HUD has announced that first time home buyers tax credit of $8,000 has been approved for all FHA loans.
But the catch this time is that you can't use this tax credit for the required FHA down payment of 3.5%.
The new rules say you can receive the first time home buyers tax credit upfront, as a second loan from any Federal, State, or local agency, or any FHA approved non-profit organization.
What this all means is that you can borrow the money from the $8,000 Tax Credit as your down payment, but after you put down the first 3.5% of that down payment. You still need to come up with 3.5% of your own funds. With FHA loans, that can still be a gift from someone in your family, or it can also come from a non-profit or government agency but not from the tax credit . You can now borrow money against your tax credit in advance, to use for additional down payment or closing costs. But you can't receive any money back at closing.
You can read the HUD letter here.
Washington State has some Funds set aside in its latest budget to use for these loans but it has been difficult to find any information about it. I think they are still working out the details and have been waiting for this announcement from HUD to finalize them. I think we will be hearing more about this soon.
It's Memorial Day weekend and what that means here in Bellingham is the annual Ski to Sea Race from Mt. Baker to Bellingham Bay. The race is a relay starting on Mt. Baker with a cross-country skier handing off a baton to downhill skier who hands off to a runner who hands off to a bike rider who hands off to a canoer who hands off to a mountain bike rider who hands off to a kayaker who finishes the race in Fairhaven.
The race is often traced back to the Mt. Baker Marathon held from 1911 to 1913. The marathon was a foot race to the top of Mt. Baker conceived by the Mt. Baker Club as a publicity stunt aimed at focusing the government's attention on the region to have the North Cascades area designated as part of the National Park System
To present Ski to Sea Race began in 1973. Now a relay race, it was designed to showcase the recreational opportunities available in Whatcom County. The Race has evolved into the annual event it is today, attracting participants from all over the world. It has been featured on national television several times.
Aside for the race Ski to Sea weekend has also evolved to include a grand parade, a junior race, a junior parade, a golf tournament, and a tremendous party and festival where it "all ends in Fairhaven" on race day. If you happen to be anywhere near Bellingham come on down to Fairhaven enjoy the party atmosphere, the art, the food, the music, and watch the racers cross the finish line.
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This Friday and Saturday, May 15 and 16, Bellingham Technical College's Welding Technology Program will be hosting the 8th Annual Welding Rodeo Sculpture Competition
Friday will be the Amateur Competition and Saturday the Pro's will take over. This sculpture competition will have 10 teams, (each consisting of 4 people) selecting scrap metal, designing, and fabricating a finished sculpture in just 8 hours.
There will be individual and team prizes for contest winners, as well as an opportunity to exhibit on BTC's campus.
All sculptures will be available at a public auction, with the proceeds benefiting the BTC Welding Student Scholarship Fund, the Welding Rodeo, and participating artists.
The year's theme is "Space"
The rodeo started out to bring attention to the schools welding program and recruit interested students as well as raise funds for scholarships for those in the welding program. It was a one day event with five teams that has changed into a popular event that has given Bellingham Technical College and its welding program some popularity.
The popularity of the welding program has grown tremendously since the beginning of the rodeo eight years ago. There are presently about 150 students in the program
Yesterday I posted that Shaun Donovan, Secretary of HUD announced that buyers could get the $8000.00 tax credit to use as a bridge loan for a down payment on a home.
I read the information at the National Association of Realtors website.
There was a letter put out by HUD which may no longer be available.
Well it seems that this information is WRONG!! At least today that is.
I called HUD to find out for myself and they told me "the letter that had stated this information had been rescinded." That was all the information they would give me, no reason, nada.
Sorry if we got some peoples hopes up, I think Secretary Shaun Donovan ought to provide some kind of explanation.
Great news for first-time home buyers. U.S. Department of Housing and Urban Development secretary Shaun Donovan said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.
Mr. Donovan was speaking at the Mid-year conference of NAR in Washington when he said "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," he According to Donovan, the FHA's approved lenders will be permitted to use the tax credit through short-term bridge loans which will allow eligible home buyers to access the funds immediately at the closing table. This will basically gives first-time homebuyers $8000 towards a down payment and/or closing costs on the new home.
I think this is a great step to help the housing market make a comeback as a down payment can often be a stumbling block for first-time home buyers. The government is finally stepping in to help them.
I know that well-informed clients make better decisions for themselves and their families. I want to help educate you. This helps me build strong, life long relationships with my clients.
Welcome to my profile which will guide you to the beauty of Bellingham and it's surrounding areas as well as provide you with information about Bellingham Real Estate, and what is presently available here in residential, condo, commercial and investment real estate. Search the MLS to find your new home in Bellingham or anywhere else in Whatcom and Skagit Counties.
