20 MayHUD 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 lower interest [...]
Read More ...30 AprFHA 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 More ...22 AprTax 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 [...]
Read More ...12 AprTax 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 More ...09 AprMortgage 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 [...]
Read More ...29 MarFHA Mortgage Insurance Change
On January 26, 2010 we let you know about the big changes to FHA in 2010. One of those changes was to FHA’s up-front mortgage insurance premium (UFMIP). Effective on all loans with FHA case numbers assigned on or after April 5, 2010 the up-front mortgage insurance premium will be 2.250% of the base loan [...]
Read More ...12 FebHVCC on FHA Loans
It’s official…FHA is adopting the same basic premise as the HVCC ruling on Conventional Mortgages. We posted on May 1, 2009 about HVCC on Conventional loans which stated: Up until now the loan officer had the control to select an appraiser they felt had the best ability to appraise the house that would be used [...]
Read More ...08 FebDown Payment or Invest?
If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example… We received a call from a potential customer, referred to us by a real estate agent we work with, who was [...]
Read More ...05 FebWhy Buy Now?
We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now. Long term mortgage rates are at 20-30 year lows According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed [...]
Read More ...26 JanFHA Changes 2010
Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans. Here is a quick snapshot of what is changing in 2010: 90 Day Flipping Rule Waiver (Feb 1) Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5) 10% Down Payment Required for Credit Scores < [...]
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