolled out for consumers until later this year.

Credit scores are important because they measure how much debt a consumer is carrying and how well the consumer keeps up with bills.

The higher the score, the more creditworthy the consumer is considered and the lower the interest rate the consumer is likely to be charged.

The three credit agencies termed the move to a unified score as "unprecedented."

The scores will range from 501 to 990. The top end is slightly higher than scores currently in use.

Colleen Tunney, spokeswoman for TransUnion, told a conference call with reporters and credit industry representatives that the new score was created by looking at millions of consumer files at the same time to ensure consistent readings across the three bureaus' data.

She and spokesmen for Equifax and Experian said it was not immediately clear how quickly the new score would be adopted by lending institutions.

"Step one is we're talking to our credit grantors as we speak," said David Rubinger, spokesman for Equifax. He said each agency was marketing the new score to its own customers.

He added: "For any score to have merit in the marketplace, all parties need to be at the table."

Many lenders, especially those in the mortgage business, use FICO scores, which are named for the Minneapolis-based Fair, Isaac Corp. which developed them. Others use proprietary scores from the individual credit bureaus or use the bureau data to generate their own scores.

Spokesmen for Fair, Isaac could not immediately be reached for comment.

Rubinger said the new score was expected to reduce the variance in a consumer's scores by about 30 percent compared with what it was under the old system. He gave no other details.

He said the score would reflect a consumer's frequency of borrowing, delinquency in paying bills and other "file content," but had no specific weights for the components.

In a separate statement, Experian said the new scores will be grouped on "the familiar academic scale." Experian gave these groupings:

A -- 901-990
B -- 801-900
C -- 701-800
D -- 601-700
F -- 501-600

Experian said it was hoped that "as consumers increase their awareness of the importance of credit scores and credit reporting, the consistency of VantageScore will provide the type of information they need to evaluate their credit standing and make sound financial decisions."

VantageScore is being independently marketed and sold separately through each of the three national credit reporting companies via licensing agreements with VantageScore Solutions LLC, the joint announcement said. The spokesmen said that VantageScore was jointly owned by the three credit bureaus. They said it did not yet have a headquarters, although an informational Web site had been set up at http://www.vantagescore.com.

The credit reporting agencies are operated by Equifax Inc. of Atlanta, Experian Information Solutions Inc. of Costa Mesa, Calif., and TransUnion LLC of Chicago.

http://www.equifax.com
http://www.experian.com
http://www.transunion.com

Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	What famous example of post-colonial architecture is modeled after the palace of the Duke of Leinster in Ireland?
A	The White House in Washington, D.C., begun in 1792 and burned by the British in 1814, was rebuilt in 1818 and restored in 1951.
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