First time home buyers are not
the only ones with reason to celebrate.

The American Recovery and Reinvestment Act of 2009, which was recently extended through 2010, includes the $8,000 credit for first time home buyers through April 2010 and includes a provision which allows current homeowners shopping for a new primary residence to apply for a $6,500 tax credit if they owned their current home for five consecutive years in the previous eight.

Real estate experts think that by including current home owners in the program, the federal government is trying to move the higher end of the real estate market into a more reasonable cycle of buying and selling.  A more “reasonable” cycle is seen as moving into a better home every seven or eight years.  The five-year possession requirement is meant to discourage people from “flipping”  houses  as was common during the height of the real estate market.

Here are the most important provisions to note:

• Purchase contract must be finalized by April 30, 2010 and closed by June 30, 2010.
• First-time home buyers still qualify for up to $8,000 in tax credits; current home owners in their home for at least five years qualify for up to $6,500 in credits
• Homes worth up to $800,000 are eligible for the program
• Individuals with adjusted gross income under $125,000 ($225,000 for joint filers) are eligible for the full credit.  The credit is phased out up to maximum income levels of $145,000 (single) and $245,000 (joint)
• Members of the military serving outside the U.S. for more than 90 days will have until June 30, 2011 to qualify

See the IRS website for more details.

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Click Here To Get Your Copy Today!

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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 applicationor call our Edgewater, New Jersey (NJ) 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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Be Prepared! Alpine Mortgage USDA Guaranteed Home Loans are underwritten by our in-house underwriting staff which saves time in the process. However, after a USDA loan is approved, the next step is for USDA to issue their approval of the loan, since they are the providing the guarantee. This is similar to what happens when a mortgage insurance company require loans to be submitted to and approved by them prior to insuring the loan.

Because this is an extra step in the process and USDA is currently reporting they are 20 business days out in reviewing the loans in our area, they are not closing on original schedules. 20 business days is what is in a normal month, so it may take up to two months to close a USDA loan, since normal processing time on a loan is about 30 days.

This just means that buyers, sellers and the Realtors involved in a USDA transaction should be prepared for the additional time in process. If you have questions about USDA Guaranteed Loans, or any other loan product, give me a call at 541-342-7576/541-221-3455 cell and let’s discuss your process. It is worth waiting a bit longer for one of the only 100 per cent loan to value loans available in today’s market. Different market areas will have different review times. 

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Posted To: MBS Commentary

After a fairly diffuse smattering of diverse data over the past two days, Wednesday changes things up. Unless you ascribe any special importance to oil inventories, both of tomorrow's headline items hit right at 830am, preceded by the standard weekly MBA survey at 7am. As far as the double impact at 830, it's CPI and Housing starts… Both always fighters to be reckoned with… As far as double impact today, AQ did a great job covering the tradeflows and hopefully after this post, I will have done at least a serviceable job of highlighting some of the technical considerations. Sure we both crossed over a bit, but that didn't seem to make for as potent of a segue as the "double impact." The "stuff" that AQ discussed in the Open remained pertinent throughout the…(read more)

Posted To: Voice of Housing

Today we are facing a severe economic crisis which is placing unprecedented stress on every sector of financial system. At the same time a golden opportunity born from the crisis is sitting at our doorstep waiting for us to take action. Seventy-five years ago (1934) in the face of the Great Depression, Congress created the FHA and then soon after in 1938, Fannie Mae was created to purchase mortgage loans from banks and establish a disciplined secondary market. There have been volumes of commentary from pundits about how both institutions are obsolete, failed in their mission and are no longer relevant. All untrue! However it is time to refurbish the interior of each after 70 years of hard use. We need to make the FHA an independent agency like the FDIC, where every authorized seller/servicer…(read more)

