A few months back, in one of our Wilson Eat Wise weekly meetings, the “backpack program” was brought to my attention. Having attended parochial schools most all my life, I led a fairly sheltered existence on issues such as childhood hunger. To be quite honest with you, it never even crossed my mind. The very moment that it occurred to me that classmates of Fiona’s could be going to bed hungry each night, my eyes welled up as I fought back the tears. How can I always have a refrigerator full of leftovers and children who live within walking distance of me be going hungry. It isn’t right.

Although it would be difficult to identify hungry children in my neighborhood, the Regional Food Bank has implemented a fantastic program called Food 4 Kids that addresses this very issue. The children are discretely identified at school by the staff and given a backpack of non-perishable items to take home each Fridays as school lets out. We are in the process of implementing this program at Wilson and I believe at this juncture we are only waiting on the training for those who plan to distribute the packs. As this is an extremely touching matter for me, I have volunteered to be there on Fridays and to donate a portion of my proceeds to the cause. I chose $200.00 because this is the amount that will get one child through an entire school year. I have also committed to donating some funds to the Eat Wise Wolves in order to supplement the bags with fresh items, such as fruit and other healthy options.

All money given to the Regional Food Bank before the end of the year will be matched dollar for dollar by Chesapeake Energy. If you need a tax write off, this is a wonderful cause. If you need a Realtor, you will know that you are doing something good for the community when you hire me.

On November 6, 2009 new legislation was signed into law extending the existing First Time Buyer Tax Credit and expanding it to include existing homeowners. Let me explain a little bit about changes made to the existing credit first:

As a First Time Buyer, you are eligible for the full credit if:

• You are single and make $125k or less OR married and make $225k or less, based on MAGI.
  
• You have not bought or sold your primary residence in the past 3 years.
• You must enter in to a binding contract to purchase prior to April 31, 2010 AND
  
• Title of the property being purchased transfers (closes) prior to June 30, 2010.
• The purchase price of the home is between $80k and $800k.
• You are a US citizen, currently filing taxes.
  
• You do not owe back taxes.

Previous MAGI restrictions capped at $75k for single and $150k for couples, annually, so there has been a significant raise in income limitations, allowing for more eligible persons to receive the full $8,000 credit. The only other major difference is the way that they structured the deadline for the new credit. There is a date in which you must have a contract on a home and a subsequent deadline in which you must transfer title.

As a First Time Buyer, partial credit is available if any of the following apply:

• The home is purchased for less than $80k.
• You are single and make between $125-145k or married with a combined income of $225-245k, based on MAGI.
  
• You currently owe the IRS less than $8,000 in taxes.

The new law extends the Home-buyer credit to existing homeowners who wish to move-up or over or down or wherever they choose to go! It is similar in many ways to the First Time Buyer credit. Existing homeowners will receive a $6,500 credit.

As a Repeat Buyer, you are eligible for the full credit if:

• You are single and make $125k or less OR married and make $225k or less, based on MAGI.
  
• You have owned and occupied your home for 5 consecutive years of the 8 years prior to purchase date.
• You must enter in to a binding contract to purchase prior to April 31, 2010 AND
  
• Title of the property being purchased transfers (closes) prior to June 30, 2010.
• The purchase price of the home is between $65k and $800k.
• You are not purchasing your new residence from a family member.
  
• You are a US citizen, currently filing taxes.
  
• You do not owe back taxes.

As a Repeat Buyer, partial credit is available if any of the following apply:

• The home is purchased for less than $65k.
• You are single and make between $125-145k or married with a combined income of $225-245k, based on MAGI.
• You currently owe the IRS less than $8,000 in taxes.

Credit may be available to nonresident aliens who are existing homeowners, as well.

As I stated in my previous blog on the credit…..

If you are an unmarried couple purchasing a home in which one of you has bought or sold in the past three years, the one who has not owned a home is entitled to the credit! This does not apply to married couples.

You can receive the $8,000.00 prior to filing your 2009 taxes by filing an amendment to your 2008 taxes. Same goes for next year!

If you qualify for the credit and plan to purchase before the deadline, you can also decrease your income tax withholding to allow extra bring home money to put down on your purchase. “Bridge loans” are not available in Oklahoma. If you have lender related questions, please contact Gregg Long at First American.

