Bob's Real Estate Blog

NEW SHORT SALE GUIDELINES TO AVOID FORECLOSURES

Bob Brandt (Re/Max Suburban) — Mon, 19 Jul 2010 12:45:48 -0700

NAR's Short Sales Information Resource
HAFA Brochure
HAFA FAQ
Treasury Department Guidelines and Forms

For help with and questions about buying or selling a home in the Northwest Suburbs, call Realtor / Broker-Associate
Bob Brandt
Re/Max Suburban
847-230-7303
25 years of local Real Estate Experience in the Schaumburg area

HAMPSHIRE ILLINOIS CASA DE AERO AIRPARK HOME WITH A LARGE HANGAR FOR YOUR AIRCRAFT

Bob Brandt (Re/Max Suburban) — Fri, 04 Jun 2010 15:22:20 -0700

Detached Single	MLS #:	07519169	List Price:	$480,000
Status:	ACTV	List Date:	05/04/2010	Orig List Price:	$480,000
Area:	140	List Dt Rec:	05/04/2010	Sold Price:
Address:	48W655 IMMELMAN Lane, Hampshire 60140	Contingency Flag:
Directions:	I-90 to Rt 20 W. to Getty W. to Harmony S. to Stoxen W. to Immelman
Sold by:		Listing Market Time:	32
Off Market:		Contract:		Points:
Closed:		Financing:		Census Tract:
Year Built:	1975	Built B4 78:	Yes	Currently Leased:	No
Ownership:	Fee Simple w/ HO Assn.	Subdivision:	Casa De Aero
Model:	Enlarged	Dimensions:	200 X 166
Corp Limits:	Hampshire	County:	Kane
Township:	Hampshire
Rooms:	9	Bedrooms:	3	Bathrooms:	2.2
Master Bath:	Yes	Basement:	No	Basement Bath:	No
Parking:	Garage	Cars:	2	Fireplaces:	1

School Data

Elementary:	HAMPSHIRE ELEMENTARY SCHOOL (300)
Junior High:	HAMPSHIRE MIDDLE SCHOOL (300)
High School:	HAMPSHIRE HIGH SCHOOL (300)
Other:

Coordinates

North:	19
South:	0
West:	48
East:	0

Assessments

Amount:	45
Frequency:	Monthly
Special:	No

Tax

Amount:	$8,566
PIN:	0105100015
Mult PINs:
Tax Year:	2009
Tax Exmps:	Homeowner

Miscellaneous

Waterfront:	No
Wall Insul:
Ceil Insul:
Appx SF:
Acreage:	0.76

Room Name	Size	Level	Flooring	Win Trmt	Room Name	Size	Level	Flooring	Win Trmt
Living Room	20X14	Main Level	Carpet	Yes	Master Bedroom	18X17	Main Level	Carpet	Yes
Dining Room	13X10	Main Level	Ceramic Tile	Yes	2nd Bedroom	14X11	2nd Level	Carpet	Yes
Kitchen	19X13	Main Level	Ceramic Tile	Yes	3rd Bedroom	19X8	2nd Level	Carpet	Yes
Family Room	18X13	Main Level	Carpet	Yes	4th Bedroom		Not Applicable
Den	13X10	Main Level	Carpet	Yes	Great Rm	36X18	Main Level	Carpet	Yes
Utility Rm	11X6	Main Level	Ceramic Tile		Other	16X10	2nd Level	Ceramic Tile	Yes
Other	45X44	Main Level			Foyer	14X9	Main Level	Ceramic Tile

Age:	26-50 Years, Recent Rehab
Air Cond:	Central Air
Amenities:	Landing Strip
Appliances:	Oven-Double, Microwave, Dishwasher, Refrigerator, Refrigerator-Bar, Washer, Dryer
Attic:	Pull Down Stair
Basement:	None
Bath Amn:	MBR - Full, Separate Shower, Double Sink
Dining:	L-shaped
Driveway:	Asphalt
Electricity:	Circuit Breakers
Equipment:	Humidifier, Water-Softener Owned, TV-Dish, TV Antenna, CO Detectors, Ceiling Fan, Sump Pump
Exterior:	Brick, Cedar
HERS Index Score:
Green Disc:

