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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 homes purchase price up to $8K) to first time home buyers and it doesnt have to be repaid! Being a first time home buyer means that youve either never owned a home before, or you havent 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 thats been around since the 1940s, 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 heres 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 doesnt necessarily mean someone whos never owned a home before “ its 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 its 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, its 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 havent and youre 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.
Fannie and Freddie Get a New Boss – Part II
September 10th, 2008 Categories: Real Estate Finance
On Tuesday, I wrote about how Fannie Mae and Freddie Mac are now under government control. Here’s a bit more on how I’ve seen clients being affected….
Fannie and Freddie get a New Boss – Part I
September 9th, 2008 Categories: Real Estate Finance
I am sure you are all well aware that the US Government seized control of Fannie Mae and Freddie Mac over the weekend. The Government ousted both companies CEOs, will acquire $1 billion of preferred shares in each company without providing immediate cash, and has pledged to provide up to $200 billion in credit to the two mortgage giants. Eighty percent of both companies will go to the government who will receive a 10% dividend on every $1 invested.
Loan Modifications – A New Cottage Industry
August 29th, 2008 Categories: Real Estate Finance
Many people are having trouble making their mortgage payments. Sometimes the difficulty arises when the interest rate on their mortgage increases and sometimes it is for other economic factors.
Short Sale vs Foreclosure
August 11th, 2008 Categories: Real Estate Finance
Whats the difference between a short sale and a foreclosure? Were all hearing about them in the news and Im sure some of you have, or are currently dealing with one yourselves. As peoples Adjustable Rate Mortgages(ARMs) continue to adjust, more and more people are finding themselves in a difficult situation.
New Housing and Economic Recovery Act
August 7th, 2008 Categories: Real Estate Finance
Approved by the House and passed by the Senate, the President signed the new 2008 Housing and Economic Recovery Act on July 30th, 2008. There are a number of items that need to be solidified, but generally speaking, this Act is supposed to help first time home buyers, help those who are behind on mortgage payments and ease FHA funding guidelines.