The tax credit applies on existing single-family homes as well as new homes, townhouses, condominiums, manufactured homes and houseboats (believe it or not!) Some restrictions apply to new construction.

For a free, no risk, no hassle ( I swear!) list of properties that match your needs, CALL OR EMAIL ME….today! (405) 365-5320 I look forward to helping you find the home of your dreams and getting you the money you need to make it your own! You can also search the OKC MLS via my website!

MLS stands for Multiple Listings Service. The OKC MLS is a site that Realtors subscribe to and communicate through. Through membership at their local board (OKCMAR), Realtors are able to post their new listings and immediately following all other Realtors are able to see the new listings. The public typically sees this updated information within 24 hours through public sites but it completely depends on which sites they search. Not all infromation is accurate.

The MLS is the most up-to-date, reliable source of information available. We are also able to see other information that is not viewable by the public varying from previous sales history, tax records, days on the market, compensation to the selling broker, viewing instructions, etc. Basically Realtors can see the “whole picture” when the average consumer only sees the part the seller wants them to see.  In addition, For Sale By Owners (FSBO’s) do not have access to this database and often times their homes are not visible online.

What this means to you as a consumer is that by creating a single-party broker relationship with a Realtor that you trust, you have a liason that can provide you with invaluable information regarding your real estate transaction.

The MLS is supported by the local board of Realtors. In Oklahoma City, this is OKCMAR. Norman has its own board, which is separate from OKCMAR with some overlap in listings. OKCMAR governs Oklahoma, Canadian, Caddo, Logan, Lincoln, Grady, McClain, Pottawatomie, Kingfisher and Cleveland Counties.

Through my website, you can search the entire MLS for free and even set up an auto notification when homes that meet your criteria come available. For more information, call Michelle at (405) 365-5320 or go directly to my site and start searching!

For more information on local market trends, call Michelle Foy TODAY! Cell (405) 365-5320, Office (405) 948-7500 or michellefoy@kw.com.

As a Realtor working with a handful of First Time Buyers at any given time, I am often faced with the challenge of helping people overcome their fears. I don’t know why buying your first home seems so scary but I do remember being in the same predicament so I can empathize. Maybe it is the unknown, the fear of not being able to afford the home and having the back foreclose on it or not being able to come up with the down-payment, the commitment, the maintenance…who knows! Maybe it is a combination of all of these things but the fact remains: if you can afford rent, you can’t afford not to buy. Interest rates are super duper low. I am doubtful that I will ever see rates like this again in my lifetime.

There are options when it comes to money down. The first being down payment assistance (DPA) programs. I would like to point out that I do not claim to be an expert on the DPA programs so please touch base with your lender. A qualified lender should be able to provide ample information on currently available programs. If you need help selecting a lender I would be happy to point you in the right direction.

OHFA (Oklahoma Housing Finance Agency) offers several programs intended to assist with housing needs. They have programs specific to teachers, police and firemen, as well as those with AIDS. They also offer a general program which provides “below market interest rates” and DPA for qualified individuals. Bond money is released 2-3 times a year and a new round came out the first of this month. You will need to check out whether you fall in to the income and purchase price restrictions and whether you are looking in a targeted or non-targeted area. With so many constantly changing variables, the best way to determine your eligibility is to contact a participating lender or go directly to the source to find current info. While it says that they offer “below market interest rates”, the going rate for this assistance is at 6.1% and I just saw a buyer get approved for 5.00% last week so be sure that you see on paper the difference the interest rate will make on your monthly payment.

For example: On a home costing $100,000.00, your monthly principal and interest (P & I) payment at 5% would come out to $536.82. At 6.1%, it would be $605.99, a difference of $69.17. If you are receiving 3.5% back ($3,500.00) it would take approximately 4.23 years before you would have paid back the $3,500.00 through the difference in interest rates, at which point you have now started paying more than you would have if you had not gotten the bond money…and the kicker, they will probably require you to stay in the home for 5-7 years to avoid repayment so you have to determine if it is worthwhile to apply for this assistance or if you can come up with the money without it.

