Posts Tagged ‘fannie mae’

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Buyers Have the Edge!

December 22, 2010

According to Lawrence Yun, chief economist from the National Association of REALTORS, “Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. Affordability has reached a generational high in the second of this yer because of rock bottom mortgage interest rates, helped partly by the Fed’s very ccommodative monetary policy.”For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free ebook.

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Important Article about Re-Financing

October 14, 2010

Thinking of refinancing your home read this article first!

http://www.latimes.com/business/realestate/la-fi-harney-20101010,0,5817827.story

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REALTOR® Magazine-Daily News-Luxury Homes in Foreclosure Go to Auction

February 12, 2010

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via REALTOR® Magazine-Daily News-Luxury Homes in Foreclosure Go to Auction.

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Share Americans Want to be Obama’s neighbor

January 3, 2010

Daily Real Estate News | December 30, 2009 | Share Americans Want to Be Obama’sNeighbor

The neighbor most Americans would choose is the Obama family, according to the annual Zillow Celebrity Neighbor Survey, which asked more than 2,000 U.S. adults to choose who they’d most like to see across the fence.

The most desirable neighbors for 2010 are: * The Obamas * Ellen DeGeneres and Portia DeRossi * Sarah Palin * Taylor Swift * Oprah Winfrey * Tom Brady and Gisele Bundchen * Tiger Woods * Robert Pattinson

The least desirable neighbors are: * Nayda Suleman (also known as “Octomom”) * Jon and Kate Gosselin * Sara Palin * Richard and Mayumi Heene (parents of balloon boy) * Kanye West * Heidi Montag and Spencer Pratt * Britney Spears * Tiger Woods Source: Zillow.com (12/29/2009) Daily Real Estate News | December 30, 2009 |

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Mortgages Becoming Easier to Obtain In some parts of the country

December 21, 2009

Daily Real Estate News | December 21, 2009 |

Mortgages Becoming Easier to Obtain In some parts of the country, borrowers with good credit are more likely to be able to borrow 95 percent of the purchase price than they were just a few months ago. In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing. “We are starting to see…moderation,” said Neil Librock, head of credit risk for Wells Fargo & Co. Source: The Wall Street Journal, Ruth Simon (12/19/2009)

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Who Qualifies for Extended Credit?

November 24, 2009

* First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. * Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit. Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available? The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. How is a Buyer’s Credit Amount Determined? Each home buyer’s tax credit is determined by tow additional factors: 1. The price of the home. 2. The buyer’s income. Price Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Can a Buyer Still Qualify If He/She Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Tax Credit Need to Be Repaid? No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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Question? Do you think Extended Home Buyer Tax Credit will help economy?

November 7, 2009

Would love to know your reaction to the new law extending the Home Buyer Tax Credit till April 30th 2010. Please comment. Do you think it’s a positive move or not? and have you taken advantage of the tax credit to purchase recently?