Lehigh Valley Homes & Real Estate - Tips for Buyers & Current Homeowners

Buying Lehigh Valley Real Estate and using the $8000.00 First Time Home Buyer Tax Credit - How can you use it? Who Qualifies? FAQ's? Current and Updated information as of 8-31-09.

Key BASIC Points to the Program made easy

1) As of 8-31-09 The $8000.00 Tax Credit is For Anyone who has not owned a home in the last 3 years.

2) There are income requirements. Basics: If you are single you can not make more than $75,000.00 per year.  Married then you can not make more than $150,000.00 per year.  (if you are over these limits you may still qualify for a portion of the credit)

3) How do you get the money? Basics: You send in your tax return claiming you purchased a home and they will send you 10% of the purchase price of the home you purchase with a limit of $8000.00.  Example: you purchase $75,000.00 home you get 10% = $7,500.00 You purchase $200,000.00 Home you get $8,000.00.

4) Can you get the money to help you with your closing costs? The ONLY way to do this in PA is to work with PHFA and qualify for a first loan and they have a program for getting you $5000.00 for a pre-owned home and $6000.00 for a new home. PHFA Program Details

5) What is the current deadline to use this program to purchase a home? November 30, 2009

6) Does this money have to get paid back? Well, not if you own the home for over 3 y ears.  If you sell the home before the 3 year deadline...yeah, you will need to pay back the money.

7) How do you get the money before sending in your taxes next year? You can send in an amended tax return from this year and get your tax credit within 60 days.

8) What can you use the money for? You can use the money for what ever you want! There are no restrictions.

Other Detailed Resources about $8000.00 Tax Credit (unknown if this information is updated on a regular basis)
National Association of Home Builders
Direct from the IRS Website

More Information & Helpful Links

Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist
Home Modification Loans for the Permanently Disabled

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - $8000 First Time Home Buyer Tax Credit made easy *

Lehigh Valley Down Payment & Closing Cost Assistance Programs available to home buyers in Lehigh and Northampton Counties.  What is available and How do you get information on these programs?

Okay, Let's just  be honest here.  Whenever something is coming from any government either local, state, or national...things are always confusing and always seems to be almost impossible to get help with.  But, don't give up!


Let's be honest.  These programs always have much more work involved and pays less money in the end.  So, Just a warning...if you think you are going to try and find someone else to help you with our Local and State programs...good luck because you will find out exactly what I did when I was trying to find local Real Estate Professionals to join be in helping you with these programs....All you have to ask is- Do you work with HOOP or PHFA? Most of them will have one excuse after another as to why they don't work with the program and tell you that programs are not good...but the real truth is they do not want to do what it takes to help consumers with these programs because they are not interested in working hard for your referral business and only interested in what they can get paid by helping client's with the "easy loan programs".

So, let's get to it! There are Lehigh County and Northampton County Down payment and closing cost a
ssistance programs.  You must qualify for these programs and there are very strict rules when it comes to what is required.  But, HEY! Nno one said buying a home is easy and this is a reason why you should have the full guidence of a Buyer Agent Services to help you every step of the way.  Okay, so...How does a Buyer Agent Get Paid?

Here, Let me explain the  Basics of our Local HOOP Program for Lehigh and Northampton Counties and our PA State Programs available.

Complete Details are available for HOOP on my website on the Buyer Only Tab.

More Information & Helpful Links
8000 Tax Credit Basics and Links to help
Local Down Payment & Closing Cost Information - HOOP

PA State Down Payment & Closing Cost Information - PHFA
PHFA Home Modification Loans for the Permanently Disabled
Get Help with Closing Costs with Seller's Assist

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Down Payment & Closing Cost Assistance Programs - HOOP & PHFA*

Lehigh Valley Real Estate - Loans available to help home buyers and/or families with permanent disabled family members living in the household - Loans available from $1,000 to $10,000.00

Yes, that is right there are loans available through the State of PA to help you and your family purchase a new or pre-owned home and give you assistance with modifications need for the person in your family with a permanent disability.  Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home.

