SINGLE MOTHER AND HOMEOWNERSHIP

The joy of home ownership is increased tremendously for one group of consumers. That group is single mothers. Whether single by choice or due to divorce, certainly taking charge of your future and your child's future by buying a home is a tremendous task. According to the National Association of Realtors the average single-female home buyer is under age 45 and gainfully employed. So buying the home is as much about security as it is about financial investing. For single mothers, finding a home that offers programs that assist in financing and obtaining down payment financing is pivotal. Now is a great time to find them, even if you need to consider government assistance for single mothers buying a home.

First, know exactly what your real budget to buy is, decide if a townhouse, condominium or single family home is best for you and the kids and think about whether you need a community that offers a maintenance plan. One of the best ways to be thorough in your housing financing efforts is to do some research, whether it is attending seminars, talking to various lenders or taking to the Web. Read More

WASHINGTON POST

Woodbridge, Va.: Mr. Tallant, what is the first thing you notice when you enter a home?

Shane Tallant: Honestly...the first thing I notice is the smell. Your home must have a clean/fresh smell to grab my attention. Buyers are going to be turned off right from the start if your house doesn't have an inviting scent.

Bake cookies or put cinnamon sticks in the oven during your open house

Greenport, N.Y.: What is the single best renovation project in terms of bang for the buck?


Shane Tallant: Paint, paint paint!!!


Herndon, Va.: What do you think is the one thing that homeowners absolutely have to focus on to sell their home?


Shane Tallant: If its all you can do... KEEP IT CLEAN! Get rid of all the clutter and have it professionally cleaned prior to the open house.


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TAX TIME - $8, 000

If you bought a home last year, you may be eligible for a tax credit of up to $8,000 when you file your 2010 tax return. But before you start shopping for hardwood floors, make sure you qualify. And even if you're eligible, you'll need to take extra steps to prove that your claim is legitimate.

•When you signed the contract to buy your home.To claim the credit on your 2010 tax return, you must have signed a contract to purchase your primary residence before May 1, 2010.

•When you closed. Home buyers who closed as late as Sept. 30, 2010, qualify for the credit, as long as their original contract called for the purchase to be completed by June 30. Congress added the extension because many of last year's home purchases involved short sales or homes in foreclosure, and banks have been slow to process those transactions, says John W. Roth, analyst for tax publisher CCH.

•Where you lived before you bought the home. For homes purchased Nov. 7, 2009, to April 30, 2010, there are two tax credits: a first-time home buyer credit and a repeat home buyer credit.

The first-time home buyer credit is worth 10% of the purchase price of the home, up to a maximum of $8,000. The law defines a first-time home buyer as someone who hasn't owned a principal residence in the three years before the purchase.

Billions in Aid

A $7.6 billion federal effort to help unemployed homeowners avoid foreclosure will soon be running in all 18 states sharing the funds.


"Those eligible receive forgivable loans for mortgage payments, or they may tap other programs, such as one to help them get current on mortgage payments. Generally, the loans are forgiven after five years if borrowers stay in the homes and keep current on payments. Next month, all of the states plus the District of Columbia are expected to have launched partial, full or pilot programs, says Treasury Department spokeswoman Andrea Risotto."


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