Brevard News and Information - We Know Brevard

First Time Homebuyers Alert!!!

Fri, 29 Jan 2010 07:23:50 -0500

There have been a lot of people taking advantage of the FTHB tax credit that the government has offered and now extended. Ok, now you have the home purchased, what do you do next. Here is the IRS form 5405 that you will need to have your accountant or tax preparer use for the credit. You will need the following backup information to file with the 5405 form.

In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.

For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail salescontract showing all parties' names and signatures, property address, purchase price and date of purchase.

For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

More information on long time resident home purchase tax credit in my next blog update. Here is also a tip for following your tax credit…..The IRS encourages taxpayers to use direct deposit to speed their refund. In addition, taxpayers can use Where's My Refund? on IRS.gov to track the status of their refund.

I’m rounding third and heading for home……

Brad Kuhns, P.A.

Broker Associate
321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!

Tenants Get Protection

Thu, 28 Jan 2010 06:57:59 -0500

-what rights do tenants have in the case of a foreclosed or short sale property.

As foreclosures claim more casualties, tenants living in foreclosed properties may no longer be among the victims. The Protecting Tenants at Foreclosurers Act, effective May 20, 2009, requires the purchasers of a property at a foreclosure sale – most often a foreclosing lender – to give a “ bona fide tenant “ at least 90 days notice to vacate the property.

The Protecting Tenant at Foreclosure Act

It something a tenant should know……..

There you have it….until the next time!

Brad Kuhns, P.A.
Broker Associate
321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!

Tue, 26 Jan 2010 08:04:55 -0500

Here you go……Brevard County ranked #18 as Best Bang For Your Buck Area……Can you believe it after the last 3 years……Take a look….

America's Best Bang-For-The-Buck Cities - Forbes.com

Rounding third and heading home….

Brad Kuhns, P.A.
Broker Associate
321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!

FHA Mortgage

Fri, 22 Jan 2010 12:52:50 -0500

The little bird that flew by my window earlier in the week was right on it. Here’s some info from the FHA folks…Things they are a changing….

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge. (Proposed by Spring, 2010)

Update the combination of FICO scores and down payments for new borrowers.

New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. (Proposed by April, 2010)

Reduce allowable seller concessions from 6% to 3%

The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. (Proposed June, 2010)

I’m rounding third and heading for home……

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!

FHA standards

Tue, 19 Jan 2010 07:43:42 -0500

Times they are a changing……. Hot off the beak of a little bird that flew by my window…..

FHA buyers, it’s time to jump off the fence. The FHA standards are going to be changing very soon. I am hearing that the capitol fund of FHA is falling below the federally mandated level of 2 % and the changes coming are to combat that.

Just a couple of the changes coming….. 1) Decreasing the amount the seller can contribute from the current 6% to 3%....2) mandating minimum FICO scores…..3) Impose a loan-to-value (LTV) maximum ratio by FICO score…just to name a few…..

I can stress this enough….if you are planning to buy and are planning to use FHA funds…you are going to want to move NOW!!!! These changes will be announced over the next week or so.

And there you have it……

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333
The Kuhns Realty Group
Brevard Real Estate
Home Values in your neighborhood TODAY!

Distressed Property - New Rules

Wed, 13 Jan 2010 10:32:15 -0500

Just when we started to figure out the old rules, the government is coming up with some new ones in regards to short sales……

It all sounds good but after waiting for the lending industry tarp money to hit our level (I’m still waiting by the way) I’ll reserve judgement on this one until I see it happen. I’ll let you know.

New rules could speed short sales of distressed homes

As they say, There you have it! Hang on the warm weather is right around the corner…..

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333

The Kuhns Realty Group

Brevard Real Estate

Home Values in your neighborhood TODAY!

Why would anyone wait to buy a home?

Thu, 07 Jan 2010 12:09:26 -0500

Wow….I can’t believe what I am seeing.

The Florida Bond Program is back at a smoking 5.25% for qualified buyers. They are also providing you with $7500 in cash….. Are you kidding me??? Add the $7500 with an $8000 first time home buyer credit and that’s $15,500 to use as you see fit.

Why would anyone wait… to buy a home? Remember if you are looking to use the $8000 tax credit, you have to be in contract by April 30, 2010 and close by June 30, 2010. If you are considering a short sale…time is definitely running out.

