Home Ownership

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May 27, 2012

From Capitol Hill: Flood Insurance Extension Quickly Approved in the Senate

Posted by danetteoneal1 under Economy, Home Ownership
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The Senate on Thursday afternoon approved a two-month extension of the National Flood Insurance Program (NFIP), an action that was made possible by an agreement Senate Majority Leader Harry Reid (D-Nev.) made to take up a longer-term five-year reauthorization when the Senate returns from the Memorial Day break. The Senate approved the extension by unanimous consent, after Reid declared, “If it were to expire … real estate transactions would come to a screaming halt. Taxpayers would be on the hook for future disasters. This is something we have no choice, we have to get it done.” The bill still needs to pass the House. C

Crazy, who has time to go back in session and call for another vote when the reality is…. there are entire metropolitan cities in the U.S. that need flood insurance to go to an Act of Sale. Almost all of the southern states, and now some parts of Iowa, Ill, the Dakota’s, Missouri and Georgia.

 

May 23, 2012

Are Your Kids at Risk for Lead Poisoning?

Posted by danetteoneal1 under Home Ownership, Special Interest
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The Centers for Disease Control and Prevention recently released new, stricter guidelines for assessing lead poisoning in children.The guidelines lower the amount of lead in the blood that’s considered “acceptable,” from 10 micrograms of per deciliter to less than 5 micrograms. The number of at-risk children jumps from about 77,000 to more than 440,000 nationwide. There’s no cure for lead poisoning, you’ve got to prevent it from happening in the first place. The CDC emphasizes parental vigilance as the best preventative. 90% of lead contamination comes from flaking and peeling paint on houses built before 1978. Anyone with a home built before 1978 should be alerted to the possibility of lead paint. Renovations on older homes also contribute to contamination, as does contaminated well water. Even garden hoses have been found with lead.

Other simple prevention steps you can take: 1.) Keep surfaces clean. Lead paint dust from deteriorating houses can travel long distances, so being in a new neighborhood doesn’t guarantee safety. Wet-mop floors and wipe windowsills. Leave shoes at your entry door to keep from tracking dust through the house. 2.) Keep kids’ play areas and veggie gardens away from eave lines around houses and garages where roof runoff that contains lead dust may spill. 3.) Wash kids’ hands frequently, especially before eating. Teach youngsters not to put anything in their mouths. The CDC recommends that every child under the age of 2 be tested for lead. Exposure is particularly dangerous for children under 6 because their brains are developing. Elevated lead levels can cause learning disabilities, behavioral problems, seizures, and even death. (Houselogic 5/23/12)

 

May 21, 2012

Refinancing rental properties

Posted by danetteoneal1 under Economy, Home Ownership
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Some real estate investors have new loan options for the first time in years. The details: In recent years, small landlords like me have had a tough time finding a bank to finance more rental property purchases. Once you had more than four rental property loans, Fannie Mae and Freddie Mac were no longer willing to guarantee your loans, even when your credit scores were top-notch and the property was able to turn a profit from day one of ownership.

Now, some banks participating in the HARP program are taking applications from landlords with multiple properties and lots of mortgages. HSBC recently agreed to look at a mortgage on a property I own in Baltimore. My current interest rate there is over 7% and if I get the HARP refinance it will fall to 4.6%.

 

May 16, 2012

Need to Modify Your Home for Medical Reasons? 2012 is the Year to Do It!

Posted by danetteoneal1 under Economy, Home Ownership
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For the 2012 tax year, you can take a tax deduction on medically necessary home improvements — like installing a wheelchair ramp and other projects that make life easier for an ill or injured family member — if you: Itemize deductions and spend more than 7.5% of your adjusted gross income on the upgrades. Starting in 2013, if you’re under age 65, you can’t take the tax deduction on medical expenses until you spend 10% of your AGI. But if you’re 65 or older in 2013, you can stick with the 7.5% AGI tax deduction threshold through the end of 2016.

The rules for tax deductions on medical home improvements are tricky:
1. Start with what it costs to modify your home.
2. Subtract the value the upgrades add to your home.
3. What’s leftover is your tax deduction — if you meet your AGI threshold.
How it works: Say you’re 45 years old and spend $20,000 to put a bathroom on the first floor of your home because your husband can’t climb stairs anymore. Your AGI is $100,000. A REALTOR® says the bathroom adds $10,000 to the value of your house.

 

May 8, 2012

Have You Seen Your Refi and Mortgage Options Lately?

Posted by danetteoneal1 under Economy, Home Ownership
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1. Refinance with new FHA fees : In a nutshell: FHA raised insurance premiums for new borrowers, while lowering fees for some existing customers who refinance, making comparison shopping with private mortgage insurance worthwhile. Mortgage insurance covers the lender against losses caused when borrowers stop making payments.

