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Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.

For more information, please visit: Federal Tax Credit info

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

This article in LA times caught my eyes because it is a great benefit to a lot of my clients who are 1^st time home buyers and could benefit from this tax credit. Maybe it can buy a few pieces of new furniture and a 62" LCD TV for the new home.

On January 15, the House Democratic leadership outlined its $825 billion economic stimulus package, loaded with $275 billion in tax cuts and $550 billion in new spending on healthcare, education, and alternative energy and infrastructure improvements. In the tax section was a significant improvement to last July's congressional effort to stimulate home sales. It offered a credit of as much as $7,500 to buyers who had never bought a house or hadn't owned one during the last 3 years. To qualify, taxpayers would need to complete a home purchase between April 8, 2008 and July 1, 2009. This $7,500 might not be as attractive as it sounds because it has to be repaid to IRS over 15 years. It is more like an interest-free installment loan from the government than a straightforward reduction on buyer's tax payable.

However, final details are still subject to negotiations between the House and Senate. There's a good chance that the repayment requirement will be removed. Industry estimated removing the repayment rule could lead to an additional 202,000 purchases this year. The National Association of Realtors is pushing to extend the deadline of July 1 to December 31 to attract even more sales.

Here are the few key notes to be qualified based on the latest IRS guideline:

1. The credit operates like an interest free loan because it must be repaid over a 15-year period.
2. The credit is 10 percent of the purchase of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing a joint return; $3,750 for married persons filing separate returns
3. Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.
4. Only principal residences -- or in the IRS' words, "the one you live in most of the time" -- are eligible. No second homes, investment properties or houses outside the U.S. pass the test. But the definition of "home" extends far beyond conventional houses sited on lots. It "can be a . . . houseboat, house trailer, cooperative apartment, condominium or other type of residence," according to Form 5405.
5. Vacation homes and rental property do not qualify for this credit
6. Income Limits: For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.

Click here to view the complete info on First-time Homebuyer Credit Information Center on IRS and click here to download the IRS Form 5405 for First-time Homebuyer Credit. Be sure to check out the last Q & A on "Who cannot take the credit"

If you are eligible for the credit, this is a good time to purchase a house that you could called your own. You can also take advantage of the lower house prices and record low mortgage rate. Why not right?

I provide both real estate services and mortgage services. If you need real estate advice, feel free to contact me or visit www.wsprops.com.If you are interested in seeing if now could be a good time to refinanance your home, or get pre-qualified for a loan to purchase a property, don't hesitate to contact me or visit www.realpromortgage.com.

Today is the 1^st day on Lunar Calendar which is the Chinese New Year, year of OX.

Here I wish everyone a happy new year 新年快樂 (pronounce "Sun Nin Fai Lok" in Cantonese) and 恭喜發財 (Kung Hei Fat Choi). I learned that Kung Hei Fat Choi is the 1st thing everyone says to each other in Chinese New Year. It translated to "Congratulations and be prosperous", which is a great thing to say especially in Real Estate business. There's also a lot of four word phrase that Chinese say to greet each other.

Like wishing you:

身体健康 Good healthy year.

心想事成　May All Your Wishes Come True

生意兴隆　Business Flourishes

岁岁平安　Peace All Year Round

和气生财　Harmony Brings Wealth

心想事成　May All Your Wishes Come True

吉祥如意　Everything Goes Well

国泰平安　The Country Flourishes And People Live In Peace

招财进宝　Money And Treasures Will He Plentiful

一帆风顺　Wishing You Every Success

The following link will bring you to 年年有餘. (a wish for surpluses and bountiful harvests every year). Fish in Chinese have the same pronunciation with 餘 (surplus).

Chinese New Year's Eve is like Thanksgiving to us. Everyone gather back at home for a big CNY dinner. Dishes usually include a whole chicken with head, whole fish, dishes contains ingredients that have close pronunciation to good wishes. There's a dish that my girlfriend prepare has ingredients like dried oyster sounds like "good things happen", lettuce sounds like "getting rich" and 髮菜 (Nostoc flagelliforme) a black hair like vegetable has a very soft texture which is like very fine vermicelli which pronounce "fat choi". So you get the idea. Those are things that I never had in my life but it's actually pretty good.

Once again, 恭喜發財 to everyone in year 2009!!!!

Troy Corsby Thomas, 45, is alleged to have been the brains behind more than 150 daring break-ins in 3 years. The thieves hauled away more than $10 million worth of valuables and cash. According to police, the Hillside Burglars usually wore black clothes, ski masks and gloves when breaking into homes in Bel-Air, Beverly Hills and Holmby Hills, the so-called Platinum Triangle, Pacific Palisades Brentwood, Hollywood Hills and the hills above Encino and Sherman Oaks.

The lists of Thomas's victims are the rich and famous: homes of Hollywood celebrities, professional athletes, studio bosses, corporate titans and multimillionaires such as country music stars Faith Hill and Tim McGraw, former Paramount Pictures CEO Sherry Lansing, Max Factor heir Davis Factor, Paris Hilton and Duran Duran guitarist John Taylor.

They usually struck at night and on weekends, while homeowners were out of town. They used lawn furniture and ladders to creep into the second floor, which often lacked alarms. They quickly went in, looked for jewelry, safes and cash. The burglars stole designer shoes, diamond encrusted Rolex watches and even expensive wines and illicit cigars. The group has been known to hunt through 600 pairs of designer shoes at a time to take only Manolo Blahniks while they are also able to distinguish between fake and real pearl necklaces. Victims have even found cheaper Prada bags left behind while Judith Leiber and Chanel handbags were swiped.

The finanaciall strapped LAPD created a Hillside Burglars task force. People donated cameras and other equipment and police stepped up patrols. Neighborhood watch groups were also formed. One in Bel Air donated $8,000 for infrared cameras that can spot burglars in the dark. the group made very few mistakes avoiding detection by sophisticated security systems and CCTV cameras. The break in the case finally came from DNA left behind at crime scenes. Thomas pleaded not guilty to two charges of residential burglary in Beverly Hills in January 2006 and March 2008. He is being held on $2 million bail and must reveal the origin of any funds used to pay the bail. If convicted he faces 25 years to life in prison.

According to EAS, Mortgage Bankers Association (MBA) mortgage applications fell by 9.8% during the week ended January 16 to 1,195.3, reversing about 2/3 of the prior week's jump of 15.8%. The Purchase Index climbed by 2.5% to 303.1. Despite the recent decline in mortgage rates, purchase activity is still 31.1% below its year-ago level. The Refinance Index dropped by 12.4% to 6,491.8. Refinancing activity now accounts for nearly 85% of all new mortgage activity and its 55.4% above its year ago level.

Contract Mortgage Rates jumped last week. The 30-year fixed rate increased by 35 bps to 5.24% while the 15-year fixed rates increased by 36 bps to 4.99%. 1-year Treasury ARMs was unchanged at 5.89%. Despite this week's increase, mortgage rate has declined substantially over the past 2 months.

If you need mortgage advice, feel free to contact me or visit www.realpromortgage.com.