Residential Listings
Buyer Representation
REO Listing / BPOs
Short Sales
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Buyer Representation
REO Listing / BPOs
Short Sales
New Homes
Est. 1968
EXPERIENCE
DOES COUNT!
EXPERIENCE
DOES COUNT!
Oct. 23, 2009 - New FHA Condo Rules Delayed.
Implementation of FHA’s new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009. The new guidance, to be issued within the next two weeks, will: 1) offer additional leniencies to address the difficult market conditions and 2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification.
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41. Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.
To read FHA Mortgagee Letters 1996-41 and 2009-19 please visit: FHA Mortgage Letters
Implementation of FHA’s new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009. The new guidance, to be issued within the next two weeks, will: 1) offer additional leniencies to address the difficult market conditions and 2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification.
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41. Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.
To read FHA Mortgagee Letters 1996-41 and 2009-19 please visit: FHA Mortgage Letters
Real Estate News
Oct. 30, 2009 - Homebuyer Tax Credit Extention - Senate to Vote?
With support of the National Association of REALTORS® (NAR) the US Senate is expected to vote early next week on a bill that contains the Dodd-Lieberman-Isakson Amendment to extend and expand the first time home buyer Tax Credit. If successfully passed it will need to go to the House, then to the President.
This would extend the first time homebuyer tax credit, set to expire November 30th 2009, and it will be expand it to include all buyers. Restrictions will apply and we will post them here as they become available.
With support of the National Association of REALTORS® (NAR) the US Senate is expected to vote early next week on a bill that contains the Dodd-Lieberman-Isakson Amendment to extend and expand the first time home buyer Tax Credit. If successfully passed it will need to go to the House, then to the President.
This would extend the first time homebuyer tax credit, set to expire November 30th 2009, and it will be expand it to include all buyers. Restrictions will apply and we will post them here as they become available.
Nov. 6, 2009 - Homebuyer Tax Credit Extention - Signed in Law.
As hoped for Congress and the President acted to both extend and expand the Home Buyer Tax Credits.
Homebuyers wishing to take advantage of the tax credit will fall into two groups, First Time Homebuyers, and existing homeowners. Both groups will have timelines and restrictions.
If you are, a First Time Homebuyer this new law will simply extend the existing tax credit that was to expire at the end of November. Some of the highlights are listed below.
First Time Homebuyer*:
-Up to $8,000 in Tax Credit.
-Cannot have had interest/ownership in a principal residence for 3 years prior to purchase.
-Must have the qualifying property closed between November 6th 2009 and April 30th 2010.
-Income limit will be $75K single/ $150K married. Higher income may have additional requirements.
-No limitation on the cost of the home.
The second group is the Current or Existing Homeowner. The new law give this group (non-First Timers) a tax credit of your own. The highlights are listed below.
Current Homeowners*:
-Up to $6,500 in Tax Credit on the purchase (not sale) of a property.
-Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
-Must have the replacement property under contract between November 6th 2009 and April 30th 2010 and closed no later than July 1st 2010.
-Income limit will be $125K single/ $225K married. Higher income may have additional requirements.
-$800K limitation on the cost of the home.
-Anti-Fraud Provision. Must attach documentation on tax filings.
This was meant to give you a basic understanding of the benefits of the new Tax Credit. It shall not be taken as Tax or Legal advice and you should consult a proper advisor for specifics that will relate to you situation. Additional terms and conditions may apply.
As hoped for Congress and the President acted to both extend and expand the Home Buyer Tax Credits.
Homebuyers wishing to take advantage of the tax credit will fall into two groups, First Time Homebuyers, and existing homeowners. Both groups will have timelines and restrictions.
If you are, a First Time Homebuyer this new law will simply extend the existing tax credit that was to expire at the end of November. Some of the highlights are listed below.
First Time Homebuyer*:
-Up to $8,000 in Tax Credit.
-Cannot have had interest/ownership in a principal residence for 3 years prior to purchase.
-Must have the qualifying property closed between November 6th 2009 and April 30th 2010.
-Income limit will be $75K single/ $150K married. Higher income may have additional requirements.
-No limitation on the cost of the home.
The second group is the Current or Existing Homeowner. The new law give this group (non-First Timers) a tax credit of your own. The highlights are listed below.
Current Homeowners*:
-Up to $6,500 in Tax Credit on the purchase (not sale) of a property.
-Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
-Must have the replacement property under contract between November 6th 2009 and April 30th 2010 and closed no later than July 1st 2010.
-Income limit will be $125K single/ $225K married. Higher income may have additional requirements.
-$800K limitation on the cost of the home.
-Anti-Fraud Provision. Must attach documentation on tax filings.
This was meant to give you a basic understanding of the benefits of the new Tax Credit. It shall not be taken as Tax or Legal advice and you should consult a proper advisor for specifics that will relate to you situation. Additional terms and conditions may apply.
Jan. 1, 2010 - New Good Faith and HUD-1 Now in effect.
The effective date for the U.S. Department of Housing and Urban Development's ("HUD") new RESPA rule was January 1, 2010. HUD's new rule mandates use of a new Good Faith Estimate (GFE) and HUD-1, and is intended to reduce consumer's closing costs by encouraging comparison shopping.
The effective date for the U.S. Department of Housing and Urban Development's ("HUD") new RESPA rule was January 1, 2010. HUD's new rule mandates use of a new Good Faith Estimate (GFE) and HUD-1, and is intended to reduce consumer's closing costs by encouraging comparison shopping.