Lake City, FL

Probably the biggest question I get these days is "Has the $8,000 tax credit been extended??"

The short answer is NO. There are bills in the Senate right now that are anticipated to be approved in the coming days, but nothing is concrete at this point.

A few points about the proposed extension:

• The tax credit would still be $8,000 for first-time home buyers, but would allow $6,500 for move-up buyers.
• The new tax credits will be available from December 1, 2009 to April 30, 2010.
• The tax credit will end on April 30, 2010, but as long as you have a binding contract by that date, you will still qualify as long as you complete the transaction within 60 days.
• Move-up buyers are eligible, as long as the home they’re leaving has been used as their principal residence for 5 years or more.
• Income limits for both first-time home buyers and move-up buyers would be $125,000 for individuals and $225,000 for married couples.
• The maximum price of the home being purchased is $800,000.
• For purchases made in 2010, taxpayers can claim the tax credit on their 2009 income tax return.
• Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.
• The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty.
• In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011 to claim the home buyer tax credit.
• The amendment also includes anti-fraud language that gives authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 years of age or older (no more 4-year olds filing for the tax credit), as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.

This would be a good bill & would continue to stimulate the housing sector - I hope they pass this soon.

Please call me if you are in the market for a home loan. I can get it done!!

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Add as an Associate Subscribe to my Blog LinkedIn Profile

I specialize in working with first-time homebuyers across the state of Florida. I know FHA, VA, USDA Rural Housing loans inside & out and would love to answer any questions you might have.

I can be reached at the following:
*Phone: 386-754-8500
*Email: dan@meridianFL.net

Many people are talking about repealing HVCC...the law stating that mortgage brokers cannot be involved in choosing the appraiser or ordering an appraisal on a conventional loan.

I truly hope they do repeal this, however the real news of the day is that FHA is now following in Fannie & Freddie's footsteps - As of Jan 1 2010 all FHA appraisals are required to be ordered through an independent third party with no loan officer involvement.

A couple notable points:

• FHA is saying that AMC's must pay appraisers normal market rates for their appraisals, which is good for appraisers, however the buyer will end up paying a higher price when the AMC adds in their fee.
• Appraisal reports will only be good for 4 months rather than 6 months.
• The only way another appraisal can be done if there is a value issue is the original report will have to be proven to be flawed in some way.

Many brokers were sending their loans FHA vs conventional because they could still choose the appraiser, so it was inevitable that FHA would also change over - They don't want any additional layers of risk than they already have.

There's never a dull day in this industry!!

Please call me if you are in the market for a home loan. I can get it done!!

=============================

Add as an Associate Subscribe to my Blog LinkedIn Profile

I specialize in working with first-time homebuyers across the state of Florida. I know FHA, VA, USDA Rural Housing loans inside & out and would love to answer any questions you might have.

I can be reached at the following:
*Phone: 386-754-8500
*Email: dan@meridianFL.net

Tonight (8/28/09) the Columbia High Tigers will host the Fort White Indians in a kickoff classic. These teams are the only High School Teams in Columbia County. The Columbia High Tigers are located in Lake City, FL and the Fort White Indians are from Fort White, FL.

The Tigers are in the Class 4A, while the Indians are in the Class 2B.

The game starts at 7:00 pm in Lake City, FL.

Looking for Lake City, FL Real Estate? Check out www.NorthFlHomesandLand.com .

Bruce Dicks, Realtor, e-PRO
Coldwell Banker Bishop Realty
Lake City, FL

Got the news this week that Taylor Bean was shut down. A sad day for mortgage brokers and Realtors. Taylor Bean had been one of the biggest players in the residential mortgage business. They focused on the customer with the best rates, and one of the few big banks with empathy. The sudden shut-down surprised everyone.
http://www.mortgagenewsdaily.com/08052009_tbw_shuts_down.asp

What this means for the customer, is increased turn times, higher rates, more thorough examining of every file. I supposed it is good in the long run to really hold these banks accountable to a very high standard, but the fact is: The ability for a lot of mediocre credit buyers to get a good loan is going away again. As we see underwriting start to tighten up, and rates start to rise again, this can only mean a further deterioration of housing prices.

The First time home buyer credit expires in about 3 months. If you are looking to buy, do it now for three primary reasons:

1. $8000 tax credit
2. Great interest rates (still under 6% as of today)
3. The ability to get financing

Prices will keep sliding for quite a while, but look at these numbers:
A $150,000 house financed at 5.25% is $852 per month.
that same house could drop 10% to $135,000, and at 6.75% would costs more, $876 per month.

We may or may not see another 10% drop in housing prices, but you decide where rates will return to:
http://mortgage-x.com/trends.htm

Lake City, Florida's top plumber is Plumbing Now!!

I recently needed a plumber to handle a plumbing emergency in the Lake City, FL area, and called Plumbing Now - I was thouroughly impressed with the experience.

The name Plumbing Now describes their service perfectly. Their friendly office manager was a delight to work with & answered all my inital questions while scheduling the service call. They lived up to their name, Plumbing NOW, & sent a plumber out within minutes, not days.

The plumber that came out, Jake was extremely knowledgable, and fixed numerous other issues while he was there. Their prices were extremely reasonable & their professionalism far surpassed any other plumbing company I've dealt with in the past.

I've used other plumbers from Lake City Florida before, and was sorely disapointed - From plumbers not showing up on time, leaving a huge mess, or charging outrageous prices, the plumbing industry has not been at the top of my list of favorite service professionals. I'm very happy I came upon Ken Roche & the team at Plumbing Now.

Ken Roche has been in the plumbing business for 30 years, and the level of experience along with their commitment to their customers shows. They consistently get voted Best of the Best by the local community. Click here for an map of their coverage area.

I was very impressed to find out that all service repairs are warranted for one year - I don't know of another plumber that offers that kind of commitment to quality work. They also offer an unconditional 100% money back satisfaction guarantee. You know a company is commited to customer service when they are willing to say that they will give you your money back if you're not completely satisfied.

They also have a new construction division that handles much of the plumbing for new custom & spec homes built in the Lake City and Gainesville area.

Plumbing Now can also handle the following plumbing issues in the Lake City, FL & surrounding areas:

• Drain Cleaning
• Bio-Clean
• Remodeling and repiping
• Electronic Slab leak detection
• Water heaters
• Instant hot water dispensers
• Dishwasher install
• Disposals
• Filters
• Faucet repairs all brands and replacement
• Toilet repairs and install
• Ice makers and refrigerator water lines
• Commercial Plumbing Projects
  • Medical facilitie
  • Restaurants
  • Strip malls
  • Build-outs

Give Ken Roche and his team a call for any plumbing need you might have:

352.372.3911 | 386.755.9243
www.callplumbingnow.com

144 SW Waterford Ct.
Lake City, FL 32025

Ken Roche Plumbing Now currently services the following areas:

• Lake City
• Alachua
• Gainesville
• Ft.White
• Wellborn
• Live Oak
• Lulu
• White Springs
• High Springs
• Branford
• Obrien
• McAlpin
• Providence
• Lake Butler

Please call me if you are in the market for a home loan. I can get it done!!

=============================

Add as an Associate Subscribe to my Blog LinkedIn Profile

I specialize in working with first-time homebuyers across the state of Florida. I know FHA, VA, USDA Rural Housing loans inside & out and would love to answer any questions you might have.

I can be reached at the following:
*Phone: 386-754-8500
*Email: dan@meridianFL.net