A salute to all of those that have served and are serving our country in the Armed Forces.
We are all grateful for the sacrifice you make to represent the United States around the world.
Just remember, you can still do a 100% purchase for a new home as long as your credit is at least 620 and you qualify based on the income standards set by the guidelines.
As a matter of fact, these guidelines are very logical and the because of that the VA foreclosure rate is lower than those of FHA or conventional loans.
Mmmmmmm, a governmental agency that gets it! Nice!
I am now on AgentGenius.com
I am pleased to announce that Agentgenius.com has graciously allowed me to write for their site.
Agentgenius.com is one of the most respected real estate blog sites that offer insights from many different perspectives in the industry.
Read my first post about mortgage fraud: http://agentgenius.com/?p=19534&preview=true
Agentgenius.com is one of the most respected real estate blog sites that offer insights from many different perspectives in the industry.
Read my first post about mortgage fraud: http://agentgenius.com/?p=19534&preview=true
Tax Credit- Phase 3 Details
$8,000 First-time Home Buyer Tax Credit at a Glance
* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
* The tax credit applies only to homes priced at $800,000 or less.
* The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
* For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
* For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
* To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
* The tax credit applies only to homes priced at $800,000 or less.
* The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
* For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
* For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
* To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
My Alerts: Mortgage NYT (4 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
 November 11, 2009My Alerts |
| ADVERTISEMENT  Alert Name: Mortgage NYT November 11, 2009 Compiled: 12:52 AM BUSINESS / GLOBAL BUSINESSIn her first policy speech since being sworn in for a second term, Chancellor Angela Merkel warned that the worst effects of the global financial crisis would hit Germany next year. BUSINESSAfter a slow start, the Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report said. BUSINESSAs the Federal Reserve has come under scrutiny, Ben S. Bernanke, its chairman, is nurturing political ties as never before. |
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My Alerts: NYT RE Alert (4 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 11, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 11, 2009 Compiled: 12:52 AM REAL ESTATE / COMMERCIALProvidence, R.I. is freeing up 39 acres by moving the old I-195 highway, 20 of which will be marketed for development. GREATHOMES AND DESTINATIONSA modern home in Burien, Wash., a three-bedroom house near downtown Lynchburg, Va., and a home in Albuquerque. GREATHOMES AND DESTINATIONSRoman Rutkowski’s home is a rectangular bunker with an unpainted all-wood exterior, and an even plainer interior. GREATHOMES AND DESTINATIONSForeigners are not restricted from owning property in South Africa, but in general the maximum amount of financing they can get is 50 percent. |
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My Alerts: Mortgage NYT (1 article)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 11, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 11, 2009 Compiled: 12:53 AM OPINIONThe bankers who took government money and then gave out obscene bonuses are the same self-interested sorts Jesus threw out of the temple. |
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My Alerts: NYT RE Alert (4 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 10, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 10, 2009 Compiled: 12:55 AM NEW YORK REGIONFelicia Fields brought her niece and nephew into a tiny two-bedroom space she already shared by her three children and her fianc�. NEW YORK REGIONAfter three died on Saturday in illegal apartments, building inspectors found eight more illegal units next door in Woodside. BUSINESS / MEDIA & ADVERTISINGThe home and redecorating magazine will cease publication with its December issue, Hachette Filipacchi Media said. BUSINESS / GLOBAL BUSINESSThe city-state’s central bank warned that measures could be needed to curb the risk of speculation in the country’s property market, which has been bolstered by low borrowing costs. |
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My Alerts: Mortgage NYT (1 article)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 9, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 9, 2009 Compiled: 1:13 AM BUSINESSThe acting U.S. attorney for Manhattan stepped down when the Senate confirmed President Obama’s nominee for the post, Preet Bharara. |
