Florida homeowners are no strangers to the idea of mortgage modification, as put forth via wide-spread publicity efforts announcing home loan modification as part of President Obama’s foreclosure-prevention program.

As recently as last week, Chase Mortgage, the servicing side of JP Morgan Chase, had negotiated more than 15,000 modifications under this program. Chase Mortgage isn’t’ the only major bank facilitating mortgage modifications.

Back in April of 2009, Bank of America delivered as many as 100,000 letters to borrowers who could potentially benefit from home loan modification. Although BOA has yet to release information as to how many mortgage modifications it’s performed, the lender is clearly involved in the process.

Making Home Affordable - Key Goals and Intended Outcomes When the Making Home Affordable plan went into effect on March 4, the Obama administration believed that it could help as many as 4 million people steer clear of mortgage default and/or foreclosure. The plan’s key focus involved encouraging lenders to help past-due borrowers or those at-risk of falling into this category lower their interest rates to levels where their monthly housing payments would not exceed 31 percent of their gross monthly income. While the Making Home Affordable program isn’t available to all Florida mortgage borrowers, it may very well be an option for you.

To find out if this program fits your individual situation, follow these important home loan modification steps...

One of the things holding most Winter Havenfirst-time home buyers back from purchasing a home is the 3.5% downpayment requirement for FHA mortgages. Add closing costs to this total and many would be first-time home buyers - despite having jobs that can maintain monthly mortgage payments - simply can't swing getting into a home at all.

With DPAs now a thing of the past, another source of downpayment funds for first time home buyers a home is a LOAN from an immediate family member. Although it cannot be a requirement of the loan, qualified first time home buyers can borrow the money from their parents and repay it with the $8,000 tax credit.

Here's how...

Florida first-time home buyers are in a great position right now, thanks to the $8,000 First-Time Home Buyer Tax Credit. If you're considering a home purchase between now and November 30, 2009, and you plan to live in your Florida home for 3 years or more, then you simply must take advantage of this true $8,000 Tax Credit.

I've pulled together some answers to five of the most frequently asked questions (FAQs) concerning the First-Time Home Buyer Tax Credit. I hope you find them useful:

Who Qualifies for the $8,000 First-Time Home Buyer Tax Credit?

You are eligible to receive this tax credit so long as you adhere to the following:

• You have never owned a home - or, have not owned one in the past 3 years - determined by HUD 1 date when previous home was sold (Note: If married and you did not own a home within the last 3 years, but your spouse did, then you do not qualify)
• You have or will buy your home as a primary residence between January 1 and November 30, 2009
• You can show that if you owned a rental property or vacation home, it was not used as a primary residence over the last 3 years
• If you're unmarried and you are buying the home with another person who owned a home within last 3 years but you did not, you can "designate" the tax credit to you - qualifying you as the First Time Home Buyer (FTHB)
• If your parents cosign on a mortgage (and own a home) and the you are the FTBH, then they are eligible for the tax credit.
• Non-US Citizens may qualify if they meet resident-alien status (IRS Pub 519)
• Revenue or Housing Bond financing are eligible for tax credits.

What Types of Properties are Eligible for the Tax Credit?

• Primary Residence - Single family, 2-4 units (must occupy one unit) town homes, condos, manufactured homes, mobile homes and houseboats. Yes, houseboats!
• For new construction - The "Purchase Date" is the date that you begin to occupy the home (between Jan 1 and Nov. 30, 2009) Note: You can have owned land and be in the process of building.

What Income Limits Are Associated with the Tax Credit?

• $75,000 Single Person (Partial Credit up to $95,000)
• $150,000 Married Couple (Partial Credit up to $170,000)
• Totals are based on Adjusted Gross Income (AGI) line on IRS Form 1040, 1040A or 1040EZ

What Exact Amount is Awarded via the Tax Credit?

• You may be eligible to receive a maximum of $8,000, or the amount equal to 10% of home's sales price - up to this amount. If you buy for $75,000, then you are eligible for only $7,500.
• Up to Maximum of $8000
• Partial Tax Credit if income exceeds $75,000 or $150,000

Does the Tax Credit Have to be Repaid?

• No. As long as you stay in the home for a minimum of 3 years, you do not have to pay back the tax credit.
• Note: If you sell within 3 years, the entire tax credit needs to be repaid!

