Taxes remain flat in Waukesha County budget

Taxes remain flat in Waukesha County budget

By Don Behm of the Journal Sentinel

Nov. 13, 2012

 

Waukesha - Waukesha County government will be able to balance its 2013 budget with a few dollars less from most homeowners.

The county will collect $512 in property taxes for 2013 - $2 less than this year's budget - on a home with a median value of $243,200. The taxes will help pay for a $273.77 million spending plan for 2013 adopted Tuesday by the County Board.

The total cost of county government drops 3.8% in 2013, fully $10.9 million less than this year, County Budget Manager Keith Swartz said.

Waukesha County spends less per resident than any other county in the state, Swartz said.

Much of the decline in next year's budget was due to spending less on major capital construction projects than this year.

Though the 2013 countywide tax rate required to generate the levy is $2.11 per $1,000 of equalized value, up 10 cents from this year, the tax bite will be about the same or slightly less for most homeowners because of declining property values.

Residential home values in the county deflated by an average of 4.85% from 2011 to 2012. The median home value for the 2012 budget year was $255,642.

A countywide levy of nearly $98.8 million, up about $800,000 from this year, is needed to balance the 2013 budget. Among other sources of revenue are federal and state contracts and grants, department charges for services, state transportation aid and state shared revenue.

Waukesha County's tax rate for 2013 will be the lowest among all Wisconsin counties without a county sales tax as a revenue source, County Executive Dan Vrakas said.

Reverse Mortgage: The Ins and Outs of How One Works


Reverse Mortgage: The Ins and Outs of How One Works

Reverse Mortgage: The Ins and Outs of How One Works

by Aiman Abozeid 

A number of senior aged homeowners have found themselves in a unique position. They cannot qualify for a refinance because their retirement income is lower yet they have a ton of equity in their home. Thus, the reverse mortgage was born. With conventional lenders offering these types of loan FHA has now entered the market with a reverse loan.

Basic Premise of the Loan
A reverse mortgage works like its name implies. Instead of making payments to a lender, the homeowner receives money from the lender. This money can come in the form of a lump sum, a line of credit like a home equity loan or a series of regular payments sent to the lender. It is also possible to get a combo of these elements. For instance, homeowners could get a large amount up front, such as $10,000 and get the rest of the amount in equal payments over time.

Qualifying for the Loan
Qualifying for a reverse mortgage is actually quite simple. There is no credit check and no income requirements. As long as borrowers meet these few guidelines, they should be approved for the loan:

• The homeowner must be a minimum of 62 years old
• The person must currently live in the property as their primary home.
• The person must own the home free and clear or have very small balance on their current mortgage.

How is the Loan Repaid?
Most people wonder how the loan will be repaid. That part is also simple. If the home is ever sold, the sale amount will be used to pay off the mortgage. Likewise, if one of the heirs decides to refinance the loan and live in the home, then the new loan will pay off the reverse mortgage.

For program information, visit our reverse mortgage page on our main site. To see if you qualify, contact me below or apply online!

Importance of the Appraisal

Importance of the Appraisal

Over the past 5 years many areas in the country have seen sharp declines in home values. Thankfully, that trend is starting to reverse. For this reason, most lenders are placing a lot of scrutiny on an appraisal for people considering a refinance. The appraisal is designed to ensure that the value assigned to the home matches the local market.

Basic Definition

The definition of an appraisal is that it represents the market price of a home. This is the estimated price which a seller and buyer would agree upon in a arm’s length sale. Arm’s length means the buyer and seller are not related to one another and undertaking the transaction on their own free will.

Each Home is Unique

Although two homes may sit beside each other in the same neighborhood, they could be vastly different. One may have a basement while the other is built on a concrete slab. One home may have a swimming pool and the other home may not have a yard big enough for a large car. An appraiser will look at the subject home and take down lots of notes about the size and features of similar homes in the area. The important key is that the subject home is compared to similar homes that have recently sold, usually in the last 6 months. This indicates what the market will bear for that kind of home in that same area.

Total Report

Once the appraisal is complete, the appraiser will compile a report and submit it to the lender. This report will have notes about the home’s location, general comments about the area and the detailed info about the home. Items like original build date, square footage and location of the home on a map will be listed. In addition, the other homes used in the appraisal, known as comparable sales, will be listed in detail on the map and in the final report.


For additional information, visit our refinance page on our main site or view our current mortgage rates. To see if you qualify, contact me below or apply online!
by Aiman Abozeid

Welcome to Wisconsin Real Estate with Lisa Bear

Thank you for visiting.  Please feel free to contact me for any of your real estate needs including an online market if you are a seller, or finding a home if you are a buyer. My real estate focus in the  Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dodge County and Washington County areas.  I have my IRES designation (International Real Estate Specialist) so I can assist you with all your real estate needs in Wisconsin, the USA or anywhere in the WORLD!
When you are seriously looking or just browsing at real estate in Wisconsin, I am a great resource to help you with all your needs and questions, whether a first time home buyer, relocating to or from the beautiful LAKE COUNTRY area, looking to invest or explore foreclosure opportunities or just thinking ahead to the future.

