Joseph Metzler MMS UMB

Home Buyer Tax Credit Extended

The House of Representatives on Thursday approved an extension of jobless benefits and a tax credit for home buyers, sending the measure to President Barack Obama for signature. The bill, approved unanimously by the Senate late Wednesday, keeps a first-time home buyer tax credit alive until next spring, and expands it to include some people who already own a house.

Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

Joseph Metzler, MMS, UMB
33 Wentworth Ave E #290
West St Paul, MN 55118
Ph: (651) 552-3681
Cell: (651) 592-4460
Fax: (651) 994-6425
www.JoeMetzler.com

We Beat the Banks Everyday

HomePath^® Mortgage Financing
This special financing is available on Fannie Mae homes with the HomePath logo!

Have you seen the HomePath ^® logo and wonder what it is? For a limited time, the HomePath ^® program is available to home buyers when purchasing a Fannie Mae foreclosed home.

• How Does It Work? Simple. Just qualify for a traditional financing with at least 3% down. Then you MUST select a home to buy from the list of available foreclosed Fannie Mae owned properties
• Where can I see the list of available houses? Easy. Simply contact us, and we'll put you in contact with a qualified Realtor Partner who will analyze your needs, and show you a list of qualified HomePath properties. Follow this link to instantly view homes: http://www.homepath.com
• What about closing costs? Closing costs can be rolled into the transaction, up to 6% of the loan amount.

• EXTRA BENEFITS: The benefits include: Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only) You may qualify even if your credit is less than perfect Available to both owner occupiers and investors Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer No mortgage insurance No appraisal fees Also eligible for HomePath ® Renovation Mortgage

This is a national program, and there are qualifying homes in every state.

We lend on this program for homes ONLY in Minnesota and Wisconsin, so please do NOT contact us about other states. However, if you are looking for HomePath in MN or WI, it all starts with a no obligation online loan application or a call to (651) 552-3681, where one of our specially trained Loan Officers will assist you.

Best Interest Rate or Lowest Closing Costs?
Plus, NO Lender Fee, NO Closing Costs Mortgages. How do they work?

A common mistake shoppers make is to ask: "What's your best interest rate?" or "What are your closing costs?" Both logical questions to ask, but they do not give the response most borrowers need to make a proper decision. Borrowers must understand both rates and fees. Rates are only half the answer to getting the best deal. It is possible end up with the lowest rate, or with low or no closing costs, but not necessarily the best deal.

Remember that nothing is ever free. Lenders simply use "reverse points" whenever they claim to offer any sort of low closing costs, or no fee mortgage.

Simply put, the lowest rate & the lowest fees do not go hand-in-hand. NO LENDER can offer both together. I can give you rock bottom rates, but it will cost you in fees. I can give you the lowest fees, but it will cost you in interest rate. Most lenders quote their best rate in combination with covering all third party fees (appraisal, credit report, title company, state taxes, county recording fees, etc) with 1% origination ("standard" in the example below).

WHICH LOAN VERSION is RIGHT FOR YOU?
I can offer you all four options on all of our loans.

The combination of rate & fees can be very confusing. One lender is screaming "No closing costs." A second lender may quote you 5.25% with $2246 in fees, while another lender is offering 5.00% with $4130 in fees. So are closing costs and fees bad? Well if you ask everyone's brother who has a real estate license and knows everything about mortgages, then the answer you will most likely hear is yes. I am here to tell you everyone's brother is probably wrong.

Good enough answer? I didn't think so...

Begin by asking yourself "How long am I going to be in this property?" This is the single most important question to determine which option is best for you. Now look at the chart above. It becomes very obvious based on how long you are going to be in the home if 'Best Rate or Lowest Cost' makes the most sense for you and your family.

To properly shop, you must get all estimates on the same day at the same time. All estimates must have the exact same interest rate. Then you are only comparing cost.

Congratulations, you are now smarter than everyone's brother, mother and sister with a real estate license.

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Mortgage Lenders and Brokers in Minnesota and Wisconsin

$8000 Tax Credit Possibly Extended For Military Personal

No news yet about the possible extension of the $8,000 Federal Tax Credit beyond November 30, 2009 for all first time home buyers, but the House of Representatives has voted unanimously to extend the first time buyer tax credit to active military personnel, foreign service and intelligence officers. The bill (HR3950) would extend the existing tax credit to this group only until November 30th, 2010. The bill now goes to the Senate, and is expected to pass with the same ease.

The bill was brought up because it was thought that military personal serving oversees this year did not have the same opportunity to take advantage of the tax credit as other future home owners. The extension applies to military personnel who spent at least 90 days of the current calendar year oversees. It also does not require borrowers to payback the tax credit if they are deployed after receiving it. The current tax credit requires borrowers payback the tax credit if they do not occupy the home within three years of receiving the tax credit.

THIS IS NOT LAW as of the time of this posting, but should be soon.

Combining the $8000 federal tax credit with a VA 30-year fixed loan is something I as a loan officer and Mortgages Unlimited are proud to be able to offer all military personal, both active and discharged, for properties located in the Minneapolis St Paul area, and all of Minnesota and Wisconsin.