The Community Action Agency of Oklahoma City offers two different DPA programs that can be used with an FHA loan and will not impact your interest rate. However, the income restrictions are much more strict than those imposed by OHFA. If you buy in the target area (Neighborhood Revitlization Strategy Area), have not bought or sold in the past 6 months and meet the income restrictions, you are eligible for 6% of the purchase price, up to $6,000.00 toward down payment and closing costs. if you are selling one home and purchasing another in the NRSA area, you may still qualify for $3,500.00 toward closing. There is also a second program that offers up to $3,500.00 back in the Low/Mod outside areas. Home must be owner occupied or vacant for 6 months prior. It cannot be a rental, unless it was rented to you. You must attend a home-buyers education workshop prior to closing, provide 1% of the sales price and occupy the purchased property for 5 years, per the terms of the agreement. Please call Jackie Baker at (405) 232-0199 x3201 for more information on Community Action Programs.

This money is in addition to the Federal Tax Credit available to First Time Buyer’s. Please seek the advice of your lender or the staff at one of these agencies for a more in-depth explanation of requirements and implications. I have also been asked on several occasions about bridge loans. They are not available in Oklahoma. There was a premature announcement earlier in the year saying that Oklahoma would provide down payment assistance against the tax credit money to be returned but it was quickly retracted. The only way you will get any of your $8,000.00 tax credit in advance is if you ask your employer to withhold less of your paycheck.

The last option is to be gifted the money. If your parents or a friend want to gift you the money for a down payment your lender will have a gift letter drawn up for them to sign and will probably verify the funds with the person giving you the money.

As I made my weekly stroll through the isles of the OSU-OKC Farmer’s Market yesterday, I looked around trying to come up with recipes that would allow me to use as many of the items in season right now. I noticed a lot of ingredients typical to Asian dishes, such as bok choy, cilantro, basil, green onions, lemongrass, ginger, garlic, etc.

The weather has started to cool down a bit and even when it is hot, I thoroughly enjoy a bowl of spicy soup so I decided to post a recipe for a soup I refer to as Faux Pho Tom Yam. I am not sure I ever make it quite the same way. It is very versatile and so darn good, warm on the tummy and spicy on the lips! OMG, I am drooling….and the best part, it can be made start to finish in less than 30 minutes!

This is my basic recipe that I go from.

4-5 oz of rice sticks
…………………………………..
3 tablespoons peanut oil
10 cloves fresh garlic, peeled and minced
1.5 inch piece fresh garlic, peeled and minced
1-2 teaspoons crushed red pepper
1 pound boneless chicken breast, slightly frozen
72 oz chicken stock
5  tablespoons fish sauce
2 large tomatoes, diced
8 oz mushrooms, quartered
…………………………………..
1/2 bunch cilantro, chopped
fresh basil leaves, chopped
3-4 green onions, thinly sliced
sri racha sauce
hoisin sauce

Add noodles to a bowl of very hot water to allow time to soften while you make the soup. Do not add them to the soup or you will have a starchy mess on your hands!

Mince garlic and ginger. Set aside. Remove fat from chicken and slice in to very thin strips about 1/8 inch thick. Heat a pot or large saute over medium high. Add peanut oil, garlic, ginger and crushed red pepper, stirring constantly for one minute. Add chicken and continue to stir for another minute. Add chicken stock and fish sauce. Increase heat to high and bring to a boil. While the soup is coming to a boil, dice tomatoes and quarter mushrooms. Add to pot and let cook just slightly (or to desired tenderness.) Turn off heat. Make sure noodles are soft-ish. Remember that they will soften even further when you pour the hot hot soup over them so they should not be anywhere near mushy.

Prepare cilantro, basil and green onion for garnish.

To serve, place a serving of noodles in the bottom of the bowl, ladel soup over noodles and top with cilantro, basil and green onion. Sri Racha will make it even spicier and the hoisin adds a salty liquorice flavor, so if you are unsure about either sauce, add a tiny bit at a time.

Bok choy and lemongrass are a lovely addition to this soup and shrimp is a good substitution for chicken. However, you will want to add the shrimp at the very end so that it doesn’t get chewy. if it is already cooked shrimp, you can literally add it as you turn the heat off to prep the garnish.

Enjoy!