Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Buyers your time has come...make the move!
Procrastination is a very expensive thing.
When it comes to Mortgage Rates it is about "As Bad As You Can Imagine!"
With respect to yesterday's episode in the mortgage market -- yes, it is as bad as you can imagine.
Yesterday(5/27/09), the mortgage market was so volatile that banks and mortgage bankers across the nation issued multiple midday price changes for the worse, leading many to ultimately shut down the ability to lock loans around 1pm PST.
This is not uncommon over the past five months, but not that common either. Lenders that maintained the ability to lock loans had rates UP as much as .75% in a single day.
Today the market has continued to push rates up and we again have incurred multiple rate increases up. We went from 4.75% to about 5.5% in the blink of a couple of days!
Rates are still remarkably low. If they go to 6% or higher though, the 5.5% available today will look pretty darn good.
So, do not wait!
Thank you all for your hard work, dedication, and ensuring that my 3 year old will live a peaceful life in the United States.
This video will show you a wonderfully easy way to say Thank You, without speaking. Besides a smile, this is a terrific way to show your appreciation.
http://www.gratitudecampaign.org/shortmovie.phps
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A FREE consumer Service is now available Online.
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Go to: http://www.KQuinones.ServingSonoma.com
Before moving to a new area you want to do your homework on the quality of life in that town or area. I have compiled this innovative tool to get a overview of all the towns we cover.
Go to http:/www.KQuinones.ServingSonoma.com to find information on the following areas:
Annapolis, Bodega, Bodega Bay, Boyes Hot Springs, Camp Meeker, Cazadero, Cloverdale, Cotati, Duncans Mills, El Verano, Eldridge, Forestville, Fulton, Geyserville, Glen Ellen, Graton, Guerneville, Healdsburg, Jenner, Kenwood, Monte Rio, Occidental, Penngrove, Petaluma, Rio Nido, Rohnert Park, Santa Rosa, Sebastopol, Sonoma, Stewarts Point, The Sea Ranch, Valley Ford, Villa Grande, Vineburg, Windsor
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Specializing in both Real Estate and Loan Transactions in Sonoma County.
I am a licensed Realtor, Loan Agent and a member of the North Bay Board of Realtors. My experience and dedication has proven that I will guarantee the highest level of satisfaction to my clients. 20 years of experience in the industry, ensuring purchases, sales and loan transaction are less complicated and the maximum results are achieved.
A native of beautiful Sonoma County. My knowledge and devotion to the area is an asset to my clients. With the vineyards, the redwoods, the lakes and the rivers, this county is one of the most desired areas to live. As your Realtor, I can assist you in making this wonderful area a place that you too can call home.
I am also a Mom to two wonderful boys. I understand the importance of the word "Home" and that it is a safe haven where your family join to love, share, feel comfortable and are proud.
I look forward to working with you in accomplishing your Real Estate needs. License #01372729
A Native of Sonoma County. Father Bob Kearns was also raised in Santa Rosa. Kammie went to Roseland Elementary School and Montgomery High School, the same schools as her Dad. Kammie has a strong family influence in Santa Rosa and surrounding areas. In addition, marrying into the Quinones family that are also very well known to the community. Now Kammie and her husband are raising 2 wonderful boys, in their home town located in beautiful Sonoma County, California.
Please view my properties at www.kquinones.servingsonoma.com
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Kammie Quinones worked continuously to ensure that we were able to purchase our first home. We would refer her and suggest anyone that wants their escrow closed, to work with Kammie.
Review: She rocks
Rating: 5 Text: "KAMMIE WAS SO INSPIRED,AND HAS EXPERIENCE, DEPENDABILITY AND HONESTY." From: leta stampfli of Fort Bragg, CA
Review: Kammie is dedicated!
Rating: 5 Text: "My husband and I found Kammie through her website: www.kquinones.servingsonoma.com. I put in my requirements and I soon received an e-mail from her. We have worked with Kammie for four months. She is very dedicated and understanding of her clients needs. Kammie is very familiar with the Santa Rosa area and was not afraid to tell us if she thought a neighborhood was not appropriate for our young family. Kammie is very thorough and energetic; the passion she has for helping people find a home shows through her high level of dedication and follow-through. Not only did Kammie help us find our first home, she put us in touch with a great person to handle the financial side of buying real-estate. Kammie never once showed any frustration with our phone calls, e-mails and many questions. I HIGHLY recommed anyone shopping for property to give Kammie Quinones their consideration." From: Bobbi Ferguson of Santa Rosa, CA on August 08, 2009
Review: Best in the business!
Rating: 5 Text: "Kammie helped me sell my Mothers home after her passing. Her compassionate and proafessionalism was outstanding. During the downturn she worked VERY hard to get the house off the market. Being a long distant sale I left the details in her capable hands. I would deffinately use Kammie again if the time arrises! Use Kammie for complete and comprehensive salesmanship." From: Linda Aguire of Dayton, NV on May 29, 2009
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