Need to apply for the First Time Home Buyer Tax Credit? Be sure to download and complete IRS First-Time Home Buyer Credit Form 5405. As always, you need to consult with your tax professional regarding how this tax credit will impact your finances. That said, if you're planning to buy a Florida home in the near future - or any time up through November 30, 2009 - taking the $8,000 First Time Home Buyer Tax Credit is a no-brainer! Have any other questions regarding this issue? Comment here, and I'll do my very best to get back to you ASAP!

Wednesday, conforming mortgage rates plummeted to very near their lowest levels since WWII - thanks to the Federal Reserve's $750 billion pledge to help the mortgage market.  Di your Florida mortgage broker lock in your rate? Hope so, because not 24 hours later, those rates expired.

Yup.  You heard me right.  See, after considering the long-term implications of the Federal Reserve -- quite literally -- printing new money to help out the recession, mortgage markets grew fearful that the Fed's plan may eventually lead to... wait for it... Inflation. And, as we've said here many times - inflation is the enemy of mortgage rates.

So, if you were just dying on the edge - yes... the very edge of your seat to know why Florida mortgage interest rates shot up as quickly on Thursday as they fell the day before, now you know!

And, as Duke, Scarlet, Snake Eyes (OK, so - he never actually "talked") and the rest of the G.I. Joe gang always said at the end of those cheesy Public Service Announcements (PSAs) I watched as a kid...

"Knowing is half the battle!" (Watch the Video PSA on this post's page if you wanna geek out!)

A look in the rear view mirror on this one also shows us that rate shoppers might have seen it coming, if only because we've seen the exact pattern oh... FOUR TIMES since January of 2008:

1. After the Fed's "surprise" rate cut in January 2008
2. After the Fannie Mae and Freddie Mac takeovers in September 2008
3. After the Fed announced its first $500 in support in November 2008
4. After the Fed zeroed out the Fed Funds Rate in December 2008

So class, our lesson here is: When mortgage rates drop sharply in short order, they bounce back up at the same pace.

Unfortunately, not every would-be homeowner looking to refinance their Florida mortgage saw the increase coming.  People that locked Wednesday captured the lowest rates in 6 decades.  Everyone else... well...  wishes they had.

I say it a lot here, and I really try not to come off sounding like a used car salesman:

From day-to-day, we don't know if Florida mortgage rates will rise or fall.  Hey...  nobody knows that.  But, we do know that mortgage rates tend to follow patterns, and we've seen the above pattern 5 times now.

When mortgage rates plummet like they did Wednesday, they rarely stay at lows for long. When you find a rate you like, get in and get locked as soon as possible. By tomorrow, it's likely to be gone.

Need someone to watch the rates for you?  I'm your guy.  Call me at 863-604-3019 or apply online for your Florida mortgage.  We'll keep you posted and let you know when it's time to pull the trigger!

Go Joe!

Kevin Sandridge The Florida Mortgage Pro Signature Home Funding 410 Laurel Cove Way Winter Haven, FL 33884

Mobile: 863-604-3019 Fax: 888-496-0265 Email: kevin.s@sigfunding.com http://www.floridahomeloanspecialist.com

Despite what hardships or cutbacks we might be having to make right now, as Internet marketers we are truly fortunate to work in an industry that we love and supports ourselves and families.

I am a firm believer of passing on some of that fortune, that's why I want to tell you about the Boone Middle School Technology Student Association - a co-curricular technology club of which I am the Chapter Advisor.

Boone Middle School is in Haines City, Fl. It is a Title 1 school, which means that the vast majority of their students come from low income or at risk homes.

The Technology Student Association is a great program, and it has a history of taking kids that have little or no direction and giving them something to be passionate about, something to enjoy. 

Fact: Many of our best academic competitors were once troubled or at-risk kids.

I'm involved with the organization as an educator because it reminds me of myself at that age - all geeked out and constantly interested in technology.  Unfortunately, we didn't this awesome program at my school!

BooneTSA is trying to fund raise to cover costs associated with getting to State competition. Six of our kids have already qualified, but as most come from lower economic backgrounds - their parents can't swing sending them to the 3-night overnight conference - to be held in Orlando. 

I've put together a basic landing page on my main Florida Mortgage Blogger site to collect donations for the club, and have also provided a version of it below.

Should you wish to donate - please click the "Donate" button in the Sprout Widget below. Oh - and be sure to watch the video to get a real sense of what these kiddos are up to!  It will definitely boost your morale re: the future of our Great Nation! 

Page Sponsored By Kevin Sandridge, the Florida Mortgage Blogger.