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We may be in the middle of income tax season, but hoping you'll be getting a refund isn't the only thing you should be thinking about this time of year...especially if you're a homeowner. That's because the National Taxpayers Union(a nonprofit citizen group) estimates that between 30 and 60 percent of properties are assessed for too high of a value, resulting in an incorrectly larger property tax bill.
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Christian Penner Area Manager Mortgage Banker Phone: 561-373-0987 Fax: 561-277-2141 License: NMLS#368289 Christian@YourMortgageSolutionsNow.com www.YourMortgageSolutionsNow.com |
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March 2012
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Call me of you think your Property Taxes are Too HighChristian Penner, Mortgage Broker West Palm Beach talks about Real Estate West Palm Beach. He also serves other Local Areas and provides home Mortgage Solutions for Palm Beach Gardens, Jupiter, Boca Raton, Wellington and Tequesta. Christian Penner Mortgage Broker Jupiter has the lowest mortgage rates and the best home mortgage programs like; Jumbo loans, FHA Home Loans, VA Home Loans, Reverse Mortgage Home Loans, Freddie Mac Home Loans, Fannie Mae Home Loans and HARP Mortgage Loans. Christian Penner Mortgage Broker Palm Beach Gardens has Served the area for over 15 years with his Home Loan Lending Needs. |
I make my living in the housing industry. The whole country has suffered the past few years because of the problems created by the mortgage mess. The housing industry is still struggling to get back on it's feet.
In his State of the Union address and in subsequent speeches President Obama has been talking about his "Blueprint for an America Built to Last."
I got a copy of the plan to see what it is all about. To see a copy click on:
While I want as much as anyone for the housing market to come back reading the plan I have to wonder if it's a plan for recovery or a political document to help with getting elected.
A big talking point has been the Homeowner Bill of Rights and the Blue Print for An America Built to Last
The first two points are:
Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out.
In 2009 the government designed and mandated that the lending industry use the current Good Faith Estimate now given to borrowers. I took hours of classes learning to complete it correctly and real estate agents took hours of classes learning the new HUD1 form. I'd welcome a simple form but blaming the industry for the current confusion is just wrong.
Full disclosure of fees and penalties.
It seems they don't know they also passed legislation holding lenders responsible for the fees that are disclosed to a borrower at application. A lender is financially responsible for under disclosing fees (even fees they don't control) including those charged by title companies and state and count recording fees. Anyone who has been to a settlement is familiar with "Charges That Cannot Increase, Charges That in Total Cannot Increase More Than 10% and Charges That Can Change."
The plan also calls for Moving the Market to Provide a Full Year of Forbearance for Borrowers Looking for Work.
Now don't get me wrong. This crisis has created a lot of pain for a lot of people and they need help. But is letting them not pay their mortgage for a year a solution to the problem or are we "kicking the can down the road" for someone else to worry about.
Who hasn't heard Congress and the President rail against the abusive loans that caused the crisis. (A side note: all the loan types weren't bad. They just got to liberal in underwriting and approving them)
The plan calls for Providing Non-GSE Borrowers Access to Simple, Low-Cost Refinancing. It has been proposed that "The refinancing program will be open to all non-GSE borrowers with standard (non-jumbo) loans who have been keeping up with their mortgage payments. The program will be operated through the FHA."
Simple and straightforward eligibility criteria. Any borrower with a loan that is not currently guaranteed by the GSEs can qualify if they meet the following criteria:
* They are current on their mortgage: Borrowers will need to have been current on their loan for the past 6 months and have missed no more that one payment in the 6 months prior. (Sounds reasonable to me.)
* They meet a minimum credit score. Borrowers must have a current FICO score of 580 to be eligible. Approximately 9 in 10 borrowers will have a credit score adequate to meet that requirement. (If you want to get a new loan most loan programs want a minimum 640 FICO score. By meeting certain criteria you can lower the FICO score to 620.)
Streamlined application process: "To determine a borrower's eligibility a lender need only confirm that the borrower is employed." (Sound's like the no-doc or no-income loan they have said were bad and don't allow any more.) "Those who are not employed may be eligible if they meet other requirements and present limited credit risk." (I'd love to know what those requirements will be.)