Eligible modifications items may include, but not limited to, bathroom modifications, installation of grab bars and harddrails, kitchen modifications, lifting devices; main level bathroom addition, ramp addition or repair, sidewalk addition or repair, and widening doorways or hallways.

The Access Home Modification Program through PHFA provides provides a deferred payment loan, with no interest, and no monthly payment.  The loan becomes due and payable upon payoff of the first mortgage, sale, transfer, refinance, or non-owner occupancy of the property.

WOW! Now that is some awesome information for those with family members with permanent disabilities. View a Few Video's of PA consumers this program has helped already.

More Information & Helpful Links
Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist

8000 First Time Home Buyer Tax Credit

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - Home Modification Loans for the Permanently Disabled*

Lehigh Valley Mortgage & Lehigh Valley Real Estate – What should you know about Closing Costs and what is a Good Faith Estimate? You really need to know and be prepared before you start just looking.

We will show you what you need to know to protect your credit and also find the best Mortgage Advisor Services in the Lehigh Valley
Please welcome my guest writer and Local Mortgage Advisor,  Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.

The Lehigh Valley Home Buyer closing costs consist of fees that are charged by the lender, title company, REALTORS®, mortgage brokers,  the government, and any reimbursement to the seller for property real estate taxes already paid. 

These closing costs also include what are called your pre-paid items, which include your per diem interest (meaning the interest paid for each day from the day you close until the end of the month), and will include your escrow of taxes. 

These fees may vary according to the purchase price of your Lehigh Valley Home, meaning the higher price of the home, the higher the closing costs will be.

The final dollar amount of your closing costs will not be determined until a couple days prior to closing so in order for you to have a ball park figure as to what you will be financially responsible for, you will need to be provided with a Good Faith Estimate from a Lehigh Valley Mortgage Advisor. 

A Good Faith Estimate is simply that, an estimate of costs.  These are not exact figures, just an estimate.   This document should be provided to you upon your initial Pre-qualification process and then again when you are interested in making an offer on a home.  You cannot make an offer on a home without know an estimate of all possible charges and fee’s.

This Good Faith Estimate will list all the closing costs and pre-paid items.  It will also include your down payment amount and projected monthly payment.  This document should be reviewed with you by your Buyer Agent and Mortgage Advisor.  It can be very confusing for a Lehigh Valley Home Buyer and it is not expected that it will be clear to you how to read this document.

You will initially receive Estimated Closing Costs from your Lehigh Valley REALTOR®.  However, this estimate may not include lender fees or mortgage broker fees.  I would recommend ALL Lehigh Valley Home Buyers obtain another Good Faith Estimate from your Mortgage Advisor to view as well.

Please know that should the purchase price, real estate taxes, or down payment amount change, I highly recommend you obtain a new Good Faith Estimate and review the costs as these changes may increase or decrease your closing costs.

The last thing you want at settlement is to be surprised that you will need to bring thousands more than you planned on bring to the table.

Lehigh Valley Home Buyers have told us that the following additional Topics where also helpful to them when thinking about buying a home in our area.  Pre-Qualification vs Pre-Approval, How When and Why to get pre-qualified? And Key Elements to the Mortgage Approval Process.

* Lehigh Valley Mortgage: Closing Costs & What is a Good Faith Estimate?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Mortgage  & Lehigh Valley Real Estate – What should you know about The Mortgage Process? What are the Key Elements to getting a Mortgage?

We will hold your hand through the entire process of getting pre-qualified, how to negotiate the best rate and terms,  What you should expect from your Mortgage Advisor and what information should you be getting from them during the pre-qualification stages. 

Tell me? If you have never bought a home or have not bought a home in the last 5 years for more, How would you know how to do any of this? That is exactly why we are providing you with this information.

Please welcome my guest writer and Local Mortgage Advisor,  Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about the Lehigh Valley Mortgage Process.

There are four main key elements that make up the Lehigh Valley mortgage process.