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My Alerts: NYT RE Alert (2 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 9, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 9, 2009 Compiled: 12:46 AM INTERNATIONAL / EUROPEThe Soviet government’s land monopoly may have ended some two decades ago, but the ability of the authorities to give and take away territory has not, real estate experts say. BUSINESSMr. Heyman stood out as a corporate raider who preferred to hold on to companies he bought and run them rather that sell them for a quick profit. |
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My Alerts: Mortgage NYT (2 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 9, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 9, 2009 Compiled: 12:46 AM BUSINESS / GLOBAL BUSINESSPrime Minister Manmohan Singh pledged Sunday to spend more on health care and education and make it easier for foreign investors to take part in India’s $1.2 trillion economy. BUSINESS / ECONOMYThe chief executive of Wells Fargo might have a hard time of paying back the Troubled Asset Relief Program investment while avoiding damage to his shareholders. |
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My Alerts: Mortgage NYT (4 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 8, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 8, 2009 Compiled: 1:17 AM WEEK IN REVIEWMaybe it’s time to rethink the business cycle. It no longer predicts when — or if — jobs will return. REAL ESTATE / COMMERCIALMr. Michaels is the chairman and chief executive of the Carlton Group, a real estate investment bank that specializes in equity and debt placement. BUSINESS / GLOBAL BUSINESSGordon Brown of Britain told G-20 finance ministers that the world needed a system to force banks, not taxpayers, to cover future bailouts. BUSINESSIn the recent downturn, Ruby Tuesday has tried to trade up. When people start to dine out again, the founder wants them to find his chain transformed. |
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My Alerts: NYT RE Alert (12 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 8, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 8, 2009 Compiled: 1:17 AM USYears after the frontier town of Unalaska picked itself up off the barroom floor, residents fear a shelter would once again invite the wrong kinds of neighbors. STYLE / T MAGAZINEThe extended family is a wonderful thing, but so is privacy. It’s not easy to balance the two when designing a house, particularly if you don’t have the land or budget, or both, to build a compound. But with ingenuity and a little luck, even a modest house on a small site can accommodate three generations with breathing room to spare. REAL ESTATETo spur international investors, some real estate companies have started marketing a service that brokers have long provided informally. REAL ESTATEProgress is being made in converting Newark’s empty lots and abandoned buildings into new housing, despite a crushing recession. REAL ESTATEThe federal government is poised to enact rules to combat discrimination on loans backed by the Federal Housing Administration. REAL ESTATEFor those who crave a historic house — along with all the charms and challenges it can entail — there are a few other architectural gems to be found across the Island. REAL ESTATEAbout 40 percent of Croton-on-Hudson is set aside as parkland, and the area is known for its rivers. REAL ESTATESturgis Warner, a theater director, uses contraptions he built to make the most of his space in a fifth-floor walk-up in the East Village. REAL ESTATEJoseph A. Olshefski, who spent much of his adult life at 313 East 58th, is now acting as the broker for the owner, who is selling it. REAL ESTATEOne Madison Park, the soaring 600-foot glass condominium that towers over East 23rd Street, opened to its first residents in August, but since then only five buyers have closed, according to city records. REAL ESTATEProspect-Lefferts Gardens may be uncool and unhyped, but that's fine for Dan Schreiber and Caroline Jeanjot. |
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My Alerts: NYT RE Alert (1 article)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 7, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 7, 2009 Compiled: 12:49 AM NEW YORK REGIONTaking advantage of the real estate downturn, the university bought the Arbor, a sleek condominium project in Riverdale that now houses graduate students. |
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My Alerts: Mortgage NYT (2 articles)
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November 7, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 7, 2009 Compiled: 12:49 AM OPINIONThe financial crisis may have begun on Bush’s watch, but the lack of jobs is now President Obama’s problem, and he needs to act quickly to solve it. BUSINESS / ECONOMYThe Federal Reserve said borrowing fell $14.8 billion, the biggest decline since July. |
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I will be making a major announcement about the real estate tax credit today on CNBC at 4:30PM ET. Not what you think! http://fredglick.com
Unemployment to 10.2%, Underemployment Rate over 16%
190,000 jobs were lost in October as the pain continues in the job world.