I focus on my clients needs and takes care of them before, during and after their transaction closes. I believe in excellent customer service and helping my clients find the best professionals to help them with their real estate transaction.
I have been a Realtor® since 2000. I have lived in and around Bellingham since 1974, so I know the area and Bellingham Real Estate very well. My background is a mix of many things that have gotten me to this point in my career. I have been a self employed entrepreneur for more than 20 years. Most recently before becoming a Realtor I have been a nationally recognized teacher of Thai Massage.
Bellingham is at the heart of Whatcom County. It is an area of unparralled beauty and abundant recreational oppurtunities. I have travelled and lived in many parts of the world and I am always amazed at the beauty of this area on returning from anywhere on the planet. The city with a smalltown feel sits on Bellingham Bay, with Mt Baker to the east and the San Jaun Islands to the west. We are within a short drive of Seattle to the south and Vancouver B.C. to the north. Many homes in Bellingham Have spectacular views of the Bay and Islands as well as Lake Whatcom. Real Estate values here are on the rise, but still a bargain compared to many other desireable places to live.
Ferndale is a smaller town 15 minutes north of Bellingham that is surrounded by farmland. It is a fast-growing community with many homes featuring spectacular views of Mt. Baker. The town sits on the edge of the Nooksack River and has easy access to several of Whatcom County's premier parks. Blaine is a small town just below the Canadian border. It is the closest US town to 2010 Winter Olympics in Vancouver which is only half hour away. Peace Arch State Park is spanning the US Canadian border and providing a reminder of peace between our two countries for over two centuries. Blaine sits on Boundary Bay with Semiahmoo Bay actually closest to Blaine which has recently built a new boardwalk for people to stroll along the water. Being a border town Blaine has a very colorful history. Birch Bay is a beautiful community located on the water well know for it's miles of beaches. It is growing fast, what used to be a resort area now has many full-time residents. It is well known for its good crabbing and clamming. It's actually part of Blaine. Birch Bay State Park is popular camping spot. Lynden is a small town with strong Dutch heritage. It is situated just south of the Canadian border east of Blaine. The town features a 72 foot tall windmill with moving blades. Lynden is surrounded by farmland many with spectacular views of Mt. Baker. There are lots of dairy as well as many berry farms in the area. Everson and Nooksack are small communities located in the north of Whatcom County. Surrounded by farmland there are many places here with beautiful views of Mount Baker and a short drive to Bellingham or Canada. Sumas is very small city in the north of Whatcom County with a population of just over 1000 people, across the Canadian border from Abbotsford B.C. a large city of over 100,000 people. Deming is about 10 miles east of Bellingham on the road to Mount Baker. Maple Falls and Glacier are the last towns before Mount Baker and are popular resort destinations for skiers in winter and hikers in the summertime. Lummi Island is one of the gems of the San Juans. It is serviced by a small ferry that takes about 10 minutes to cross and runs at least once an hour. It is a rural island with unspoiled natural beauty. There are no parks, campsites or commercialization, it is quiet getaway. Sudden Valley is a community along the shores of Lake Whatcom located ten minutes east of Bellingham.
We appreciated Michael's efforts in pricing our home right, and keeping right on it when it came to showing it and getting interested generated. His firm also made sure we got plenty of "print" expose weekly to generate interest as well. We sold pretty quickly!
We would recommend listing with Michael to anyone!
The Weinberg's
I sure appreciate your perservernce and diligence helping get my very challanging property sold. Thanks
Robb McGregor
I highly recommend Michael Eisenberg as a real estate agent. I have worked with him on several purchase and sale transactions and all has gone very smoothly. Recently Michael successfully sold my home during the slow market in early spring 2007, getting a full price offer! Michael employed every possible marketing technique available. The marketing materials were excellent. Michael is great to work with, always available for questions, and I recommend him without any reservations.
Jamie Moore
We want to thank-you for the great job in helping us complete the
purchase of our new home. Your attention to the details of the completion
was very professional and quick. It has been a very easy and enjoyable
transaction and we would have no hesitation to do business with you again in
the future and to refer you to other clients. We wish you all the very
best.
Kip & Gaylene Bergan
Michael helped us accomplish what seemed to be 'impossible'-finding a
reasonably price home in Bellingham in a great neighborhood that met all our
requirements. He worked with us with patience and diligence for over one
year, emailing and calling us with updates as potential homes came on the
market. We toured over 50 homes together. He seemed to understand how
important it was for us to find a home that really fit our needs. We never
felt pressured to settle for something less than what we were dreaming
about. Michael not only proved to us what a real professional he is, we
also made a friend in the process. We couldn't recommend him more highly.
Tiana Melquist and Norman Stolzoff
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