1.    Pre-Qualification:

a.    I speak with prospective buyers and obtain basic information and pull your tri-merge credit report.
b.    With this information I match you with a loan program that meets your needs and goals. 
c.    I contact you to discuss the results, recommendations, monthly payment options, and closing costs and Good Faith Estimate.

2.    Submitting a Lehigh Valley Home offer:
a.    A pre-approval letter will be provided to your REALTOR® to submit with your offer.
b.   We will revisit the monthly payment and closing costs as there will be a better understanding of what the purchase price will be as well as the real estate taxes.

3.    Your Home Offer was Accepted:
a.    The Agreement of Sale is signed by all parties and provided to your Lehigh Valley Mortgage Advisor. 
b.   We will set up a time for you to sign the application package.  At this time you will provide copies of your photo     ID, employment information, income information and tax returns.
c.    I will order title and your appraisal.
d.    You will select your chosen Home Owners Insurance for the property and provide the agent’s name and phone number to me.
e.   The application package, your documents, the appraisal, title commitment, and home owners insurance declaration page will all be
submitted to the underwriter.
f.    Should we receive what’s called a ‘conditioned approval’, we will quickly provide the underwriter with the documentation they request.  This is common so your cooperation is
needed and appreciated.

4.     Clear to Close:
a.    You are now ‘clear to close’, meaning all the documentation submitted to the underwriter has been approved and your file has been moved to the closing department.  The time the settlement will take place is confirmed.
b.    A final settlement sheet is created, reviewed and approved by the lender.  The title company, REALTORS® and clients will all receive copies of the settlement sheet a couple days prior to closing.
c.     I will also notify you who the certified check should be made out to and what the dollar amount should be.
d.   You will need to bring photo ID (and a change of address card if applicable), along with your certified bank check to the settlement table.

Lehigh Valley Home Buyers mentioned that other related Topics in the Home Buying process where also helpful; Closing Costs, What is a Good Faith Estimate? The First 5 Steps to buying a home, and How When and Why to Get Pre-qualified.

* Lehigh Valley Mortgage: The Mortgage Process, Key Elements need to know* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures seem to be very tempting due to the Price Tag but there are many things a Home Buyer should know about Foreclosures and here we will provide information about what the requirements are for getting a Mortgage for a Foreclosure.

Please welcome my guest writer and Local Mortgage Advisor, Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

What are the requirements for getting a Mortgage on a Lehigh Valley Foreclosure?

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.



In order to finance a foreclosure the same rules apply and the home will need to meet certain requirements deemed by the lender.  You may also want to review Lehigh Valley Foreclosures & Getting  a Mortgage

Such requirements include, but are not limited to:

1. Running water
2. Working electricity
3. Working heat
4. Stove and sink
5. No safety hazards such as broken windows, missing railings, holes in the floor, exposed wires, uneven flooring, excessive amount of yard waste or trash left in the home.
6. Must be able to live in the home at settlement.

Lehigh Valley Home Buyers also found other Topics that where related to getting a Mortgage in the Lehigh Valley interesting; Closing Costs, What is a Good Faith Estimate? and Key Elements to the Mortgage Process.

 * Lehigh Valley Foreclosures - Requirements for getting a Mortgage?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures seem to be very tempting due to the Price Tag but there are many things a Home Buyer should know Foreclosures and here we will provide information about Getting a Mortgage for a Foreclosure.

Please welcome my guest writer and Lehigh Valley Mortgage Advisor, Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

How do Banks feel about financing Lehigh Valley Foreclosures?

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.

Banks today are hesitant to finance a foreclosure.  Financing is contingent on the actual condition of the Lehigh Valley Foreclosure.

You may find these bank-owned properties have been vacant for months, with no running water, electric, or heat.   The previous owners may have not maintained the home.   I myself have also witnessed where the previous owners had removed items from home such as all the permanent appliances, doors, windows, cabinets, bathtubs, and the kitchen sink! 

If the home does not meet the standard requirements as deemed by the lender, it will not be eligible for a Lehigh Valley Mortgage.

