Although nothing has been formally passed, The National Association of Mortgage Brokers issued this update on the $8k tax credit yesterday.

October 30, 2009 – The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010.  The Obama Administration has urged Congress to pass legislation to extend the program from its original December 1, 2009 deadline.  In addition, legislation may provide a tax credit for some current homeowners.  NAMB will continue to monitor legislation and will inform members when the extension is formally enacted. 
http://nationalmortgageprofessional.com/news14521/namb-legislative-alert-first-time-homebuyer-tax-credit-verge-extension

Under the terms of the agreement, the deadline for first-time homebuyers to claim the $8,000 credit would be pushed back to April 30, 2010.  But the term “deadline” doesn’t mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase.

That means New Jersey FHA Mortgage buyers will have until approximately until the end of July 2010 to be CLOSED on their homes in order to receive the $8,000 first-time buyer tax break.  Wow!!!

Here are some quick questions and answers about the tax credit.

What is the home buyer tax credit? It is a tax refund for 10% of a primary home’s purchase price (up to $8K).

Who is eligible to receive the credit? First-time home buyers and those who have not owned a principal residence in the last three years prior to purchase. See the IRS website for more detail.

Do income limits apply? Yes! The full amount is given to individuals who make up to $75K and married couples who make up to $150K per year (adjusted gross annual income). The credit amount phases out between $75K and $95K for individuals; $150K and $170K for joint filers.

If you want to take advantage of the home buyer tax credit, you need to act fast! Keep in mind it’s typically 45-60 days to close on a traditional real estate transaction (short sales can take much longer).

How do I qualify for a New Jersey Mortgage? To determine if you qualify, you should fill out this Secure Online Application and you will be well on your way to getting a New Jersey Mortgage loan.

Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

I hope you have enjoyed this blog.

Until next time,

Tony

201-943-6800

P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.

P.P.S. CLICK HERE to check out our FREE Credit Repair Program.

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Idaho NSP Homeownership Assistance 20% down payment assistance program is a deferred Payment Loan and is due on the sale of the property. This zero interest loan is for foreclosures only (no short sales) !

The main details for this loan are below:

- Homeownership assistance provides funds for closing costs, interest write downs, and principal write downs
- Home must be a foreclosure (no short sales) and the bank must be willing to discount the property by 1% from the appraised value
- Borrowers income must be 120% or below area median income
- NSP home ownership assistance can provide up to 20% of the sales price in assistance, not to exceed $40,000 and based on need. This loan is in the form of a zero percent (0%) deferred loan due on the sale of the property.
- The borrower must complete the Finally Home! home buyer education course.

If you have questions about the Idaho NSP Homeownership down payment program I would be happy to answer any questions you may have.

Andy Radke
Mortgage West
Senior Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com

Top 5 Boise Idaho Mortgage Links/Articles/Questions

1. Boise, Idaho $8,000 First-Time Home Buyer Tax Credit
2. FHA Streamline Refinance in Boise, Idaho
3. Idaho FHA Reverse Mortgage
4. Idaho $8,000 First-Time Home Buyer Tax Credit on the Verge of Extension
5. Idaho VA 100% Home Financing Loans for Boise and Mountain Home Areas

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The Idaho First-Time Home Buyer HOME Down Payment assistance program provides up to $20,000 for down payment assistance. This is a No interest loan which is due on the sale of the property.

This Idaho HOME Down Payment assistance program is available to Idaho First-Time Home Buyers who make less than 80% of area median income.  Assistance to borrowers is based on need and can range from $1,000 to $20,000.

Details of the Loan :

- Assistance level is based on need and the adjusted gross household area median income.
- Deferred Payment Loan
- Interest Rate = zero percent (0%)
- First-Time Home Buyer with exceptions, Exceptions displaced homemakers or single parents with custody of children
- Borrower needs to complete Homebuyer Education Program Finally Home !

This is a limited time program. A borrowers loan must be closed and delivered by January 1, 2010. If you are wondering if you would fit into this program or would like to learn more you can contact me at the information below.

Andy Radke
Mortgage West
Senior Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com

Top 5 Boise Idaho Mortgage Links/Articles/Questions

1. Idaho $8,000 First-Time Home Buyer Tax Credit on the Verge of Extension
2. Idaho First-Time Home Buyers Frequently asked Questions
3. Idaho FHA Reverse Mortgage
4. Boise $8,000 First-Time Home Buyer Tax Credit
5. FHA Streamline Refinance in Boise, Idaho

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The Idaho $8,000 First-Time Home Buyer tax credit is on the verge of extension. The Idaho First-Time Home Buyer Tax Credit is set to be extended until April 30, 2010 if it passes legislation. As it stands right now the tax credit is set to expire on December 1, 2009.

There are some differences between the current tax credit and the proposed tax credit. There are two different factors the new legislation stipulates in that buyers must have a sales contract on a house by April 30, 2010 to be eligible, but it gives them an additional 60 days to close the purchase. The current $8,000 First-Time Home Buyer tax credit states that the transactions must be closed by November 30, 2009. So there is no additional 60 days to close on the property.

