Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

WASHINGTON - Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA's capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation's housing market recovery.

-    One of the only loan types where you can assume or "take over" the loan from the current owner

-    Two main purposes of assumable loans

1.) To keep the same interest rate that the current owner has

2.) To Speed up the sales process, and make a more attractive sale

We get this question a lot, Sellers are generally wanting to do the right thing and help their lender sell their property via short sale, and save the house from going through the foreclosure process, but they are afraid of what that may mean.  Some people tell them they will have to pay taxes on the difference,  some people tell them they wont, some people tell them it all depends.

What better place to give these sellers comfort, than an article directly from the IRS.

WASHINGTON (AP) -- Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Veterans and their families continue to turn to the Veterans Administration for help in achieving the dream of homeownership.

Last year, the VA guaranteed about 180,000 mortgages across the country, with a total value of about $36 billion. The agency will likely surpass that total for 2009, as veterans have flooded the VA with applications in the wake of the housing and credit market collapses.

Welcome home to this beautifully remodeled 2-3 bedroom home on The Hill, with a finished basement!

This home has all of the features you could want,  Great Neighborhood,  Privately Fenced in Yard,  Updated Kitchen with Stainless appliances,  carefully upgraded bathroom with gorgeous tile.   A large finished basement with a living room, extra bedroom, walk in closet, storage area, and a walk out to the back yard.