HOME IS POSSIBLE!

I just wanted to remind you that the 4% down payment assistance from Home is Possible is no longer available on FHA! (boooo!) but we HAVE 2% and 3% on FHA which is STILL a WINNER!

REMEMBER the 5% Home is Possible on Conventional is still available! ( HOORAY!!!)
If you have any questions or need to see if someone qualifies for either let me know!

 

Kim Duclos crs

702.521.3939

 

www.callkim.net

 



According to the FHFA News Release  11/28/2017

FHFA Announces Maximum Conforming Loan Limits For 2018 

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $453,100         

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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. 

Baseline limit

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.  Earlier today, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters.  According to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017.  Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage. 

High-cost area limits

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit.  HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a "ceiling" on that limit of 150 percent of the baseline loan limit.  Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas.  The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 — or 150 percent of $453,100. 

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  In these areas, the baseline loan limit will be $679,650 for one-unit properties, but loan limits may be higher in some specific locations.

As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2018 in all but 71 counties or county equivalents in the U.S.   

Questions about the 2018 conforming loan limits can be addressed to LoanLimitQuestions@fhfa.gov.

 

Please call me and let's begin the home buying process today!

Kim Duclos 702-521-3939

www.callkim.net

 

Contemplating a refinance?

You have your reasons for contemplating a refinance on your home mortgage, the basic question to ask is: “Do you plan to live in the home long enough to recapture the cost of refinancing?” There are always expenses involved in refinancing which can be paid in cash or rolled into the new mortgage. From a strictly financial standpoint, the break-even point is achieved when the cost of refinancing has been recaptured by the monthly savings. It would take approximately 23 months to recapture $4,000 of refinance costs with a lower payment of $175 a month. Lower the rate Shorten the term so that the loan will build equity faster and be paid off sooner. Lower your payment to reduce your monthly cost of housing. Convert an ARM to a FRM to stabilize your payment due to concern of rising interest rates. Cash out equity to be able to use the money for another purpose. Combine a first and second mortgage. Consolidate personal debt so the interest is tax deductible. Payoff higher cost debt such as credit cards, student debt, etc. Remove a person from a loan as in the case of a divorce. Points paid to purchase a principal residence are tax deductible completely in the year paid. However, the points must be spread over the life of the mortgage on a refinance. For that reason, consider getting a “par” value loan with no points. It may have a slightly higher rate but the interest will be fully deductible and it will lower the cost of refinancing. Determine the break-even point It is best to speak with a reputable lender.  Please call for a recommendation of a trusted mortgage professional. I work with some stellar lenders and I would be happy to get the ball rolling to see what makes sense for you.  Who knows, perhaps a move is in your future when the time is right and please note, I am ready to work. Kim Duclos crs abr gri 702.521-3939 please visit www.callkim.net today!

TAX BENEFITS OF HOME OWNERSHIP - SOMETHING TO CONSIDER

     Since personal income tax was introduced by the 16th amendment in 1913, U.S. taxpayers have enjoyed specific tax benefits for home ownership, the American Dream, right?  While tax benefits might not be the only reason that motivates a person to buy a home, they are still tangible and not available to renters. 
     The exclusion of capital gains tax on the profit made from a home is unique from other investments and provides owners significant savings. Single taxpayers can exclude up to $250,000 gain and married taxpayers up to $500,000 gain. During the five-year period ending on the date of sale, a taxpayer must have: owned the home for at least two years; lived in the home as their primary residence for at least two and have used the address accordingly as it pertains to filing their income tax.  Gain on the sale of a principal residence in excess of the allowed exclusion are taxed at the lower long-term capital gain rate of the owner.
     A homeowner may take the standard deduction or itemized deductions in any tax year based on which will create the largest deduction. Property taxes and qualified mortgage interest are allowable itemized deductions.
     For more information, see your tax advisor or see IRS Publications 523, Selling Your Home and 936, Home Mortgage Interest Deduction.    For additional information locally, Bond Bookkeeping and Tax is located in Henderson at:  50 W. Pacific Ave, Henderson, NV  89015 (702) 471-6511 and they take walk-ins.  Feel free to call with questions and ask for Don.
     You can still take advantage of low interest rates, tax benefits and have independence thru home ownership - call today and let's get started.
      Find a house with your mouse, go to: http://www.callkim.net today!

Kim Duclos          Elite Realty

702-521-3939

Why you should always put a coin in the freezer before you leave home

I have clients that left town and have a refrigerator in the house, another in the garage and a freezer - YIKES!  The electricity went out while they were away and did it stink!  Have you ever come home from vacation, business trip or maybe a weekend away with the family - and noticed your digital clocks flashing the wrong time?

