Yesterday, several large mortgage lenders stopped offering 100% financing to applicants as our nation’s lending institutions continue to tighten up their respective mortgage guidelines.

Since early-January, lenders specializing in “sub-prime” mortgages have repeatedly narrowed the credit profile to whom they will lend.

12 months ago, a 575 credit score was required to borrow 100% on a home purchase or remortgage; today, that figure is 620. It must also be accompanied by a bevy of secondary strengths in the applicant’s profile.

One lender announced yesterday that it will no longer lend at all unless an applicant’s credit score is 600 or higher. This freezes out a large swath of home buyers (and home owners in need of a remortgage).

As a home owner or a home buyer, the dramatic speed of change in mortgage lending can have serious repercussions on your pending home purchase.

It just may happen that between the date of signing and the date of closing that a home buyer’s mortgage application is denied because the mortgage product no longer exists.

Historically, Spring is a popular time of year to put a home up for sale. But, is it the best time of year?

In most locales, there are more new homes listed for sale in Spring than during any other season.

This creates additional supply which, in theory, should create price competition and push home sale prices lower.

However, there are more buyers looking for new homes in the Spring, too. That creates additional demand for homes which, in theory, should push home sale prices higher.

So, do more homes go listed for sale because there are more buyers in the market? Or, is it the other way around? Well, it’s a “chicken and the egg” scenario, somewhat.

In the end, there is no “best season” to buy, or to sell. A fairly priced home will sell within a fair amount of time, regardless of the number of buyers actively looking for homes.

Whether it is truth or superstition doesn’t matter; the fact is that statues of St. Joseph are hot commodities for worried home owners hoping to sell their houses quickly.

Roman Inc., a Chicago-based company, has produced St. Joseph home-sale kits since 1996. Complete with a statue and a prayer card, the kit consistently ranks among its top-selling products.

Most commonly, the Statue is placed in a protective cloth or bag and buried upside down in the front yard.

Home sellers bury St. Joseph in various locations, or sometimes simply place the statue in a cupboard or somewhere else in the home.

The accompanying statue instructions suggest that the home should also be cleaned, in good repair and properly priced.

One of the major reasons to keep an open mind about older homes is that all homes — new or old — require maintenance.

As a home buyer, you should always hire a home inspector to examine the insides and outsides of a prospective home. If you don’t have an inspector in your Rolodex, you should ask your real estate agent for a recommendation.

A quality home inspector will provide you with a full report on the property, its fixtures, and its appliances. The cost may range from $150 to $800 depending on the size and level of work involved.

Regardless of cost, a home inspection can provide a buyer with a rough idea of what ongoing maintenance costs will be incurred post-closing. An older home with new mechanicals and a roof under 10 years of age may be less costly to maintain that a newer home that is not well-built.

They just don’t build them like they used to.

When buying any home — especially your first — have reserves for maintenance costs and for normal wear-and-tear. It may be new today, but nothing lasts forever.

Many of us are knee-deep in paperwork from our banks, our advisors and lenders as we prepare for the April 17, 2007 tax deadline.

Yes, I said April 17, 2007.

April 15 is a Sunday and April 16 is Emancipation Day, a legal holiday in the District of Columbia. So, this year, we all have two extra days to get our federal taxes filed.

If you purchased a home in 2006, you may be entitled to a few extra tax deductions, courtesy of the IRS. Some of the deductions for which you and your accountant should be on the lookout include:

1. Interest on a primary mortgage
2. Home improvement loan interest
3. Discount Points
4. Property taxes
5. Capital gains exclusion
6. Home-based business deductions
7. Selling costs and capital improvement
8. Moving costs
9. Mortgage interest tax credit
10. Energy tax credits

If you are not currently working with a tax professional and need a recommendation, call or email me anytime. It would be my pleasure to help you.

Most people are surprised to hear that the inert gas radon is a leading cause of lung cancer.

As an naturally-occuring odorless, colorless gas, Radon is sourced from the earth and rock beneath homes, well water and building materials and it can seep into our homes.

Because of the dangers of Radon (and its relative lack of mind share among home buyers), it is always a good idea to test a new home for radon before purchasing.

The EPA has an abundance of material available on its Web site, including a video guide entitled “Breathe Easy: What Home Buyers and Sellers Should Know About Radon”.

According to the EPA, cooler weather months are the best times to test your home for Radon.

Condotels merge features of a condo and a hotel — hence, “condotel” — and are a variation of the time share concept.

Condotels behave like hotels in that they have a “front desks”, offer short-term occupancy, serve food and provide daily cleaning services. The differentiation between a condotel and a W is that all of the units in the building are individually owned.

So, why would you want one?

Maybe you’d like a vacation home but don’t anticipate spending much time there each year. While you’re away, a professional management company is taking care of your unit and helping you to rent it to other vacationers. If you sell the condotel, you can benefit from the home’s appreciation.

Condotels are financed with mortgages just like any other property.