Archive for November, 2009
President to Sign Today
President Obama is scheduled to sign homebuyer tax credit bill at a White House signing ceremony later today. The bill received overwhelming bipartisan endorsement in Congress and expands tax credit to include move-up homebuyers. If you want to take advantage of this tax credit on the purchase of your next home you will need to have your own signing ceremony prior to April 30, 2010.
Need help? Call us to get started. Your home is out there waiting.
Sphere: Related ContentNo Time to Lose
The House voted 403-12 today to extend and expand the tax credit to include many buyers who already own homes. The Senate passed this by a 98-0 vote yesterday and President Obama is expected to sign asap.
- $8,000 for first-time homebuyers
- $6,500 for move-up homebuyers
- Must be in contract by April 30, 2010 and close escrow by June, 30.
If you want to take advantage of this tax credit it would pay to get started right away. No guarantees that there will be future credits. “This is probably the last extension,” said Sen. Johnny Isakson, R-Ga.
This is especially important for move-up buyers who need to sell in order to buy their next home during tax credit period. The good news for move-up seller/buyers is that this time pressure combined with the extra $8,000 available to first-time buyers will most likely boost entry level housing prices.
Either way, no time to lose.
Source: Buyers Guide to Shasta County Real Estate
Sphere: Related ContentBy 98-0 Senate OK’s Homebuyer Tax Credit
The Senate voted to extend and expand first-time homebuyer tax credit to include move-up buyers. House expected to pass any day. Will include $8,000 for first-time buyers, $6,500 for move-up buyers.
Source: Buyers Guide to Shasta County Real Estate
Sphere: Related ContentB of A focusing on Short Sales
In an effort to deal with distressed properties prior to foreclosure Bank of America is adopting Equator, a short sale module that will enable borrowers and short sale agents to submit documents and check status online 24/7.
The Equator Platform, formerly REO Trans, is a web based electronic system designed to automate the short sale process and improve communication and approval timelines.
In another sign that short sales are increasingly becoming the preferred method of dealing with properties at risk of foreclosure it is reported that B of A has expanded its personnel in the division handling this type of transaction.
With short sales typically resulting in a higher net sales price look for this type of system to be adopted by other major lenders.
Sphere: Related ContentNo Down Payment Saved? Buy with CHF Access
With CHF Access financing Homeownership may be just around the corner. The CHF Access program provides 99.5% fixed rate financing by blending a 96.5% FHA first mortgage with a 3% CHF Access second. This program is limited to a primary residence but is not limited to only first time buyers. Program highlights include;
- Just .05% (1/2%) minimum down payment.
- Down payment can be gifted from family member.
- No Prepayment penalty on 1st or 2nd mortgage.
- Not limited to first-time homebuyers.
- Eligible 2 years after a bankruptcy and 3 years after foreclosure.
- On-line homebuyer education required.
- Seller may contribute up to 6% towards buyer closing costs.
- Income limit of $66,840 in Shasta County.
- Use on FHA approved SFR, Condo, Manufactured Homes.
- Purchase price up to $417,000
Combine the CHF Access program with the proposed first-time homebuyer or move-up homebuyer tax credit being considered by congress and a purchase could look something like this;
- Purchase price $150,000
- Down payment $750 which can be gifted from family member.
- Seller contribution up to $9,000 towards your closing costs.
- First Mortgage of $144,750
- Second Mortgage of $4,500
- Refundable Tax Credit(Proposed, $8,000 first-time buyers, $6,500 for move-up buyers.)
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