UMUC NEEDS PROFESSIONAL ADVISORS
We just received a request for assistance from Jay Browning at the University of Maryland University College. This is your opportunity to respond to the development needs of the University of Maryland.
Specifically, Jay is building a group of professional advisors to help him with their institutional advancement efforts. Please refer the names of your personal contacts that are CPAs, trust and estate attorneys, financial advisors or others that are centers of influence for major contributions to the UMUC.
Jay is seeking contact with those that can advise him and prospective donors on gift planning and needs speakers to participate in seminars to educate prospective donors on the current issues at UMUC.
Social networking experts are needed to advise UMUC on how to best use Twitter, Facebook and other social networks to effectively promote educational programs and development needs.
Please contact Jay if you are willing to contribute your skills.
Jay Browning, CFRE,Assoc. VP Office of Institutional Advancement UMUC
240.684.5121
JBrowning@umuc.edu
POSTED ON ACTIVERAIN AS A SERVICE TO OUR HIGHER EDUCATION COMMUNITY.
Character Counts in Gaithersburg, Maryland
FHA FINANCING IS A GOOD CHOICE FOR MARYLAND HOME BUYERS
LOW DOWN PAYMENT AND SELLER CAN ASSIST WITH CLOSING COST
Down payment only 3.5% of the purchase price
100% financing available though Gifts and Grants
No Bank reserves or savings required
Seller can credit up to 6% to pay towards buyers closing cost.
EASIER TO QUALIFY FOR FHA THAN FOR MOST CONVENTIONAL PROGRAMS
No Minimum Credit score of FICO score requirement
FHA will allow you to purchase a home 2 years after a bankruptcy
FHA will allow a purchase of a home 3 years after a foreclosure.
EASY JOB REQUIREMENTS AND HIGH DEBT RATIOS ARE ALLOWED
Less than 2 years on the job is okay
Sell employed is okay
EVERY PROSPECTIVE HOME BUYER SHOULD HAVE A PRE-APPROVAL LETTER FROM THEIR MORTGAGE LENDER.
Please ask us for a referral to a lender if you do not have a personal relationship with your loan officer.
NAR Frequently Asked Questions Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001
Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit
Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit? Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement. Question: I am a firsttime home buyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit? Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range). Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit? Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling. Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests? Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility. Question: I am an eligible first time home buyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me? Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
TAX CREDIT BEING EXPANDED TO BENEFIT CURRENT HOME OWNERS
Buying a home is about to get cheaper for a whole new crop of home buyers - $6,500 cheaper.
First time home buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill today.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First time home buyers - or anyone who hasn't owned a home in the last three years - would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
This is good news for first time home buyers that will unable to get to settlement by the current November 30, 2009 expiration date. By all comments, the pending extension will be the final extension.
Existing home owners that have owned for at least five years were not expecting an incentive to purchase another primary residence. Those that qualify now need to consider the $6,500 tax credit benefit and determine if the assistance will encourage a home purchase by April 30.
MONTGOMERY COUNTY MD FORECLOSURES & SHORT SALES REPORT
There are 167 active listings of lender owned foreclosures (REO) available for purchase in Montgomery County MD
Visit the following URL to see the report. Click on the listing number to see the full property description. Sort by column headers.
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-93769740-74
When searching for homes in Maryland, you will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase.
Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.
Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract. This is a very active market and well priced prices attract multiple contracts.
What about short sales? Are bargains to be found in the inventory of short sale listings? Yes, lenders have become more liberal with short sales. Short sales do take more time and more frustrations should be anticipated. Short sale transactions require third party approval. The secured lenders must approve the contracts since the proceeds will not fully cover the amounts of the mortgage loans.
There are 243 active short sale listings priced at $250,000 and below in Montgomery County.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-93769789-731
There are 277 active short sale listings available at $250,000 and more in Montgomery County.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-93769810-127
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process.
FIRST TIME HOME BUYER $8,000 TAX CREDIT www.federalhousingtaxcredit.com 11/30/09 deadline for settlements. Legislation for the extension of this program has not yet passed.
Providing exclusive buyer and seller representation. Advising clients on pre-foreclosures, trustee sales, foreclosures and REOs. Listing agent for Bank of America Home Loans in Montgomery County.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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