If you are interested in Lehigh Valley Foreclosures, please look into loan programs such as:

1. The Good Neighbor Next Door Program
2. SF Rehabilitation Loans (203k)

Please make sure you have gone through the Pre-Qualification process and have disclosed the condition and contents of the home with your mortgage broker to prevent loan denial.

I hope this has increased your knowledge about getting a Mortgage on Lehigh Valley Foreclosures.  Home buyers have told us that they find the following other related Topics helpful; Different Types of Foreclosures and Foreclosures, How to find them.

* Lehigh Valley Foreclosures & Getting a Mortgage for Them* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.

View a Video from a Lehigh Valley Mortgage Advisor on What is a VA Mortgage - But make sure you check out the information below as there are many other helpful Home Buyer resources available.

The Veterans Association mortgage is phenomenal!  True 100% financing for the Lehigh Valley home buyer!  The U.S Department of Veterans Affairs began offering home mortgages to veterans in 1944. Eligibility requirements for Lehigh Valley Homes are:

•-         Veterans who served during WWII, Korean Conflict, Vietnam War or Persian Gulf Conflict - Served at least 90 days of active duty and Honorably Discharged - and National Guard or reservists activated.

•-         Veterans with service only during peacetime periods and active duty military personnel must have had more than 181 days of consecutive active service.

•-         Reservists and National Guardsmen shopping for homes in Lehigh Valley PA are eligible after 6 years of enrollment in a selected service.

•-         An un-married spouse of a veteran who died while in service from a service connected disability OR a spouse of a serviceperson who is considered MIA/POW for at least 90 days.  In addition, a future Home Buyer interested in purchasing a Lehigh Valley Home must obtain a VA FORM 26-1880 - Request for a Certificate of Eligibility for VA Home mortgage Benefits.

VA mortgages for the home buyer are - Assumable -100% financing -Interest rates similar to that of FHA -No monthly mortgage insurance and one-time - one lump sum VA funding fee which can be financed in the mortgage.  This fee will vary in accordance to the home buyers Eligible Properties - 1-4 units, home buyer occupied -Town houses or Row homes - Manufactured Homes - Modular or Condos.

The Veterans Association requires a VA appraisal is conducted that reviews Health and Safety areas of the home. Well water must be tested for the Lehigh Valley home buyer - Onsite Sewage system is up to Appraiser if certification is needed -Wet basements or toxic mold and Lead base paint. Some typical property repairs required by the VA for Lehigh Valley Home Mortgages are: if roof does not have a least 2 years of life left - heating - plumbing and electrical - Building code violations and Termite certification.  

Many Lehigh Valley Home Buyer found it helpful to know about The First 5 Steps in buying Lehigh Valley Home, Pre-Qualifications Vs Pre-Approval, and What Effects your credit score.

Copyright© Moriah Martin RE/MAX real estate * Lehigh Valley Homes - Mortgage - What is a VA Mortgage & How can it help the Lehigh Valley Home Buyer a Home Buying Video Series*

Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.

View a Video from a Lehigh Valley Mortgage Advisor on Pre-Qualification vs Pre-Approval but make sure you check out the information below as there are many other helpful Home Buyer resources available.

The Pre-Qualification is determining the amount of mortgage payment a Lehigh Valley home buyer can afford.   It is at this time your information is obtained and it is here where the home buyers goals and needs are understood to coincide with Home Buyers ideal monthly payment.  The information obtained here will not be verified until the pre-approval process.  This process is simply to create an idea of what the Lehigh Valley home buyer is looking for in a mortgage. Other Resources include: The First 5 Steps to Buying a Home, How Why and When to get pre-qualified - What Effects your credit score

The Pre-Approval process is defined as a more firm commitment on behalf of the home buyers mortgage company.  This is a formal process which includes obtaining documents that include identification, employment, and financial information.  A few examples of such documents include, but are not limited to:  state photo ID, social security card, W2's (or full tax returns if self-employed), bank statements, investment accounts, and the home buyers employer pay stubs. At this time a credit report will be pulled and employment will be verified.  A credit report will allow the Lehigh Valley Mortgage broker to see what outstanding debt the home buyer has incurred, if timely payments have been made and if the home buyer will be able to afford the monthly payment desired.  A credit report - in fact - might determine now is not the right time to take on a mortgage - It may tell us that some repairs need to be made on your credit report or money needs to be saved.