The details: FHA’s new insurance premium rates include a great deal for existing FHA borrowers — you can refinance by paying a miniscule .01% upfront fee and an annual premium of just .55% starting June 11.

The catch: The deal is only for home owners who got their FHA mortgage on or before May 31, 2009. The latest FHA deal for new FHA customers buying homes isn’t nearly as sweet. You’ll pay a whopping 1.75% upfront fee and an annual premium of 1.25%.  For a $200,000 loan, that’s $3,500 for the upfront premium payment and $2,500 for the annual premium. Go on the internet and use the mortgage  calculators (MGIC, Genworth Financial) to check how your payment would change if you have a smaller or larger down payment. Private mortgage insurance is based on the size of your down payment (5% is typically the minimum).

 

May 7, 2012

6 Green Terms: Which Ones Can You Trust?

Posted by danetteoneal1 under Economy, Home Ownership, Special Interest
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Does “natural” mean organic? Should you buy anything labeled “non-toxic”? Here are the truth and eco-facts about many of the green terms you find on product labels. What’s really green? Soon you’ll have a little more confidence about green product marketing claims, such as “biodegradable” and “recyclable”: The Federal Trade Commission, which sets standards for the use of environmental claims in its Green Guides, is getting tougher on green terms.

1. “Organic”: a green term that really means something: Organic is the one term in our list that’s federally regulated — by the U.S. Department of Agriculture, to be specific. Product makers making this claim must prove their stuff is “produced without antibiotics, hormones, pesticides, irradiation, or bioengineering.” Period.

FTC is cracking down on these terms

2. “Recyclable.” After the new guidelines are adopted, a manufacturer can use this term without a caveat only if a substantial majority of communities nationwide have facilities that can actually recycle its product. Before you buy, do your homework to see what you’re able to recycle locally. Also, take a closer look when a product claims to be “recycled”
3. “Biodegradable.” When you see this term, you think, “Great, I don’t need to worry about throwing this away; it’ll break down naturally.” But many products labeled biodegradable need ideal composting conditions to break down — and some won’t degrade even then.
The FTC’s new guidelines require that products or packaging labeled “degradable” break down within a year in normal disposal conditions. That means the term likely won’t apply to anything you’d throw in the trash, because items simply don’t degrade in landfills. It’s far better to reduce waste in the first place than to expect it to disappear.
4. “Compostable.” In the future, products with this claim shouldn’t take any longer to break down than the rest of your compost pile.
5. “Non-toxic.” The FTC’s new guidelines say that non-toxic claims should mean the product isn’t harmful to humans and safe for the environment. But research the product online if the label is vague. And definitely don’t assume kids or pets can ingest it safely.

The fuzziest green term of all

6. “Natural” is unregulated by the government. It’s not interchangeable with organic or healthy, although manufacturers want you to think if it’s natural, it has to be good for you, right? Not so much. Take ammonia. It’s a naturally occurring compound, but it’s also a toxic pollutant. Without context, the word natural doesn’t mean much.
A label to help you decide: When you’re just not sure about a product’s claims, look for certification by a reputable third party — like Scientific Certification Systems. Its green-and-blue SCS label provides some reassurance that a product lives up to its claims. SCS sets tough standards for the terms biodegradable and recycled content.
Some SCS guidelines: SCS only certifies liquid products as biodegradable — cleaners, detergents, and soaps that break down completely in natural conditions in 28 days; Recycled products include a wide array of building products — windows, doors, insulation, carpets, tiles, and more — so seek them out. (Houselogic 5/7/12)

 

May 3, 2012

FEMA Warns Congress Clock is Ticking on Flood insurance Program

Posted by danetteoneal1 under Economy, Home Ownership
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The Federal Emergency Management Agency on Wednesday stepped up pressure on Congress to reauthorize the National Flood Insurance Program. The program is set to expire at the end of May, and FEMA warned that after that time NFIP won’t be able to issue new policies. The program is seen as key for limiting the costs of natural disasters. The House and Senate were unable to agree on a NFIP reauthorization last year, and extended the program without changes until May 31. (Houselogic 5/3/12)

 

May 2, 2012

6 Ways to Reduce Your Air Pollution Footprint

Posted by danetteoneal1 under Economy, Home Ownership, Special Interest
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How much are you polluting the air? Here are 6 easy ways to cut the pollution your life produces and improve air quality. We all know our cars contribute to air pollution, but did you know that every time you turn on a light, mow the lawn, or put a soda can in the garbage, you’re polluting the air? It’s Air Quality Awareness Week, so try one or all of these six ways you can personally create less air pollution and help improve air quality:

1. Use compact fluorescent lights: They use less electricity than incandescent bulbs. About 40% of the electricity we use comes from coal-burning power plants.

