As I mentioned in Friday’s post, the use of the first time buyer tax credit toward BUYING A HOME,  is a work in progress.
A very knowledgeable loan originator, Jeff Belonger in Cherry Hill NJ just posted a very good explaination of the rules as they are today. Rather than re-invent the wheel, see Jeff’’s post [...]

The Adjustable Rate Mortgage (ARM) can be a valuable tool when buying a home. It can also become your worst nightmare.
Benefits of an ARM include:

Ability to qualify for  more house since the qualification is based upon the first payment level.
Gradual increase in payments if the ARM is correctly selected. This increase will hopefully be [...]

ARMs, how they work.
A basic Adjustable Rate Mortgage (ARM) is based upon the following items (be sure your lending officer and real estate agent explains them in detail)

An Index
Margin
Adjustment Period
Maximum Increase per Period
Maximum Increase over the Life of the Loan

INDEX: Each ARM is tied to an economic index. The index relates to the cost of [...]

To know the answer to that question, it is important to ask yourself the following questions first:

Do you plan on living in the home for 3 to 5 years?
Do you have a stable job or retirement income?
Are rents and rental occupancy rates increasing in the area you wish to live?

If you answered yes to these [...]

Lenn Harley, a broker in Maryland at Homefinders.com wrote about this in her blog. I feel it is important enough to quote a few of the secrets here.
Secret: The agent’s whose name is on the FOR SALE sign in the yard has promised the seller that he/she will get the best price for the seller.  [...]