Pending home sales continue to grow.
The week began with September Pending Home Sales coming in UP for the eighth month in a row.
The National Association of Realtors index was UP 6.1% for the month, and UP 21.2% over September a year ago! The index hit 110.1, with 100 equaling the average level of sales contracts in 2001, the first year measured by the index.
It won't be too long before we start to see house prices going back up for most of the country, some markets are starting to see home price on the upswing.
Now is the time to buy before rates go up and house price move up too.
Leo Namiot
Connecticut Mortgage Specialist
Great news for the housing market came Friday when the President signed a bill extending and broadening tax credits for homebuyers.
The tax credits apply to contracts signed by April 30, 2010, that close by June 30. Income limits for eligibility have been increased to $125,000 per year for individuals and up to $225,000 per year for couples. Credits up to $8,000 continue for first-time buyers but there is now a $6,500 tax credit for buyers who've owned their current home at least five of the last eight years. However, homes selling for more than $800,000 are not eligible.
Mortgage Rates are still near all time lows.... now is a great time to buy!
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Leo Nmaiot
Connecticut Mortgages Specialist
First Time Home Buyers Mortgages
First-time Homebuyer Tax Credit Extended
The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify.
*The new proposed bill will also creates a new $6,500 credit for qualified buyers who have owned their current home for at least five years. Homes worth more than $800,000 would not be eligible.
President Obama is expected to sign the bill as early as tomorrow.



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FEDERAL HOUSING ADMINISTRATION LOANS
This loan is insured by the Federal Housing Administration. It is open to all qualified home purchasers.
FHA Mortgage Loan Products
FHA Loans - Buying a Home using a FHA Loan
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The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
- Downpayment 3.5% of Sales Price
- 100% Financing options available with approved down payment assitant programs
- Gift for downpayment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
- Higher Debt Ratio's than other home loan programs.
- Less than two years on the job is allowed in many cases.
- Self-Employed individuals o.k.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.
VETERAN AFFAIRS LOANS
The VA Mortgage Loan Program can make it much easier for Veterans to secure a home loan by eliminating the need for a down payment. Also, with careful structuring of the purchase contract, the Veteran can avoid needing cash for closing costs as well.
A VA Mortgage Loan offers a variety of financial benefits for those who qualifies. Over 60 million Americans qualify for benefits from the VA, but many people fail to take advantage of those benefits.
A VA Mortgage Loan can help you purchase a more expensive house,obtain a lower interest rate and offers 100% Financing! Are you eligible for a VA Mortgage Loan? Find out more about VA Mortgage Loans and Zero Down 100% Financing Without Mortgage Insurance for your Home Purchase or Refinance. Let Benchmark Mortgage help you get the a VA Loan at very competitive interest rates. APPLY NOW For A VA Loan.
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Updated Information
According to the Associated Press, Senators have agreed to extend the tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.
Reportedly, Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to buyers who have owned their current homes for at least five years.
The tax credits would be available to buyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes.
This is a preliminary report, details and conditions may change as the legislation becomes finalized.
More details to follow as they become available.
Leo Namiot
Connecticut Mortgage Specialist
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