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Three More Months – HR 4213

June 17th, 2010 Categories: Real Estate Finance, Real Estate News

Senate just passed a bill that extends the First Time Home Buyer, Federal Tax Credit. Previously, home buyers who qualified could get an $8000 tax credit if they were in escrow by April 30th of 2010 and closed by June 30th of 2010. Thanks to amendment HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010, now you can close escrow as late as September 30th of this year and still qualify for the credit – but you still would have had to have been under contract by April 30th. This is NOT for the $10K California home buyer tax credit. Good luck!

Authored by Denny Oh | What Do You Have To Say?

California First Time/New Home Buyer Tax Credit…Beware

June 7th, 2010 Categories: Real Estate Finance

If you’re in the market to buy your first home, or if you qualify as a “first time home buyer,” or if you’re buying a “new” home…READ THIS! If you’re doing one of the above, chances are you’re well aware of the $10,000 California State tax credit – the one that gives you $10K over three years. However, what you may not know, is that there’s some fine print – you must FILE FOR THE CREDIT IN 14 DAYS upon closing escrow.

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Authored by Denny Oh | 10 Comments

Is Short Sale Debt Taxable?

April 15th, 2010 Categories: Real Estate Finance, Real Estate News

State_Assembly_logo.259190515_std If you’re like one of the millions of people(actually, I’m not sure how many people are actually doing this) who are trying to short sale their home, I’m sure you’ve been worrying about the taxes that you’ll eventually have to pay. Well, it looks like you may have dodged the bullet! According to a recently passed California bill, Senate Bill 401, for those who qualify, forgiven short sale debt will not be taxable.

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Authored by Denny Oh | Join The Discussion

No More FHA Loans…Almost

August 4th, 2009 Categories: Real Estate Finance

If you’re thinking about buying a home, I’m sure you’ve heard about FHA loans. I won’t go into much detail, but basically what an FHA loan allows a buyer to do, is purchase a home with only 3.5% down. The home has to qualify and fit certain criteria, but it can be a great way to buy something.

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Authored by Denny Oh | What Do You Have To Say?

How to Apply for the California New Construction Tax Credit

June 18th, 2009 Categories: Real Estate Finance, Real Estate News

If you’re thinking about buying a new home, you may want to hurry up! California is giving a $10,000 tax credit to those who purchase a newly constructed home that has never been lived in, between March 1^st 2009 and March 1^st of 2010. There are no restrictions on how much money you make, but you do have to live in the home upon closing escrow for a minimum of two years.

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Authored by Denny Oh | What Do You Have To Say?

Vantage Pointe- Downtown San Diego

May 18th, 2009 Categories: Real Estate Finance, Real Estate News

The 679 unit condo complex located at 1281 Ninth Ave, is going through some difficult times, to say the least. According to the Daily Transcript, the Canadian developer, Pointe of View, had to give back the first 71 buyers of Vantage Pointe their deposits. The building failed to get their certificate of occupancy last week, due to financing issues. Fannie Mae now requires new developments to have at least 70% of new construction buildings to be sold before they’ll lend on it, opposed to the old 51% requirement.

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Authored by Denny Oh | 6 Comments

Obama’s New $787 Billion Stimulus Package

March 24th, 2009 Categories: Real Estate Finance, Real Estate News

I recently received an email from Prudential California Realty that provided an overview of how President Obama’s $787 BILLION Stimulus Package(not former President Bush’s Stimulus Package) would affect California. Below is an exact copy of the newsletter – I have not altered the content in any way, except for formatting.

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Authored by Denny Oh | 3 Comments

New Construction Tax Rebate – For California

March 6th, 2009 Categories: Real Estate Finance, Real Estate News

Newconstructiontaxcredit In case you haven’t heard, California is offering a $10,000 tax credit to anyone who buys a home that’s never been lived in before – new construction. You must buy your home on, or after March 1^st, 2009 and before March 1^st, 2010. The home buyer must also live in the home for at least 2 years, beginning immediately after closing on it.

To qualify for this tax credit, you just have to buy a new home in the specified time frame. There’s no income limit, nor do you have to be a first time home buyer. The home does however, have to be your primary residence. Additionally, it cannot be a duplex, or any other non-single family home. The

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Authored by Denny Oh | What Do You Have To Say?

New Tax Credit for Home Buyers

March 2nd, 2009 Categories: Real Estate Finance, Real Estate News

Last year the government was giving “first time” home buyers a $7500 tax credit if they purchased a home. Now, the federal government is offering $8000(10% of the home’s purchase price up to $8K) to first time home buyers and it doesn’t have to be repaid! Being a first time home buyer means that you’ve either never owned a home before, or you haven’t owned a primary residence for the last 3 years.

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Authored by Denny Oh | What Do You Have To Say?

I’m on TV!

January 20th, 2009 Categories: Denny Oh, Real Estate Finance

Dennyohchannel10news About a week ago, Channel 10 News approached me and a lender I work with, Dan Auld. They wanted to interview us about a loan program that offers 100% financing for homes in certain areas. It’ a USDA Rural home loan program that’s been around since the 1940’s, whose main goal is to encourage rural development.