The other factor with the new legislation is that congress is considering a tax credit for some current homeowners. Details to follow soon.

If you or anyone you know has any questions pertaining to the $8,000 First-Time Home Buyer tax credit I would be more than willing to discuss them with you.

Andy Radke
Mortgage West
Senior Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com

Top 5 Boise Idaho Mortgage Links/Articles/Questions

1. Idaho First-Time Home Buyer Frequently Asked Questions
2. Can I Use My $8,000 First-Time Home Buyer Tax Credit as a Down Payment in Idaho ?
3. Idaho FHA Reverse Mortgage
4. IHFA Tax Credit 2nd Loan For Idaho First-Time Home Buyers
5. Idaho IHFA & USDA Rural Development Zero Down Home Loans

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The resolution would extend the present conventional loan limits for Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas.
The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown….(read more)

Upbeat earnings and the +3.5% GDP report helped US stocks jump around 2% yesterday, though the gains weren’t enough to wipe out losses from earlier in the week. The market is still down 2.9% from its annual high on October 19.

This morning Dow Futures are looking down 32.00 points at 9871.00, still a ways off from the 10k mark, and the S&P 500 looks to open 4.00 points lower at 1057.50.

Meanwhile, the Treasury yesterday completed its record $123 billion issuance of government-backed securities. Despite the growing deficit, each auction was “heavily oversubscribed, drawing in a total of $372.4 billion in bids, more than three times the offered amount,” said the Wall Street Journal.

The US$ index is flat this morning following heavy losses yesterday as equities rallied. WTI crude oil is down 0.4% to $79.55, and spot gold is off $2 to $1045….(read more)

No money for a down payment ? No problem, try an Idaho USDA Rural Development Home Loan. If you are in the market for a home and you need 100% financing the Idaho USDA Rural Development home loan might be right for you.

One of the great things about USDA Rural Development loans is you can get 100% financing for the purchase of your home. There are borrower income limits and properties in certain areas are not eligible. If you are curious as to whether or not a property you are interested in would qualify for a USDA Rural Development loan you can click on this USDA Rural Development property link and type in the property address.

The USDA Rural Development loan is a true 100% financing without mortgage insurance. Mortgage insurance also known as private mortgage insurance (PMI) is setup to offset losses in the case where a borrower is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. The nice thing about not having to pay mortgage insurance every month can lower your monthly payment significantly.

If you or anyone you know is interested in or would benefit from an Idaho USDA Rural Development loan give me a call and I would be happy to go over the details of the program with you.

Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com

Top 5 Boise Idaho Mortgage Links/Articles/Questions

1. 3 Great Idaho First-Time Home Buyer Loans
2. Idaho Housing and Finance Association Zero Down 100% Financing for First-Time Home Buyers
3. Idaho FHA Reverse Mortgage
4. Idaho VA 100% Home Financing Loans
5. Idaho First-Time Home Buyer Frequently Asked Questions

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Need a mortgage rate prediction for the next month? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey may point you in the right direction.
The Bankrate.com survey is for conventional, conforming mortgages only. It does not apply to FHA mortgages, veterans mortgages, jumbo or super jumbo mortgages. Nor [...]

There is a huge demand for FHA 203K loans in this market. That demand has prompted a lot of unqualified lenders and loan officers to attempt to grab their piece of the pie. This loan is not for rookie, it requires experience and expertise. Your choice of lenders is hugely important when pursuing a renovation loan. You need to research and you need to ask your potential lender the right questions. Here are the 3 most important questions to ask your 203K lender.

1.) How Many 203K / Renovation Loans Have You Closed?

The answer should be at least 10 minimum. As I said above, FHA 203K and Fannie Mae Homestyle renovation loans require experience and expertise. There are caveats, there are gotchas around every corner. I’ve closed 150 renovation loans and I still get surprised by underwriting requests.

2.) Who Services the Loan?

Who is responsible for disbursing the funds? Do they do so in a timely manner? If Bank of America is servicing the answer is no. They take months to disburse. Avoid like the plague any lender relying on them for servicing unless you want to have angry contractors knocking at your door. On streamline 203K loans the first draw should be disbursed within 2 weeks of closing. On full 203Ks and Fannie Mae Homestyle loans funds should be disbursed within one week of the draw request.

3.) Do You Offer the Full 203K or Just the Streamline 203K?

Why does this matter? I just need a streamline 203K. It matters because there are numerous items that can flip a streamline 203K to full 203k. I outline a few of the biggies HERE. If your lender only offers the baby 203K and you need to flip to the full 203K your loan is dead. Make sure your 203K lender has access to both.

Renovation loans are one of the most useful products on the market right now. They are not easy loans, your selection of lender is extremely important. If shop solely on rate or go for the cheapest GFE then you will get what you pay for. Choose your renovation lender wisely!

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The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between October 22 and October 28, the Federal Reserve purchased a total of $21.906 billion agency MBS. In those five days the Federal Reserve sold $3.906 million agency MBS (dollar rolls) with the majority of roll transactions in FN 5.0s and FN 4.5s. After sales, the Fed's weekly net purchases totaled $18.00 billion.
…(read more)