Tag Archives: Amy Myers Real Estate

PA New Construction Does Not Require Sprinklers

Consumers who are building a new single family home in Pennsylvania are now not required to install a sprinkler system. This just came in from the PA Association of Realtors:

“Sprinklers no longer a mandate in Pennsylvania!

Governor Tom Corbett today signed his first bill, House Bill 377 which removes the sprinkler mandate on all newly constructed one- and two-family homes. The new law is Act 1 of 2011.

Now that sprinklers are a consumer choice, builders must offer a buyer the option of installing sprinklers. Builders must also provide the buyer with information made available by the State Fire Commissioner on the possible benefits of installing a sprinkler system.

Among other things House Bill 377 will also change the codes adoption process in Pennsylvania and require increased standards for fire protection of flooring.

As of January 1, 2010, sprinklers are mandated in newly constructed townhomes. Act 1 will not change this requirement.”

What Items a Buyer Needs When Getting Ready to Apply for a Mortgage

First time home buyers often need to absorb a lot of information quickly when they first start their home search. One thing you will need to have ready, as I have mentioned before, is a pre-approval for a mortgage loan. This will help you be ready quickly if you are ready to make an offer. Once you have an executed sales agreement with the seller, you will have so many days to apply for a mortgage. Below is a helpful checklist of things that the mortgage company or bank will ask you for to be able to approve your loan.

” * W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
* Copies of at least one pay stub for each person signing the loan.
* Account numbers of all your credit cards and the amounts for any outstanding balances.
* Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
* Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
* Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
* Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
* Copies of your most recent 401(k) or other retirement account statement.
* Documentation to verify additional income, such as child support or a pension.
* Copies of personal tax forms for the last two to three years.”

from REALTOR Magazine

First-Time Home Buyer Tax Credit Details

The newly signed stimulus bill has good news if you purchase a home this year. You will now receive an $8,000 credit and you will not have to pay it back. If there is ever a time to buy a home, it is now. Here is a handy chart that gives you all the benefits to purchase a new home this year:

Click here for a pdf chart (compliments of the National Association of REALTORS®) which outlines the benefits.

There is other information at these links:

Right from NAR’s Site

Stimulus info from CNNMoney.com

I’ll be glad to answer any questions about the stimulus package for new home buyers and other incentives available to you. There is no better time for excellent house bargains and incentives.