February 4th 2010
This past Monday, I attended a webinar on a new program that has been rolled out by CHFA (Colorado Housing Finance Authority). Well it’s sorta new. It is actually the old MRB FirstStep program taken off the shelf, dusted off, and put back on the market. If you are familiar with CHFA then you may remember back when the first time buyer program from CHFA had very competitive rates. Sometimes they were even better then regular FHA rates. Continue Reading »
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January 28th 2010
By now you may know that FHA is waiving the 90 day flip rule as of February 1st, 2010. Remember that there are a few restrictions: 1) It is only a 1 year waiver of this rule to try to help move inventory. 2) If the sales price is 20% higher then the sellers acquisition costs, then the seller has to justify the increase with a list of improvements or if there are no improvements made, the appraiser has to explain the increase. Continue Reading »
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December 9th 2009
As I have mentioned before in one of my updates, selling a condo just got a lot harder because of the new FHA guidelines that require all condo projects to be approved or re-approved as of yesterday. The only way around this is if the project was approved in the last 12 months or if it is a HUD owned property. HUD apparently does not seem to think they need to play by the same rules. Continue Reading »
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November 24th 2009
Well my last update told you that the IRS tax credit has been extended and expanded to include non-first time buyers. I do have one correction. I reported that the $6,500 for “move-up” buyers went into affect on December 1 but it actually went into affect the moment that the President signed the bill. So if you have bought a house that closed since November 6, Then you can get an extra $6,500 for the trouble.
Continue Reading »
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November 6th 2009
Here is what we have just learned regarding the home buyers tax credit. The House passed the unemployment extension bill yesterday after Senate did the day before which includes the extension and expansion of the tax credit. The President signed the bill into law this morning. Here are some of the details.
· First-time homebuyers will continue at $8,000
· Tax credit for “move up” purchasers will be up to $6,500
o Must have used previous home as a principal residence for 5 consecutive years of the previous 8. This means that if a buyer owned a home for 5 years but has rented for the last 2 years, they are eligible.
· Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers
· Limitation on eligible home prices has been increased to $800,000
· Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
· Anti-fraud measures have been added.
If you have any questions, feel free to contact me.
Thank you, Mark Afman,
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November 5th 2009
I am having one of those days today. I have a few loans that are trying to get closed for November. I am confident that the $8,000 tax credit will be extended in some form and the President will sign it but most first time buyers made plans to close by the end of this month and so there are several files that are in our system to do exactly that. So where is the Bad Day part coming in? Continue Reading »
Posted by Mark Afman under Home & Mortgage & Mortgage Blog & Mortgage Information & Real Estate | 2 Comments »
October 29th 2009
We have just received word that the Senate has voted to approve a bill this week that would extend the $8,000 tax credit through June of 2010. The “Dodd-Lieberman-Isakson” amendment would also extend the credit to NON FIRST TIME buyers as well. The non first timers will get $6,500 but still that is nothing to sneeze at. I will send out more information as it becomes available. Continue Reading »
Posted by Mark Afman under Home & Mortgage & Mortgage Blog & Mortgage Information & Real Estate | 1 Comment »