Here are two homes that fit the first time home buyer bracket.

MLS#557542: 2525 VIA MILANO CT, MERRITT ISLAND, FL 32953

$99,000 Short Sale

MLS#556502: 160 PERTH AVE, MERRITT ISLAND, FL 32953 $109,000

Call our loan specialist, Shelley Culp, at 321-323-1325 today. If you would like more information on this program, you can email her at shelley.w.culp@bankofamerica.com .

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333

The Kuhns Realty Group

Brevard Real Estate

Home Values in your neighborhood TODAY!

Happy New Year!

Wed, 06 Jan 2010 09:17:03 -0500

I hope you had a wonderful Holiday Season. It was great getting a little down time and even better getting the chance to visit with my family.

Into 2010 we go. If you are planning on selling, now is the time. Don’t hesitate or you will lose out on the buyers that are after that tax credit. Here’s a little more that highlights the urgency…..

Seller Urgency in 2010

I hope you all have a very prosperous new year! I’m rounding third and heading for home……

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333

The Kuhns Realty Group

Brevard Real Estate

Home Values in your neighborhood TODAY!

Tax credit information

Wed, 25 Nov 2009 13:34:46 -0500

KREG/WKB. Well here I go again trying to explain this credit to you. I think what I’ve found is that as I go through my week, I get asked questions that I hadn’t thought of and then find articles that answers those questions. Here’s one I had on Monday. If qualifying for the $6500 tax credit, do I have to sell my home? The information that I had read said “Must have used the home sold or being sold as a principle residence consecutively for 5 of the previous 8 years” (NAR issue brief 11/16/09) . My interpretation was that the home sold or being sold meant you had to have sold your home or be in the process of selling it.

Here is more information on it that I read today…..The home you purchase must be your primary residence. However, the law doesn’t require you to sell your old home, says Bob Meighan, vice president at TurboTax, the tax software provider. You can use it as a second home or a rental and still claim the credit, he says. (USA Today) Here’s the link to several questions that might help you clear the air. My advice is to ask YOUR tax professional about it because he is the person you will be asking for his help on claiming the tax credit…..

Tax Credit Info

I’m rounding third and heading for……..Thanksgiving! Have a great Turkey Day!!

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333

The Kuhns Realty Group

Brevard Real Estate

Home Values in your neighborhood TODAY!

Lee, How about your opinion on this one. You can get to the blog at Good Stuff You Need To Know. Maybe you can be one of the first to comment on the blog.

Gaylord Holiday of Ice

Tue, 24 Nov 2009 09:53:16 -0500

Hey, how about some information on a non real estate related matter. Don’t look know but the holiday season starts in a couple of days. Thanksgiving on Thursday, black Friday shopping the day after and then the Christmas season is on……

One of the only things I miss about being in Ohio for the holidays is the Christmassy feeling you get with the snow and outdoor lighting that is more prevalent there. As I drive through my hometown of Cocoa Beach, I look at the little trees they hang from the sign posts, the conical Christmas trees they have at the entry points of the city and somehow they just don’t excite the senses the way I remember it. Trust me, I will give up this feeling to miss out on the snow and cold but if you search a little bit, you can find some wonderful seasonal activities right here in central Florida.

Here is one that my family has tried and I recommend it highly to anyone that wants to get that “Christmas Feeling”. It’s the ice show that is held at the Gaylord Palms Hotel in Orlando. It is right off of I-417 south and is very easy to find. They have over 2 million pounds of ice carvings to delight your eyes. Every year they change the theme and this year Santa is taking you on a trip to the North Pole. The ice area is kept at 9 degrees to keep the ice intact. Parkas are given to you as you enter the hotel. I recommend a pair of gloves if you have them because 9 degrees is 9 degrees.

Gaylord Holiday of Ice. Check out the video that is provided to get a glimpse of the great things to see. You can also get your tickets cheaper if you buy them online. The nativity scene with 8ft tall ice characters is worth the trip alone.

I’m rounding third and heading for home…..Have a great Thanksgiving!!!

Brad Kuhns, P.A.

Broker Associate

321-242-1444

The Kuhns Realty Group

wwwWeKnowBrevard.com

Home Values in your neighborhood TODAY!

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