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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.
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 1st 2009 and March 1st 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.
Vantage Pointe- Downtown San Diego
May 18th, 2009 Categories: Real Estate Finance, Real Estate News
The 679 unit condo complex located at 664 Sixth 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.
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.
New Construction Tax Rebate – For California
March 6th, 2009 Categories: Real Estate Finance, Real Estate News
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 1st, 2009 and before March 1st, 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
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.
I’m on TV!
January 20th, 2009 Categories: Denny Oh, Real Estate Finance
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.
Get $7500 When You Buy a Home
November 26th, 2008 Categories: Real Estate Finance
Have you recently purchased a home? Are you thinking about buying one? Well here’s something that you might find useful. As part of the Housing and Economic Recovery Act of 2008, “first time home buyers” will receive a $7,500 tax credit.
A first time home buyer doesn’t necessarily mean someone who’s never owned a home before – it’s anyone who has never owned a home, or has not owned a primary residence in the last 3 years. Oh yeah, you have to be a US citizen as well. The great part about this tax credit, is that it’s interest free. Yup, INTEREST FREE!
The credit is based on 10% of the homes purchase price, which is capped at $7,500. The buyer then must repay the credit over 15 years, or when they sell the home. The payments must be made in equal installments, but again, it’s interest free.
Agency Conforming Loan – Best Used by 12/31/08
October 14th, 2008 Categories: Real Estate Finance
Have you heard of an Agency Conforming Loan? Well if you haven’t and you’re thinking about buying a home, READ THIS! Earlier this year, the soon to be former President Bush, authorized a Stimulus Package that created a new loan – the Agency Conforming Loan. Generally speaking, you have three loan categories – Conforming, Agency Conforming and the Jumbo.
Paulson’s New Plan
September 24th, 2008 Categories: Real Estate Finance
What a ride. Mortgage Bonds have been up and down and sideways all week. They are under selling pressure today as the government announced it’s proposed bailout of the financial sector. Over the weekend, Treasury Secretary Henry Paulson announced a plan that would give the Treasury the authority to purchase up to $700 Billion of failed mortgage assets from financial institutions and provide much needed liquidity to the financial markets.
