Kathy Jackson

Being pre-approved is like being pregnant-either you are or you aren't! I've had quite a few calls lately from potential buyers in Henderson, KY.  As we talk, I always ask a few questions so I can determine where they are in their home search. 

More and more in recent weeks I've had people call and when asked if they are pre-approved say "well, sort of".  What does that mean? Basically, they have talked to a lender, but there are a few credit issues and are waiting for the lender to re-score them.  In the meantime, they'd like to look at a few homes and possibly make an offer on one.  Okay, so how are we going to do that?  In our market, most seller's and all foreclosures are requiring a pre-approval letter.  When I explain this to them, the immediate response is, "well, I'm kinda pre-approved!"  Actually no, you aren't.  At this point you are not approved and you do not qualify for a loan. PERIOD. THE END.  Until the lender is able to pre-approve you and give you an estimate of your closing costs, how much they are willing to loan you, etc. you are not pre-approved! 

There are lenders that are able to re-score someone who may be close to minimum guidelines, but until a potential buyer follows the steps given and their score improves to surpass minimum guideline, you are not pre-approved! 

If you need a lender, I'd be happy to point you in the direction of several excellent lenders I have worked with in the past.  If you need help in meeting the minimum standards for a loan, they are more than willing to give you guidance. And when you are ready, willing, and able to purchase a home, I'd be more than happy to help you.

Kentucky is offering a tax credit specifically for New (never occupied) home purchases. 

This tax credit is a state tax credit for any new home purchased between July 25, 2009 and July 26, 2010.  This means buyers must close on the home before July 26, 2010.  There are a few "fine print" details that buyers need to be aware of when they purchase a new home in order to get the credit.

TO CLAIM THE CREDIT:

YOU MAY NOT CLAIM THE CREDIT IF:

• Your application is not received via FAX within seven (7) calendar days from the purchase date. Any application submitted via mail will be denied.
• Your new residence has been previously occupied.
• Your application is received after the New Home Tax Credit cap has been reached.
• You are eligible for first time homebuyer credit under Section 36 of Internal Revenue Code.
• You are building or contracting construction of your own home.  The new home tax credit is only for those taxpayers who purchase a new previously unoccupied single-family dwelling.  "Purchase" means a point within the approved times when escrow closes between the qualified buyer and the seller of the qualified principal residence.  Homeowners who build newly constructed homes on their own land do not qualify for the credit based on KRS 141.388.

For a complete explanation of the tax credit click here.  If you need a copy of the application, just click on the link!

Looking to buy a home on Lake Barkley?  Check out this fabulous new construction with dock!  For more homes and available lots on Lake Barkley check out www.CoppersmithCove.com or www.HendersonHomesToday.com

Welcome to Lake Barkley, KY's newest waterfront community! 

This breathtaking community is in Phase 1 of development and currently has Lake Front, Lake View and Retreat Homesites available in addition to 2 newly built luxury homes!  This waterfront community features breathtaking views of sunsets and access to Kentucky's premier playground!

Wouldn't you like to wake up to this view every morning!  For more information, visit our website or contact Kathy Jackson.  Keep an eye open-we'll be previewing many of the fantastic home sites and homes in the coming weeks!