After all documents are obtained, a formal approval is provided by the home buyers  mortgage company, otherwise known to home buyers and Lehigh Valley REALTORS® as a Pre-Approval Letter.  A Pre-Approval letter is required to submit with the home buyers offer on a home to insure the Lehigh Valley sellers that the home buyer has gone through the appropriate channels for a mortgage for that particular home.   Please note this process does not include an appraisal or title search for any Lehigh Valley homes for sale. 

Neither the pre-qualification process nor the pre-approval process guarantees the home buyer a mortgage. Confirming the property appraises in value, the home buyer remains employed, his/her credit does not deteriorate, and the Lehigh Valley home buyers information does not change will all play a factor in the approval.  Buying a home real estate in Lehigh Valley PA is a long term commitment.   In order to protect your financial well being, as a real estate professional it is strongly suggested that this be the home buyers first step when considering buying a home. 

Copyright© Moriah Martin RE/MAX real estate * Lehigh Valley Homes - Mortgage - Pre-Qualification vs Pre-Approval of a Lehigh Valley Mortgage - How understanding Mortgage Programs can help the Lehigh Valley Home Buyer  a Home Buying Video Series*

Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.

View a Video from a Lehigh Valley Mortgage Advisor on What Effects your Credit Score but make sure you check out the information below as there are many other helpful Home Buyer resources available.

Many Lehigh Valley Home Buyer found it helpful to know about The First 5 Steps in buying Lehigh Valley Home and Pre-Qualifications Vs Pre-Approval. 

The Lehigh Valley Home Buyer credit score - the earth seems to revolve around your credit score these days.  In order to maintain or improve a home buyers credit score you will need to understand what makes it tick.

What is a credit score?   Imagine if you will that you are taking an exam. On this exam you are awarded points for positive behavior yet points are also removed for negative behavior.  This is the same concept used in determining your credit score.  Your credit score is actually three sets of numbers. These numbers can vary from 300 to 900 points.   Typically, the middle of the set of numbers, not the average, of these scores   is used for financing.  This middle score is called your mid-score. Why is it used? Your credit score is used whenever there is an involvement with money.  

Lehigh Valley Mortgage companies want to make sure a home buyer looking to purchase a home in the Lehigh Valley Pa area will repay a debt and manage this debt and/or money.

When is a credit score used in the Lehigh Valley area?  Home, auto, and bank loans  - credit cards - educational student loans  - in determining your interest rate -qualifying for some types of insurance -employment - renting or leasing. You are probably asking yourself how can I improve or how am I hurting my credit score? If would like to buy a home in Lehigh Valley PA.

The key to obtaining a high score in the Lehigh Valley - pay your bills on time and in full - Use 35% or less of your available credit - maintain a steady employment record - maintain your length of credit history.  Meaning the longer your credit history - the higher your credit rating.  

Items that will lower your credit score in Lehigh Valley PA include - Late or missed payments -utilizing more than 80% of your total amount of available credit or over 50% of your individual available credit.  The more outstanding debt you carry - the lower your credit score. also in Lehigh Valley PA - bankruptcies -tax liens - periods of unemployment - collections - closing out credit cards in which you carry with a long credit history and - too many inquiries on your credit.  The more times you have your credit pulled, the more the banks grow concerned that you either are financially struggling, may have a lot of debt, or want to incur more debt.  If you are having your credit pulled multiple times to shop for the best home for sale in Lehigh Valley PA you may be inadvertently damaging your credit score.

Copyright© Moriah Martin RE/MAX real estate * Lehigh Valley Homes - Mortgage - What Effects your Credit Score and getting a Lehigh Valley Mortgage - How understanding Mortgage Programs can help the Lehigh Valley Home Buyer  a Home Buying Video Series*