You quickly realize that you had a power outage while you were away, but it's basically impossible to tell when it occurred or how long it lasted. It's therefore also impossible to tell just how long the food in your freezer may have thawed, gotten destroyed, and then frozen again.   Or is it?

A woman that had experienced a hurricane disaster here in the United States, she shared a clever trick on Facebook with anyone who was forced to evacuate their home. 

But the trick is certainly also good to know in case of any prolonged departure from your home - and will ease your mind about whether or not the food in your freezer is good to eat - or best be thrown out right away.
The trick lies in the magical combination of three simple but effective tools everyone already has at home: a mug, a coin and some tap water.


It's called the one cup tip. You put a cup of water in your freezer. Freeze it solid and then put a quarter on top of it and leave it in your freezer. That way when you come back after you've been evacuated you can tell if your food went completely bad and just refroze or if it stayed frozen while you were gone.
If the quarter has fallen to the bottom of the cup that means all the food defrosted and you should throw it out. But if the quarter is either on the top or in the middle of the cup then your food may still be ok. It would also be a great idea to leave this in your freezer all the time and if you lose power for any reason you will have this tip to fall back on. 

If you don't feel good about your food, just throw it out. The main thing is for all to be safe.


Call Kim for all your real estate needs!

Kim Duclos

702.521.3939

The holidays can feel like a never ending non-stop RUSH. And while that's much of what makes the season such a joy, it's also why it's important to guard against mishaps that commonly crop up during the hustle. Here are a few key safety tips to keep in mind:


Don't fall while decorating. Do you go all out, like Clark Griswold, when stringing lights? Each season, nearly 6,000 people visit emergency rooms after falling while hanging holiday decor. (More than half of those falls occurred outdoors from roofs or ladders.) Unwieldy extension cords can also trip up individuals and lead to injuries. I have a neighbor that wears a bike helmet to avoid a head injury in case she falls while stringing lights!


Keep clear of flames. Home fires spike around the holidays, with candles, cooking and Christmas trees being common culprits. Keep decorations away from heat sources, don't leave burning candles unattended, check that electrical cords are in good condition and stay in the kitchen while cooking.  and..... be careful with space heaters and fire pits too.


Identify and remove toxins. Plants can add a festive touch to your home, but some seasonal favorites can also pose a threat to children and pets. The leaves and berries of mistletoe, for instance, are toxic if eaten, and poinsettias can irritate skin. If you choose to decorate with these plants, keep them safely out of reach and promptly clean up fallen berries and leaves.


Travel safely. Vehicles riddle the roadways at this time of year, so safety is a big concern. Take your car in for winter maintenance, check the weather forecast before road trips, stash a well-stocked emergency kit in the trunk, and keep shopping bags out of sight to avoid break-ins.  If traveling into colder weather from mild weather like our SUNNY LAS VEGAS families traveling to Denver (brrrr!), bring appropriate clothing in case your end up being stuck in snow/and in your car.  Carry glove, boots, blankets etc...


Use these and other safety tips to keep you and your loved ones happy and healthy through the holiday season.


Call me for your real estate needs and questions.
visit www.callkim.net for your online home shopping spree.

Kim Duclos

702-521-3939

What does an Interest Rate Increase Mean for You?

Although the interest rate you will

"most likely" obtain on a 

home purchase in today's market, will be 
lower than what is noted here below,

you can easily see by the scenarios offered 

what a 1% difference means to you with

your home purchase and payment.

DO NOT WAIT ANY LONGER

Call today to begin the process of home

ownership and loan qualification.  Please note

there are funds still available for the 

*FREE 4% for down payment and 

closing cost assistance program =

"Home is Possible" Grant Program.

*certain restrictions apply please call for information. 

Thank you,

Kim Duclos

Elite Realty

702.521.3939

www.callkim.net

4% FREE MONEY FOR YOUR HOME PURCHASE!

MAKE YOUR HOME REFLECT YOU - www.callkim.net Las Vegas

Have you thought about owning a home in Las Vegas?  Now is the perfect time with record breaking low prices, ideal financing options with low, low interest rates.  A home is called "real property". . . it is tangible, real and you get something for you dollars.

Visit my website to start your search @ http://www.callkim.net/

Then let's take a look at some funky, sexy and fun ways to make your home reflect your personality.

You can play with fun paterns with pillows and curtains. 

You can showcase your personal finds by placing your favorite knickknacks/souvenirs from your travels that can provide an interesting conversation piece or wall decoration.

Cover your old table with with a decorative shawl or table cloth - add some pizazz to the room.

Add some flowers next to the faucet in your bathroom or kitchen. . .pretty up those plain spaces.

If you are looking for a feminine touch, add some embroidered pillows to your bed.