2. Use a push lawn mower: Your power lawn mower running for an hour produces as much pollution as six to ten cars. If your lawn makes using a push mower impractical, keep your mower in tune and be super careful when you put gasoline in your mower. Even small spills evaporate and pollute the air.

3. Carefully store household paints, solvents, and pesticides: Use airtight containers, and dispose of them properly when you’re done with them.

4. Maintain your fireplace and chimney: A well-maintained fireplace or wood stove will burn more efficiently and keep furnace-fueled heat from escaping your home, as well as cutting down on soot and smoke.

5. Use low-VOC paints: Or zero-VOC paint, if possible. Make sure to paint with a brush, rather than a sprayer. Better yet, reduce your use of all VOC products in your home.

6. Recycle and reuse: Recycle paper, plastic, glass bottles, cardboard, and aluminum cans, and reuse salvaged building materials to conserve energy and reduce production emissions. (Houselogic 4/30/12)

 

April 26, 2012

Have You Seen Your Refi and Mortgage Options Lately?

Posted by danetteoneal1 under Economy, Home Ownership
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Low interest rates and new loan programs abound this spring, so if you assumed your refinancing and mortgage options were dismal, you’ll be surprised by these three offerings.

1. Refinance with new FHA fees : FHA raised insurance premiums for new borrowers, while lowering fees for some existing customers who refinance, making comparison shopping with private mortgage insurance worthwhile.

The details: FHA’s new insurance premium rates include a great deal for existing FHA borrowers — you can refinance by paying a miniscule .01% upfront fee and an annual premium of just .55% starting June 11.  The catch: The deal is only for home owners who got their FHA mortgage on or before May 31, 2009. The latest FHA deal for new FHA customers buying homes isn’t nearly as sweet. You’ll pay a whopping 1.75% upfront fee and an annual premium of 1.25%. For a $200,000 loan, that’s $3,500 for the upfront premium payment and $2,500 for the annual premium.

2. Refinance underwater mortgage: If you owe more than your home is worth, you may finally be able to refinance into a lower rate thanks to the government’s HARP refinancing program. You can take advantage of historically low interest rates by using the latest version of the Home Affordable Refinance Program. The HARP program even works if you’ve been hit by the economic double-whammy of a falling family income and a falling home price. You qualify for a HARP refinance if you have income coming in and you’ve made your mortgage payments on time every month for the past six months and have no more than one late payment in the past year. Caution…Banks can layer their own tougher rules on top of the HARP requirements, and they’re not obligated to let you use the program to refinance your existing loan.

3. Refinance rental properties: Some real estate investors have new loan options for the first time in years. In recent years, small landlords like me have had a tough time finding a bank to finance more rental property purchases. Once you had more than four rental property loans, Fannie Mae and Freddie Mac were no longer willing to guarantee your loans, even when your credit scores were top-notch and the property was able to turn a profit from day one of ownership. Only Fannie Mae has made this change. (It’ll purchase up to 10 loans from any one investor.) Freddie Mac is still limiting single-family landlords to four loans. Most banks discount your rental income by 25% when making investor loans, which adds up when you have multiple properties. (Houselogic 4/25/12).

 

 

April 24, 2012

My Southern Friends: Get Rid of Roaches Forever (At Least For Now)

Posted by danetteoneal1 under Home Ownership
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Get rid of roaches by starving, trapping, and poisoning them: It’s a start.

Starve them: Whenever food and water are easy to find, roaches will invite themselves to dinner. Here’s how to cancel their reservations and get rid of roaches: Dry up any standing water around sinks, tubs, and toilets. Roaches can only live a week without water; Meticulously clean your kitchen, including crumbs near the stove, microwave, and refrigerator; Vacuum scraps of food from corners and around the cabinet bases; Wipe down cupboard insides and drawers with soap and water; Immediately clean and put away dirty dishes.

Serious roach removal: If your spotless house still attracts roaches, bring out the big guns. Traps: Set sticky traps—like the famous Roach Motel ($2.50)—in dark locations where roaches congregate: Under sinks and refrigerators, behind stoves, and in cupboards. Traps will work immediately, so check them daily. Toss when full.  Bait: Bait stations ($10 for an 8-pack) have stick-and-peel backs; place them anywhere. Fipronil, the active ingredient, kills by touch or ingestion. Roaches often will share the bait with nest-mates, killing others in the process. Change stations every three months. Green kill: To paralyze and eventually kill roaches, mix boric acid with water and flour, and place in jar lids in the back of cupboards and underneath stoves. (Caution! Keep out of reach of pets and children.) The flour will attract the roaches; the boric acid will eat away at their exoskeleton.

Hire a pest professional: If you can’t get rid of roaches yourself, hire a pest control company to fight the war for you. Exterminators typically spray your house with Cynoff WP (keep it away from aquariums), set bait stations, and return until the roaches don’t.  (Houselogic 4/2/2012)

 

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