Now more than ever, we need to figure out how to create jobs.
More to follow!
Now more than ever, we need to figure out how to create jobs.
More to follow!
Tax Bill Done, Awaits Obama Signature, But....
From the AP and Diana Olick of CNBC
Last night the Senate voted cloture on a bill that includes the extension of the first time home buyer tax credit.
While this is not the final vote, it effectively seals the deal on the plan to extend the $8000 first time buyer credit through April 30th and expand said credit to move-up buyers on a smaller ($6500) scale.
On top of that, Congress already extended the higher GSE/FHA loan limits that were put in place to help more buyers take advantage of lower mortgage rates. And then there's the "Net Operating Loss" carryback extension, which I blogged about previously, and which will add more cash to the coffers of the nation's home builders.
Add it all up and it's another big vat o' juice for the U.S. housing market. Or is it?
Builders themselves say they are more likely to hold on to that NOL cash than to invest it in new jobs or new homes. And as for the tax credit extension, industry estimates are that this year's first time home buyer tax credit added 350,000 home buyers to the market who otherwise would not have purchased homes. These buyers were almost entirely on the low end of the market. 70 percent of home sales in September were of homes under $250,000.
Let's do a little math here, shall we?
A few weeks ago the Deputy Commissioner for Services and Enforcement at the IRS, Linda E. Stiff, testified before Congress that between January 2009 and September 2009 the IRS has processed claims from more than 1.5 million individuals or families who have purchased homes. So 350,000 is a little over 23 percent of 1.5 million. That says that at least 70 percent of buyers would have bought their homes without said credit.
Last night the Senate voted cloture on a bill that includes the extension of the first time home buyer tax credit.
While this is not the final vote, it effectively seals the deal on the plan to extend the $8000 first time buyer credit through April 30th and expand said credit to move-up buyers on a smaller ($6500) scale.
On top of that, Congress already extended the higher GSE/FHA loan limits that were put in place to help more buyers take advantage of lower mortgage rates. And then there's the "Net Operating Loss" carryback extension, which I blogged about previously, and which will add more cash to the coffers of the nation's home builders.
Add it all up and it's another big vat o' juice for the U.S. housing market. Or is it?
Builders themselves say they are more likely to hold on to that NOL cash than to invest it in new jobs or new homes. And as for the tax credit extension, industry estimates are that this year's first time home buyer tax credit added 350,000 home buyers to the market who otherwise would not have purchased homes. These buyers were almost entirely on the low end of the market. 70 percent of home sales in September were of homes under $250,000.
Let's do a little math here, shall we?
A few weeks ago the Deputy Commissioner for Services and Enforcement at the IRS, Linda E. Stiff, testified before Congress that between January 2009 and September 2009 the IRS has processed claims from more than 1.5 million individuals or families who have purchased homes. So 350,000 is a little over 23 percent of 1.5 million. That says that at least 70 percent of buyers would have bought their homes without said credit.
My Alerts: NYT RE Alert (3 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 6, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 6, 2009 Compiled: 12:54 AM OPINIONExtending the home buyer’s tax credit is wasteful; instead, Congress should help people avoid foreclosure. GREATHOMES AND DESTINATIONSAfter five consecutive quarters of decline in Singapore's property market, the luxury segment is starting to improve, partly helped by the slow reappearance of foreign buyers. GREATHOMES AND DESTINATIONS“Life on the lake was a lot different than the life we had come from. But our experiment was a success.” |
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My Alerts: Mortgage NYT (1 article)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 6, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 6, 2009 Compiled: 12:54 AM BUSINESS / GLOBAL BUSINESSThe earnings of two European banks, BNP Paribas and Commerzbank, painted a stark contrast a little over a year after Lehman Brothers fell. |
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Mozilo Loses Bid to Have SEC Case Dismissed
A federal judge rejected a request by Angelo Mozilo, the former CEO and founder of Countrywide Financial Corp., to dismiss a Securities and Exchange Commission lawsuit accusing him of securities fraud and insider trading.
