Only a little over a week remains for Massachusetts FHA mortgage holders to take advantage of one of the most popular and easiest refinance programs available…the FHA Streamline Refinance.

Effective with FHA case numbers assigned on or after November 18th, those seeking a MA FHA Streamline Refinance will face much more stringent rules which effectively eliminate the program as we know it.

Current FHA Streamline Refinance guidelines allow existing Massachusetts FHA mortgage holders to refinance their loan without the need for a new appraisal and without income or asset documentation provided that all mortgage payments have been made on time for the last year (or past 6 months if a newly purchased home). While these guidelines are extremely liberal by today’s stringent underwriting standards, FHA has permitted Streamline Refinances since the early 1980’s under the rationale that updated documentation is not needed for responsible homeowners that pay their mortgage on time.

With recent mounting evidence of losses though, the go-go years for FHA Streamline Refinances are coming to an end.  Under new FHA Streamline Refinance guidelines outlined in Mortgagee Letter 09-32, income and asset verification become mandatory such that borrowers must meet FHA ratio requirements and prove they have sufficient funds to close.

With mortgage rates at their lowest point since May and only about a week remaining, now is the time to act if you can take advantage of a FHA Streamline Refinance.

If your current FHA mortgage rate is over 5.500%, there is a good chance that you take advantage of a FHA Streamline Refinance and save money. Contact me today for your FREE, no obligation loan comparison.

Geof McLaughlin
Certified Mortgage Specialist, CRMS, CMPS
Mortgage Master, Inc.
508-272-0055
gmclaughlin@mortgagemasterinc.com

---

Copyright © 2008
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
)

Great News !!!!! Idaho $8,000 First-Time Home Buyer Tax Credit Extended into 2010! As Well As A New $6,500 Tax Credit for Certain Existing Home Owners!

The $8,000 tax credit for First-Time Home Buyers has been extended into the first half of 2010. The program was scheduled to expire on November 30,2009.

With this extension in order to qualify for the credit contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

In addition to the extension of the tax credit, the new tax credit allows qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years to be eligible for up to a $6,500 tax credit. This tax credit gives existing home owners incentive to move into a new home.

Along with the the extension and adding existing homeowners to the tax credit the expansion of the tax credit also allows for higher income caps than were allowed under the old tax credit. Now single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. Single filers earning over $145,000 are ineligible. For joint filers who earn up to $225,000 they are eligible for the total credit amount. Joint filers earning over $245,000 are ineligible.

Qualifying buyers may purchase a property with a maximum sales price of $800,000.

The changes above are the main changes to the First-Time Home Buyer Tax Credit. If you have any other questions please feel free to contact me and 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 USDA Rural Development (RD) Zero Down 100% Financing. Great First-Time Home Buyer Loan
2. Idaho FHA Reverse Mortgage HECM Loan.
3. Boise, Idaho $8,000 First-Time Home Buyer Tax Credit
4. Idaho First-Time Home Buyer Frequently Asked Questions
5. FHA Streamline Refinance in Boise, Idaho

---

Copyright © 2008
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
)

Good news for Massachusetts first-time home buyers arrived this Friday, November 6th, when President Obama signed into law legislation extending and expanding the Federal Housing tax credit.  The tax credit is now not only for MA first-time home buyers, but for qualified MA repeat home buyers as well. The new law also raises the income limits under which Massachusetts home buyers can qualify for the credit.

According to the Worker, Homeownership and Business Assistance Act of 2009, the following provisions apply under the new law :

• An eligible taxpayer must buy or enter into a binding contract to buy a principal residence with a maximum sales price of $800,000 on or before April 30, 2010 with the closing to occur by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax return.
• The first-time home buyer tax credit remains at $8000, but a new option for repeat home buyers has been added whereby they can now claim a home buyer credit up to $6500 (up to $3250 for a married individual filing separately). Repeat home buyers must have lived in the same principal residence for any five-consecutive period during the eight-year period that ended on the date the replacement home is purchased.
• Income limits under the new law for homes purchased after November 6th have been increased. The credit now phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers.

Qualified Massachusetts home buyers can claim the tax credit on IRS Form 5405.  More detailed information on the tax credit is also available on the IRS Home Buyer Tax Credit web page.

If you’re a MA home buyer even remotely thinking of claiming the tax credit, I recommend that you start a serious home search now. While the deadline for the tax credit is not until April 30, 2010, the holiday season and winter are fast approaching which always results in a decrease of properties on the market in Massachusetts. And even more important, mortgage rates are currently at their best level since hitting their lowest point back in May. But don’t expect that to last for long…the government program to support the mortgage market is being phased out and ends completely in the 1st quarter of 2010.

For a no-obligation quote on current mortgage rates or a FREE special report on “The Importance of Acting Now : Why Waiting Could Really Cost You”, please feel free to contact me.

Geof McLaughlin
Certified Mortgage Specialist, CRMS, CMPS
Mortgage Master, Inc.
508.272.0055
geof@MAMortgageBroker.com

---

Copyright © 2008
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
)