World population by the billions
1 billion – 1804
2 billion – 1927
3 billion – 1959
4 billion – 1974
5 billion – 1987
6 billion – 1999*
7 billion – 2011

*Year when the milestone was observed by the United Nations.

Source: United Nations Population Fund

I assist many first-time home buyers with the purchase of their first home and I can say that 100 percent of my clients were happy with their purchase. I contact my clients after they settle in their new homes to see how they are doing and even in this economy all of them were happy with their purchase. No house is perfect and sometimes things happen unexpectedly, but I have not had a client who said “I wish I had not purchased this house.” This tells me that homeownership is a good thing  and still the American dream for many people. Buying a home is not as easy as during the real estate boom and can be challenging as the Federal Reserve Chairman, Ben Bernanke reported last week at the international monetary conference in Atlanta, Georgia. He stated that, “despite historically affordable home values, many buyers are unable to access financing due to tightened lending standards.” This is true so you need to prepare for homeownership. If you are thinking about purchasing a home next year you need to get started now. In my next blog post I will show you how to prepare so getting financing from your lender is not so difficult.

FHA regulations typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days, but in February of last year, FHA temporarily waived this regulation through January 31, 2011, noting that in today’s foreclosure-ravaged marketplace, the agency’s research has shown that acquiring, rehabilitating, and reselling distressed properties often takes less than 90 days.

Owner-occupied units that are intended as the primary residence of the home buyer are eligible for FHP funding. Eligible units include the following owner-occupied 1-to-4 family properties;

1. Townhouses

2. Condominiums

3. Foreclosed properties

4. Cooperatives

5. Manufactured and mobile housing (manufactured and mobile homes, transportable in one or more sections, which are built on a permanent frame and designed to be used as a dwelling when connected to the required utilities.

6. New construction (new construction requests are eligible when the home is within 30 days or less of the closing date for the loan.

Any first-time home buyer interested in using this program must use a participating (member) lending institution. Contact me to get a list of those members. Also if a first-time home buyer owner-occupy the property for 5 years the grant funds are forgivable. To receive additional information about the program and the guidelines contact me.

The National Association of Realtors says despite the nationwide decline, median prices rose in 77 of the nation’s 155 largest cities and were unchanged in two others. In the third quarter of 2009, year-over-year prices were up in only 30 cities.

Read more: Washington home prices up 4.3% | Washington Business Journal

Read more: Washington home prices up 4.3% | Washington Business Journal

The last time this happen was before my time and I do not believe interest rates will go this low again in my life time. Buyers what are you waiting for? I guarantee you that now is a good time to buy and those who wait will regret they did one day.

Don’t miss this presentation it will be fun, educational, and entertaining. I hope to see you there! Na’Klectic Natural Hair Gallery and Spa 36 East 25th Street Baltimore, Md. 21218  410-889-0287. Each attendee will receive a free copy of my report “How to Buy a Home in the New Economy and Save Thousands of Dollars.”

As the U.S. housing market struggles to rebound, many homeowners are stuck with hard-to-sell properties longer than expected. Some frustrated home sellers who much relocate for a new job opportunity, want to downsize or simply want to buy a new place have left homes empty. Vacant or unoccupied homes can leave the homeowner exposed to loss and liability that may not be covered by their insurance, according to the National Association of Insurance Commissioners.

Homeowners policies are meant to insure homes that are occupied, so they generally include exclusions for neglect or property abandonment on a home left vacant or unoccupied for a specified number of consecutive days. In insurance terms, a vacant home is one the resident has moved out of and taken his/her belongings with him/her. An unoccupied home is one where the resident is not staying at the home, but the furniture and other belongings remain.

Because vacant and unoccupied homes pose a higher risk for damage than occupied homes, insurance companies insure these properties differently and usually at a higher price. These risks include:

Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around-unkept lawn, full mailbox, no lights on- that can tip off burglars to an easy target.

No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem- such as a small electrical fire-can turn into a much larger, more costly disaster.

Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there.