Tax Credit Closing Date EXTENDED
It is finally official!! The closing date for all first time home buyers under contract prior to May 1, 2010 now have until September 30, 2010 to close. This was extended from the original closing deadline of June 30, 2010.
Last week there were some news alerts stating the tax credit had been extended but until [...]
Great CHFA Changes
We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes:
Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household)
Higher income limits in targeted areas
First time homebuyer restriction removed for targeted areas for all [...]
Tax Credit Deadline NOT Extended…Yet
There have been some news articles stating the tax credit was extended. If that was the case we wanted to let you know but that simply is not the case. The reason the news stories released that the tax credit was extended was because of some recent action towards that direction. Here is the story:
As [...]
Mortgage Credit Certificate Out of Funds??
We have shared the awesome advantages of Colorado Housing and Finance Authority’s Mortgage Credit Certificate (MCC) program – maybe too much!
CHFA issued a notice to all CHFA registered MCC lenders today which states:
As a result of the popularity of the CHFA MCC Program, availability of reservations for the CHFA MCC program is temporarily limited to [...]
FHA Condo Changes
David H. Stevens, Federal Housing Commissioner, occasionally post on HUD/FHA’s website in a series called, “From the Desk of the Commissioner”. A recent release “From the Desk…” clarified the condo changes which took effect December 7, 2009 and issued a waiver to one of the new rules.
The Changes from December 7
Here is a brief excerpt [...]
HUD Changes Income Limits for Down Payment Assistance
Each year the Department of Housing and Urban Development, HUD releases the income limits for tax subsidy. These income limits are what drive the income limits for individual down payment assistance programs around the nation. Based on these updated numbers released by HUD, the individual programs offering any type of tax subsidy through [...]
Read the rest of this entry...FHA Increasing Mortgage Insurance Factor??
On April 5, 2010 FHA increased their up-front mortgage insurance premium to 2.25% from 1.75%. HUD had approval to increase the up-front mortgage insurance premium (UFMIP) but did not have the approval to increase the monthly mortgage insurance factors. Well…with House Bill 5072 (FHA Reform Act of 2010) the FHA monthly mortgage insurance factor could [...]
Read the rest of this entry...Tax Credit Deadline and “Binding Contract”
The information contained in the post is based entirely on my OPINION based on the research we have done surrounding this issue. Please note that we are not attorneys or tax professionals therefore we are not providing legal advice surrounding the Federal tax credit for first time homebuyers or move-up buyers.
Whenever we get questions about the Federal [...]
Tax Credit Extended for Some
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Read the rest of this entry...Mortgage Credit Certificate Extended
Many of you have heard us tout the awesomeness of the CHFA Mortgage Credit Certificate (MCC). This program gives first time home buyers a dollar for dollar credit on their federal income tax return of 20% of all the mortgage interest they pay each year that they live in the home.
This program was offered on [...]
