Here are some of the trends and developments that may impact on your home ownership in 2010.

• Mortgage interest rates may start to creep up now that the Federal Reserve Program that was helping to keep rates low by buying up the packages of mortgages sold as securities just like stocks and bonds is ending.  But to off set that, we're hearing lots of buzz about the Home Buyer Tax Credits being extended again after April in a  plan that would phase out over a year.  Now is still a good time to buy a first or second home in the greater Toledo area with rates hovering around 5% and homes at rock bottom prices.
• People in trouble paying their mortgage payments just can't win.  Even applying for a loan modification will cause their credit scores to drop dramatically.  And being in the government's trial loan modification program will cause at least a 100 point or more drop that can stay on their credit for 7 years.
• Interested in buying a home that needs a lot of work?  FHA has a great streamlined single mortgage loan that lets buyers purchase a distressed home and borrow the money to make repairs and improvements.  The FHA 203K loan allows a mortgage up to market value if the home was in top condition.  Both Lowes and Home Depot will send their building and remodeling specialists out to give firm bids on the costs of a new kitchen, plumbing or whatever is needed.  Their service makes the remodeling process so much easier than hunting down contractors yourself.  Not all lenders work with this program, but I can be a source of Toledo area lenders who do.  Click here for more information on this plan.
•  It's tax time again!  Try this IRS link for information on saving money on your property tax...Real Estate Tax Center.