Senate Approves Tax Credit Extension, On To The House
The U.S. Senate voted Wednesday to extend and expand the popular first-time homebuyer tax credit. The measure cleared the chamber with a vote of 98 to 0.
It now goes to the House of Representatives for approval. According to a statement from House Majority Leader Steny H. Hoyer (D-Maryland), it will be brought “to the House floor for a vote as early as tomorrow [Thursday].”
The bill is widely expected to pass the House as well, and then needs only President Obama’s signature.
The $8,000 tax break for first-time buyers, which was set to expire at the end of this month, would continue until April 30, by which buyers would have to have signed a contractual purchase agreement, but not closed on the sale. Another 60-day cushion beyond the end of April would be allowed to complete the closing.
The measure removes the first-time-only stipulation, though, opening the benefit up to existing homeowners who’ve lived in their current residence for at least five years but want to relocate to a new primary residence. The incentive amount for those buyers is $6,500.
The income limits for both first-time buyers and existing homeowners would be $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.
The tax break would only be offered on homes priced at $800,000 or less, and beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit.
The housing tax credit expansion was appended to a larger bill that also included an extension of unemployment insurance benefits and provisions that allow companies to apply net operating losses to previous years’ numbers in order to reduce their business tax.
It now goes to the House of Representatives for approval. According to a statement from House Majority Leader Steny H. Hoyer (D-Maryland), it will be brought “to the House floor for a vote as early as tomorrow [Thursday].”
The bill is widely expected to pass the House as well, and then needs only President Obama’s signature.
The $8,000 tax break for first-time buyers, which was set to expire at the end of this month, would continue until April 30, by which buyers would have to have signed a contractual purchase agreement, but not closed on the sale. Another 60-day cushion beyond the end of April would be allowed to complete the closing.
The measure removes the first-time-only stipulation, though, opening the benefit up to existing homeowners who’ve lived in their current residence for at least five years but want to relocate to a new primary residence. The incentive amount for those buyers is $6,500.
The income limits for both first-time buyers and existing homeowners would be $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.
The tax break would only be offered on homes priced at $800,000 or less, and beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit.
The housing tax credit expansion was appended to a larger bill that also included an extension of unemployment insurance benefits and provisions that allow companies to apply net operating losses to previous years’ numbers in order to reduce their business tax.
My Alerts: NYT RE Alert (7 articles)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 5, 2009My Alerts |
| ADVERTISEMENT Alert Name: NYT RE Alert November 5, 2009 Compiled: 12:54 AM NEW YORK REGIONTenants in a long-running case are encouraged by a court ruling that said the owners of Stuyvesant Town and Peter Cooper Village had improperly raised rents while receiving tax benefits. HOME & GARDENRoald Gunderson is an architect who may revolutionize the building industry. HOME & GARDENForced to choose between New York and his partner, Thomas Grant III created an American-style home in China. HOME & GARDENEven for renters, a lock is a good long-term investment. HOME & GARDENLeslie Williams bought what she thought was her dream house, but her marriage was finished long before the renovation. HOME & GARDENHomeowners can still arrive at a reasonably accurate real estate appraisal even in these uncertain times. FASHION & STYLEThe Webster, on West 34th Street, is one of the few remaining all-female residences in a city that used to have many. |
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My Alerts: Mortgage NYT (1 article)
| My Alerts alerts on your Mobile Phone or PDA: http://m.nytimes.com/newstracker?emc=tnt |
November 5, 2009My Alerts |
| ADVERTISEMENT Alert Name: Mortgage NYT November 5, 2009 Compiled: 12:54 AM BUSINESSChrysler had $5.7 billion in cash on hand at the end of September, up from the $4 billion it had in June after emerging from bankruptcy, its chief executive said. |
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