Fort Meade Named New Center for Cyber Security

The Department of Defense announces first U.S. Cyber Command headquarters located in Fort Meade, MD. Below is an insert from a Congressional report stating how this will directly affect the housing market in our area.

Congressional Documents and Publications


May 24, 2010


Ruppersberger Praises Move to Make Fort Meade New Center for Cyber Security

SECTION: U.S. HOUSE OF REPRESENTATIVES DOCUMENTS
May 24, 2010

Ruppersberger Praises Move to Make Fort Meade New Center for Cyber Security

Ruppersberger is Chairman of Intelligence Subcommittee that Overseas Technical Aspects of Cyber Security

(Washington, DC) - Congressman C.A. Dutch Ruppersberger (D-MD) praised the move to make Fort Meade the country's new center for cyber security. The center known as the Cyber Command will protect our nation's networks that power much of what we do every day. Congressman Ruppersberger attended the ceremony at Fort Meade on Friday, May 21, 2010, where General Keith Alexander was officially sworn in to head the new Cyber Command. Secretary of Defense Robert Gates, General David Petraeus, and Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, were also in attendance.

By the end of 2010, 21,000 soldiers and civilians in all branches of the military will make up the new Cyber Command. Many will relocate to Fort Meade giving the local economy a boost while keeping our country safe. Congressman Ruppersberger is Chairman of the Technical and Tactical Intelligence Subcommittee that overseas the technical side of cyber security.

For more information visit http://www.defense.gov/home/features/2010/0410_cybersec/

Only 43 Days Left......

ATTENTION ALL FIRST TIME HOME BUYERS AND CURRENT HOMEOWNERS!! The countdown has begun! There are only 43 days left for you to take advantage of the Federal Housing Tax Credits! Below is a breakdown of the two tax credits:

FIRST TIME HOME BUYER
* $8,000 Tax Credit
* Never have owned a property or have not owned a property in the past 3 years
* Single income limit less than $125K. Couples income limit less than $225K.
* The deadline to qualify for the tax credit is April 30, 2010. You must be under contract by this time but do not have to settle on your new property until June 30, 2010.
* Must be primary residence.
* Must live in the property for at least 3 years in order to not have to repay the credit.
* Tax credit is received when you file your 2010 taxes. The $8K will be credited to your taxes, so for example, if you owe $2,000 then you will receive $6,000 ($8,000 - $2,000). $4,000 to each if married and filing separately.


CURRENT HOMEOWNERS
* $6,500 Tax Credit
* Have owned your primary residence for 5 out of the last 8 years.
* Single income limit less than $125K. Couples income limit less than $225K.
* The deadline to qualify for the tax credit is April 30, 2010. You must be under contract by this time but do not have to settle on your new property until June 30, 2010.
* Must be primary residence.
* Must live in the property for at least 3 years in order to not have to repay the credit.
* Do not have to sell current property (Unless required in order to qualify for loan)
* New property does not have to cost more than current property.
* Tax credit is received when you file your 2010 taxes. The $6,500 will be credited to your taxes, so for example, if you owe $2,500 then you will receive $4,000 ($6,500 - $2,500). $3,250 to each if married and filing separately.


SPECIAL FYI'S AND TIPS
* Partial credits are available for those singles whose income levels are between $125,000 and $145,000 and for those couples whose income levels are between $225,000 and $245,000
* People in the military on extended leave from the U.S. for more than 90 days have until June 2011 to buy a house and claim the tax credit.
* If you bought your house in 2010 before April 15, 2010 you can claim your tax credit on your 2009 tax credit. You can also file an amended 2009 tax return to claim your credit.
* For couples, if only one of you qualify for either tax credit then have that person be the sole borrower for the new property. That way you qualify for the tax credit. You can still have the other person's name on the deed. Also, if you are a married couple you can both receive the tax credit if taxes are filed jointly. However, loan qualifications may be an implication since it will be solely based on that one person's income, credit, etc.


Again, you only have 43 days to take advantage of these tax credits. There is currently no talk of the government extending the tax credit again for the third time. Although, it has helped the market people feel that the tax credit has taken it's course and should not be extended.

$1500 Energy Tax Credit

With the housing market being down and home prices dropping historically homeowners are finding themselves in a position where they are unable to sell. Therefore, many homeowners, like myself, instead are making repairs and renovations to their home. If you are thinking about replacing your windows, doors, HVAC, hot water heater, roof, or insulation now is the time due to the $1,500 Federal Energy Tax Credit. If you make any of these qualified energy efficient repairs and/or upgrades during the year 2010 you can receive up to 30% energy savings (maximum $1,500). Not only will you receive an energy tax credit on your 2010 taxes but you will also be saving on your monthly utility bills.

FHA Loan Changes

The Federal Housing Administration (FHA) will implement some new guidelines on April 5, 2010 that will tighten FHA financing and pinch buyer's purchasing power. They are increasing the Mortgage Insurance Premium (MIP) from 1.75% to 2.25%. This does not affect a buyers amount of cash they need to have for closing since that can be financed, but it will affect their pre-approval and it could increase their monthly payment by $50 to $100.

FHA is also decreasing the amount of seller concessions allowed to the borrower from 6% to 3%. This change will affect how much the buyer will need to raise for closing. However, this money can also be "gifted" by family or elsewhere. In addition, FHA will provide loans for buyers with credit scores 580 and below but will require a minimum down payment of 10%. Buyers with credit scores higher than 580 will require a minimum 3.5% down payment.

With these changes coming into play, it is just another good reason why buyers should act now and take advantage of this market.

When it rains, it pours....

As a homeowner, my year has not started out as smoothly as I would of wished. Not only did I get water in my basement from all the massive amounts of rain and snow which left my husband and I no choice but to have a waterproofing company come out and fix the issue, but $6,800 and 2 weeks later our HVAC goes up! No heat. So here we go again....

To say that we were stressed out was an understatement, but that's the territory that comes with home ownership. There are ups and downs to everything. But there were some positives that came out of these two experiences. For starters, my husband and I became very well educated in basement waterproofing and HVAC units. In turn, that enabled us to became excellent shoppers and negotiators which enabled us to get the best deal. Not only that, we have gained a piece of mind knowing that the problems are fixed and these repairs will increase the resale value of our home as well as increase the appeal to potential buyers.

If you find yourself in the same situation or are simply interested in starting a new home project do not be afraid to get educated and shop around. The rule of thumb is to get at least three estimates from three different companies. Do not be afraid to price match. And most importantly, be patient about the process and your choices.

LEGISLATIVE ALERT: First -time Homebuyer Tax Credit Extended and Expanded

The House of Representatives passed legislation to extend and expand First-time Maryland Homebuyer Tax Credit. Under the legislation, home buyers will qualify for the $8,000 tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have been increased to $125,000 for individuals and $225,000 for couples. A tax credit of $6,500 also applies to move up buyers who have owned their current home for at least 5 years.

This is extremely beneficial for consumers and the overall housing industry. As a Realtor and homeowner, I strongly urge all home buyers to take advantage of this market and this amazing opportunity.

RE/MAX Founder Addresses Economic Stimulus Package

This urgent message was sent out to all RE/MAX agents from the founder of RE/MAX, Dave Liniger, on February 5, 2009. I feel that this message should be shared with as many people as possible. It addresses the Economic Stimilus Bill that Congress is debating.

http://www.remax.com/inside_remax/news_and_events/making_news/press_releases/2009/documents/UrgentMessagefromDaveLiniger.pdf