Lisa Bear of RE/MAX (262-893-5555) is an experienced real estate agent in Waukesha County and the entire Milwaukee Metro area including:

The prospering communities of Waukesha County including Delafield, Waukesha, Oconomowoc, Pewaukee, Waukesha, Sussex, Wales, New Berlin, Dousman, North Prairie, Mukwonago, Chenequa, Menomonee Falls, Brookfield, Elm Grove, Okauchee, Eagle, Muskego and Merton.
Great municipalities in Milwaukee County including Milwaukee, South Milwaukee, Wauwatosa, Hales Corners, Greenfield, Glendale, Franklin, Bayside, Brown Deer, Cudahy, Fox Point, Greendale, Shorewood, Oak Creek, St. Francis, West Allis and Whitefish Bay.
The hometown favorites of Washington County, Jefferson County and Dodge County including Watertown, Hartford, West Bend, Germantown, Jackson, Richfield, Ashippun, Lake Mills, Jefferson, Johnson Creek, Slinger and Erin.

Real Estate in Wisconsin is an excellent investment!
 

 "HELPING YOU MOVE IN THE RIGHT DIRECTION"

Where Are Rents Headed?

Where Are Rents Headed?

Where Are Rents Headed?

Posted: 13 Nov 2012 04:00 AM PST

When deciding whether or not to buy a home, one consideration will be the cost of alternative housing options. Renting an apartment is one such alternative. Where are rental prices heading over the next few years?
Rental prices usually increase by about 3 percent annually. Trulia just released their Trulia Rent Monitor where they revealed that rental prices have increased dramatically in the last year.

“Nationally, rent gains continued to outpace home price increases in October, rising by 5.1 percent.”

Based on the concept of supply and demand, we believe rental prices will continue to substantially increase over the next few years. The long-run 30-year average increase in rental households is 200,000 each year. Over the next few years, those numbers will more than double to over 500,000 each year. Freddie Mac in their latest report, Multifamily Research Perspectives, projects housing demand going forward.

“Given assumptions consistent with economic growth slightly slower than long run averages, multifamily demand is likely to be in the range of 1.7 million net new renter households between now and 2015.”

The cost of owning a home will begin to increase as both prices and mortgage rates are expected to inch up in 2013. Perhaps now is the perfect time to lock in your long term housing expense by purchasing your own home.

FHA, VA and Rural Housing Loans

FHA, VA and Rural Housing Loans

FHA, VA and Rural Housing Loans

by Aiman Abozeid 

FHA, VA and Rural Housing Loans in Wisconsin 

No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer two mortgage programs still available with no money down 100% financing and a third that only requires 3.5% down for all Wisconsin residents:

• FHA Loans (requires 3.5% down)
• VA Home Loans
• USDA Rural Housing Loans

FHA Loans:
FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline refinancing to lower the interest rate is available.

VA Loans:
VA loans continue to be eligible for 100% financing, of course only those few borrowers with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI or private mortgage insurance. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.

Rural Housing Loans:
Rural home loans are optimal for first time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Guarantee Rural Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs, prepaids and lender required repairs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).

A no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.

Visit our website at http://www.madisonmortgageguys.com for additional No money down FHA, VA and Rural Housing loan program information.

Old Collection Accounts Can be Ignored When Applying for FHA Mortgage


Old Collection Accounts Can be Ignored When Applying for FHA Mortgage

Old Collection Accounts Can be Ignored When Applying for FHA Mortgage

by Aiman Abozeid on November 9, 2012 · 0 comments

Some borrowers have re-established their credit and are making the right moves to prepare themselves for a home purchase. At one time, these people would be held back from buying a home due to old collection accounts appearing on their credit report. However, that issue has been resolved for FHA loans.

Old Rule
The FHA rule stated that if a borrower had a collection account, or a disputed account, with a balance of more than $1,000 then the person could not be approved for an FHA loan. This was a death blow to many borrowers who had fallen on hard times and wound up with a few bad accounts or had suffered through some medical problems.

In order to be eligible for FHA financing the debt had to be paid off completely or the borrower had to arrange a payment plan with the creditor. Often times the new debt payment would negatively impact debt to income ratios for the borrower and eliminate them from FHA consideration.

New Rule
Now, this rule has been rescinded. In April of 2012 it was proposed to remove the rule but then delayed. Mortgage lenders, real estate agents and other interested parties pleaded with FHA to put the rule in place. Finally, in June of 2012 the administrators of FHA agreed to take the rule off the books.

This is great news for many potential borrowers. People that have made strides to pay their bills on time, reduce their credit card debt and maintain a stable employment history for the past 2 years now have even more reason to seek out an FHA mortgage for their home purchase.

View our FHA Loan program page for additional information. If your house needs rehab work, be sure to check out the FHA 203k program. To see if you qualify, contact me below or apply online!

Cost of a Home: Impact of Interest Rates

Cost of a Home: Impact of Interest Rates

by The KCM Crew on October 2, 2012 · 

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The buyer should always look at the COST of a home, not just the PRICE. The cost is determined by the price and the mortgage interest rate which is available at the time. Below is a list of the interest rates over the last ten years and the impact they have on a $100,000 mortgage payment.