The program will be funded by "Creating a separate fund for new streamlined refinancing program. This will help FHA better track and manage the risk involved and ensure that it has no effect on the operation of the existing Mutual Mortgage Insurance (MMI) fund." (So were taking loans that were made in the private sector and giving them a government guarantee and if they lose money well take it out of the left pocket instead of the right pocket? To me a loss is a loss)
Now to pay for the program the Refinancing Plan Will Be Fully Paid For By a Portion of Fee on Largest Financial Institutions: The Administration estimates the cost of its refinancing plan will be in the range of $5 to $10 billion, depending on exact parameters and take-up. The cost will be fully offset by using a portion of the President's proposed Financial Crisis Responsibility Fee, which imposes a fee on the largest financial institutions based on their size and the riskiness of their activities - ensuring that the program does not add a dome to the deficit. (And do you thing "the largest financial institutions" are going to absorb that fee or is it more likely to be passed on to all consumers through higher fees and other cost. Are you aware the "Two month tax holiday passed in December is being paid with higher fees being charged by Fannie Mae, Freddie Mac and FHA. The new fees will be in effect for 10 years to pay for a 2 month thx holiday.)
I've been getting a lot of questions about HARP 2.0 refinancing program which was announced in November. It's my understanding that the automated engines used to underwrite these loans will be ready in mid-March. I still an waiting to get details of what the requirements will be.
I'd love to hear your feedback on the proposed Presidents Plan To Help Responsible Homeowners and Heal The Housing Market.
Christian Penner, Mortgage Broker West Palm Beach talks about Real Estate West Palm Beach. He also serves other Local Areas and provides home Mortgage Solutions for Palm Beach Gardens, Jupiter, Boca Raton, Wellington andTequesta. Christian Penner Mortgage Broker Jupiter has the lowest mortgage rates and the best home mortgage programs like; Jumbo loans, FHA Home Loans, VA Home Loans, Reverse Mortgage Home Loans, Freddie Mac Home Loans, Fannie Mae Home Loans and HARP Mortgage Loans. Christian Penner Mortgage Broker Palm Beach Gardens has Served the area for over 15 years with his Home Loan Lending Needs.
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Online Communities Help Raise Start-Up Cash |
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For Phu Nguyen, 25, and Peter Seid, 22, inventing Romo, a robot controlled by a smart phone, was the easy part. The hard part for the co-founders of Romotive was gauging the market's interest in their prototype, finding developers to create phone applications for it and raising money to assemble more robots.
They turned to Kickstarter, a Web site anyone can use to gather funds from supporters. Last fall, the Seattle pair raised more than $80,000 in about a month – more than double their $32,000 goal – and found like-minded innovators, too. Sites such as Kickstarter, IndieGoGo and Peerbackers help people raise money for projects of all sizes, from films to furniture-making. You explain your idea and offer rewards to backers. Romotive promised a button to folks who pledged $2, for example, and a trio of robots to those contributing $212. Some sites release funds raised only if you meet your goal. Many charge a fee, often about 5% of the money you raise. It helps to set clear and realistic goals for the money you want to raise and the number of products you can prepare and deliver.
On top of developing the robots, Romotive's founders spend one to two hours per day updating their backers on the firm's progress and responding to e-mails, Nguyen says. |
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| A Taxing Time of Year |
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The new year means it's time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Taking just a few simple steps right now will make your tax filing far easier and more accurate.
Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year—or call your tax planning professional for a checklist. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2011 TAXES." Do the math. According to the IRS, the most common mistake on tax returns is bad math—from transposed numbers to downright incorrect data. |
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And with one form leading to another, those errors can make a huge impact. Even if you use tax software, you're not off-the-hook—since it only adds the numbers YOU put in. Double-check entries carefully.
Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return. Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees. By following the tips above, you can help eliminate some of the frustration from tax season, as well as make sure you're on track for the coming year. |
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| IRS Announces Mileage Rates for 2012 |
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Drive a car, truck or van for work? If so, you'll want to make sure you know the standard mileage rates that the IRS has set for 2012. These mileage rates are used to calculate deductible costs for driving an automobile for business, charitable, medical and moving purposes.
As of January 1, 2012, the standard mileage rates are as follows:
The rate for business miles is unchanged from the mid-year adjustment that became effective on July 1, 2011, and the medical and moving rate has been reduced by 0.5 cents per mile. |
| Christian Penner, Mortgage Broker West Palm Beach talks about Real Estate West Palm Beach. He also serves other Local Areas and provides home Mortgage Solutions for Palm Beach Gardens, Jupiter, Boca Raton, Wellington and Tequesta. Christian Penner Mortgage Broker Jupiter has the lowest mortgage rates and the best home mortgage programs like; Jumbo loans, FHA Home Loans, VA Home Loans, Reverse Mortgage Home Loans, Freddie Mac Home Loans, Fannie Mae Home Loans and HARP Mortgage Loans. Christian Penner Mortgage Broker Palm Beach Gardens has Served the area for over 15 years with his Home Loan Lending Needs. |
Christian is a Full Service Mortgage Banker who can lend nationwide. He provides conventional, non conforming, jumbo, FHA and VA loans.
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