Hello,
Ok, we're getting closer on the extension of the tax credit...
...and, they are talking about making it available to not only first time home buyers!
While a final deal was not reached, there were encouraging signs that a deal is very likely. It is more a question of "when" than "if".
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to "move up" borrowers.
Details of the revised homebuyer credit reportedly are as follows:
1) Credit is changed to 10% of sales price up to $7290
2) For first time homebuyers, the income level to qualify is $ 75,000/150,000.
3) For "move up" buyers the income level to qualify is $ 125,000/250,000.
4) For "move up" buyers, they must have been residing in their primary residence for years.
5) The credit runs from Dec. 1, 2009 to April 30, 2010.
6) Sales contracts signed as of April 30, 2010 would have 60 days to close.
We sure need this - hopefully they will get it resolved soon...
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 28, 2009
Tuesday, October 27, 2009
Trying To Get The First Time Home Buyer Tax Credit Extended...
Hello,
The Mortgage Bankers Association and multiple other mortgage related trade groups are stepping up their pleas to the White House to extend the First Time Home Buyer Tax Credit.
They are asking for at least a 12 month extension.
...so far the White House hasn't commented either way on extending the tax credit.
I'll keep you posted on any new developments...
I hope you have a good day today. Thanks for reading!
Brett
The Mortgage Bankers Association and multiple other mortgage related trade groups are stepping up their pleas to the White House to extend the First Time Home Buyer Tax Credit.
They are asking for at least a 12 month extension.
...so far the White House hasn't commented either way on extending the tax credit.
I'll keep you posted on any new developments...
I hope you have a good day today. Thanks for reading!
Brett
Friday, October 23, 2009
Save $78,139 By Paying An Extra $165 A Month...
Hello,
When rates become as low as they are right now - it makes a lot of sense for you to consider lowering the term of your loan.
...For instance, if your current rate on a 30 yr fixed loan is 6.00% or higher - you should consider refinancing to a 15 year term.
Here's why:
1) Your rate would drop by around 1.5% (fixed).
2) For every $100,000 financed - your payment would be $167 higher for the 15 yr. However...
3) For that $167 monthly difference per $100,000 financed - you would save $78,139 in interest by getting rid of the last 15 years of the 30 yr loan.
Reducing your debt is smart.
...Right now is a good time to implement a move like this - because rates are so low.
I hope you have a good day today. Thanks for reading!
Brett
When rates become as low as they are right now - it makes a lot of sense for you to consider lowering the term of your loan.
...For instance, if your current rate on a 30 yr fixed loan is 6.00% or higher - you should consider refinancing to a 15 year term.
Here's why:
1) Your rate would drop by around 1.5% (fixed).
2) For every $100,000 financed - your payment would be $167 higher for the 15 yr. However...
3) For that $167 monthly difference per $100,000 financed - you would save $78,139 in interest by getting rid of the last 15 years of the 30 yr loan.
Reducing your debt is smart.
...Right now is a good time to implement a move like this - because rates are so low.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 21, 2009
Your Time Is Running Out On The Tax Credit...
Hello,
I wanted to remind you that the time left for claiming the First Time Home Buyer IRS Tax Credit is running out...
...remember, it’s a tax credit up to $8,000!
The way the bill is currently structured - you must close on your purchase by no later than November 30th to qualify for the credit.
A normal time frame for the mortgage process is 30 days - and we are almost 30 days away from the deadline.
...so, if you were unsure about when to buy - the tax credit is a good reason to do it now.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to remind you that the time left for claiming the First Time Home Buyer IRS Tax Credit is running out...
...remember, it’s a tax credit up to $8,000!
The way the bill is currently structured - you must close on your purchase by no later than November 30th to qualify for the credit.
A normal time frame for the mortgage process is 30 days - and we are almost 30 days away from the deadline.
...so, if you were unsure about when to buy - the tax credit is a good reason to do it now.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, October 15, 2009
Here's A Way To Stretch Your Income When Buying A House...
Hello,
Do you have your eye on a house you want to purchase - but the price of the home is a little too high for your income level?
Don't look know, but the FHA ARM's are coming back!
...Your debt-to-income ratio might be a little too high to qualify for that house on a 30 yr loan - however, you might just qualify if you went with a 3 or 5 yr FHA ARM.
This is because the rates on the 3 and 5 yr FHA ARM's are down around 4.00% right now! ...lower rate means lower payment.
...and, in many cases this changes a decline to an approval!
Just something to keep in mind if you're house hunting.
I hope you have a good day today. Thanks for reading!
Brett
Do you have your eye on a house you want to purchase - but the price of the home is a little too high for your income level?
Don't look know, but the FHA ARM's are coming back!
...Your debt-to-income ratio might be a little too high to qualify for that house on a 30 yr loan - however, you might just qualify if you went with a 3 or 5 yr FHA ARM.
This is because the rates on the 3 and 5 yr FHA ARM's are down around 4.00% right now! ...lower rate means lower payment.
...and, in many cases this changes a decline to an approval!
Just something to keep in mind if you're house hunting.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 14, 2009
Found A Great House, But You Wanted A Pool?... Here's How To Get Both!
Hello,
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a good day today. Thanks for reading!
Brett
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, October 6, 2009
If Your Credit Is Below 620 - Here Are Your Options...
Hello,
I’ve had borrowers ask this question a lot lately…
What is the minimum credit score for a USDA loan?
The answer is – for a long time the minimum credit score to get a USDA loan was 580. …However, USDA has raised their minimum score to 620.
So, really there’s only three loan scenarios that will still go below 620.
1) FHA.
2) VA.
3) Conventional (must get Approve/Eligible in the automated system) – where the loan to value ratio is below 80%.
I’ve had borrowers ask this question a lot lately…
What is the minimum credit score for a USDA loan?
The answer is – for a long time the minimum credit score to get a USDA loan was 580. …However, USDA has raised their minimum score to 620.
So, really there’s only three loan scenarios that will still go below 620.
1) FHA.
2) VA.
3) Conventional (must get Approve/Eligible in the automated system) – where the loan to value ratio is below 80%.
Thursday, October 1, 2009
Movie... The Power Of Focus.
Hello,
Simple Truths sent me this early this morning... I usually don't have time to stop and watch these in the morning, but I did this one.
It's a neat little movie about the power of focus...
I'm passing it on to you now. Perhaps it will enable you to have a more productive day today.
Enjoy...
http://www.eagleschoolmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Simple Truths sent me this early this morning... I usually don't have time to stop and watch these in the morning, but I did this one.
It's a neat little movie about the power of focus...
I'm passing it on to you now. Perhaps it will enable you to have a more productive day today.
Enjoy...
http://www.eagleschoolmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
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