Posted To: MND NewsWire

Corporations and individuals doing business in financial marketplaces will be subject to increased scrutiny by a new task force on financial fraud announced on Tuesday. Attorney General Eric Holder revealed creation of the interagency group to crack down on financial fraud at a press conference on Tuesday. The task force has been charged with investigating and prosecuting financial crimes connected to the recent financial crisis and with taking steps to stop fraud on an ongoing basis. The initiative was created under an executive order signed by President Barack Obama. Holder stated, "The Task Force is designed to strengthen our collective efforts — in conjunction with our federal, state, and local partners — to investigate and prosecute significant financial crimes relating to the current…(read more)

Posted To: MBS Commentary

As mortgage-backs make their way towards the exits, prices are holding near unchanged on the day. The FN 4.0 is +0-01 at 99-17 yielding 4.053% and the FN 4.5 is trading +0-00 at 101-28 yielding 4.271%. The secondary market current coupon is 4.108%. The CC yield is +78/10yr TSY and +69/10yr swap. Wider on the day. Below is the FN 4.5 two day. The 101-28 level we pointed out this morning has indeed held its gravitational forces through the session…we call this a pivot point. Everyone give MG a high five for that call. Unfortunately, yesterday's late day weakness is likely to happen again today…so we wouldnt be surprised to see prices bounce lower from 101-28. In regards to MBS specific trade flows, sellers dominated today. Originators were selling loan supply this morning into the afternoon…(read more)

Posted To: MBS Commentary

4.5 MBS briefly crested 102-00 earlier today, just before noon, and have since fallen to 101-26. More recently, prices hovered closer to 101-30 making current levels good for about a 4 tick fall. In the AM post, we said: "if the bond market can create additional momentum while maintaining its flatness, it would allow for some much-needed spread widening with limited to no negative effect on MBS prices." Bond market improved from AM? Check… Flatness maintained? Check… Spread Widening? Check… Limited to No negative effect on MBS prices? Check… Don't be too concerned with the recent price loss… Standard fare for MBS and Tsy's has been a wider range in the AM, narrowing into the close. Put it this way: we'll let you know ASAP if we move much below 101-26. Of additional…(read more)

Posted To: MND NewsWire

The National Association of Home Builders today reported that homebuilder sentiment was unchanged in November. A reading above 50 indicates builders view sales conditions as favorable whereas a read below 50 implies builders believe sales conditions to be poor. The November Housing Market Index was unchanged from October's downwardly revised level of 17. The component gauging current sales conditions and the component gauging traffic of prospective buyers also remained unchanged, at 17 and 13, respectively. The component gauging sales expectations for the next six months did however improve, moving up two points, to 28. As you can see from the chart below, home builder sentiment has been improving off record low levels. Regionally, home builder sentiment in the South was unchanged at 17…(read more)

Posted To: MND NewsWire

Delinquency rates throughout the United States continued to increase during the third quarter of 2009. The good news is that, for the third consecutive quarter that increase has slowed. This information is contained in a report released today by TransUnion.com analyzing trends in the mortgage industry and the impact of those trends on the consumer. The company, one of the three major credit reporting agencies in the country, distilled the information from 27 million individual credit files, a universe that represents approximately 10 percent of all credit-active U.S. Consumers. The national rate for delinquencies of 60 days or more hit an all time high of 6.25 percent during the third quarter. This was an increase of 7.57 percent over the 5.81 percent national rate during the second quarter…(read more)

Posted To: Mortgage Rate Watch

Benchmark Treasury prices and mortgage-backed security prices rallied yesterday. AQ described the inner dynamics of the trade strategy that led to rate improvements READ MORE . In terms of the headline news catalyst for the rally in bond markets, some fixed income friendly verbiage from Federal Reserve Chairman Ben Bernanke gave us a boost late yesterday morning. In a speech at the Economic Club of New York, Mr. Bernanke stated that the Federal Funds rate is likely to stay exceptionally low for an extended period of time. He also warned of a slow economic recovery due to continually tight credit conditions and high unemployment. READ MORE Despite the generally bearish (cautiously optimistic) tone from Mr. Bernanke, the stock market still posted triple digit gains. Typically a rally in equities…(read more)