Features:	Deck, Patio, Vaulted/Cathedral Ceiling, Dog Run/Invisible Fence, Bar-Wet
Foundation:	Concrete
Exst Bas/Fnd:
Fireplace:	Location-Family Room, Wood Burning, Attached Fireplace Doors/Screen, Gas Starter
Garage:	Attached, 2 Car Garage, Garage Door Opener(s) (Auto), Transmitter(s)
Parking:	Off Street, Visitor Parking
Occ Date:
Kitchen:	Eating Area-Table Space
Heating:	Gas, Forced Air, Radiant, 2+ Sep Heating Systems
Water:	Well-Private
Sewer:	Septic-Private
Oth Impr:	Other
Exposure:

Oth Info:	None
Lot Desc:
Lot Size:	.50-.99 Acre
Asmt Incl:	Other
Const Opts:
Other Rooms:	Den/Office/Study, Family Room, Gallery/Foyer, Great Room, Utility/Laundry-1st Floor, Workshop
Possession:	Closing
Roof:	Wood Shakes/Shingles
Style:	Contemporary
Type:	2 Stories
Sale Terms:	Conventional
Green Rating Source:
Green Feats:

Remarks: IMMACULATE, UPGRADED & UPDATED AIRPARK HOME W/HUGE 2STORY GREAT ROOM ADDITION. 4BEDROOMS CONVERTED TO 3 FOR LUXURY BATH+CLOSETS. INSULATED & HEATED HANGAR FOR AT LEAST 2 PLANES. ANDERSEN & PELLA WINDOWS, MOUSER CUSTOM CABINETRY, CUSTOM OAK DOORS/TRIM, EXTENSIVE OVERHEAD LIGHTING, CROWN MLDGS, HARDWOOD & PORCELIAN TILES, CRYSTAL CHANDELIERS, SUBZERO RF IN WET BAR, 2 WHIRLPOOL TUBS, BAY WINDOW-PRIVATE AIRPORT COMMUNITY

Agent Remarks: SEPARATE FORCED AIR & RADIANT HEAT SYSTEMS IN 45X44 HANGAR W/GREAT LIGHTING & PARTIAL BATH ROOM. AIRPLANE FUEL SOLD AT COST AT GREAT PRIVATE AIRPORT WITH 3000 FT RUNWAY. ALSO GRASS RUNWAY. 5 1/2 FOOT CRAWL SPACE. HANGAR ROOF ABOUT 5 YEARS.

Internet Listing:	All	Remarks on Internet?:	Yes	Addr on Internet?:	Yes
VOW AVM:	Yes	VOW Comments/Reviews:	Yes
Listing Type:	Exclusive Right to Sell	Holds Earnest Money:	Yes	Lock Box:
Coop Comp:	2.5%-$150	Special Comp Info:	None
Showing Inst:	CALL L.O. YOU WILL BE IMPRESSED W/THIS HOUSE & HANGAR
Owner:		Ph #:		Agent Owned/Interest?:	No
Broker:	RE/MAX Suburban (8079)	Ph #:	(847) 985-7050	Team:
List Agent:	Robert Brandt (80663)	Ph #:	(847) 230-7303	Email:BOB@REALTYBOB.COM
Co-lister:		Ph #:		More Agent Contact Info:	fax to 847-985-8029

Prepared By: Robert Brandt - RE/MAX Suburban 06/04/2010 02:10 PM

SHORT SALE INCENTIVE PROGRAM BEGINS 4/5/10-HAFA- HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM

Bob Brandt (Re/Max Suburban) — Fri, 12 Mar 2010 14:13:41 -0800

Short sale incentive program begins April 5. The Obama Administration's Home Affordable Foreclosure Alternatives Program (HAFA) takes effect April 5. HAFA, will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), by providing incentives for short sales and deeds-in-lieu of foreclosure rather than foreclosure.

This program will help many Chicagoland homeowners, homebuyers, homesellers and Realtors.

For more information and real estate assistance from a local REMAX Realtor with 25 years experience in Schaumburg, Hoffman Estates, Roselle, Streamwood, Hanover Park, Bloomingdale, Carol Stream, Wayne, South Barrington, Barrington, Elk Grove and surrounding areas, give Bob Brandt at Re/Max Suburban a call at 847-230-7303 or bob@realtybob.com

SCHAUMBURG, STREAMWOOD, ROSELLE REALTOR MARKET SHARE GRAPHS FOR COMPARISON-JUST RELEASED

Bob Brandt (Re/Max Suburban) — Thu, 11 Feb 2010 12:35:25 -0800

Roselle/Keeneyville (172)
Schaumburg (193)
Streamwood (107)

This may help you decide which company to hire to sell or buy your next home.

JUST RELEASED-LATEST NORTHWEST SUBURBAN REALTOR MARKET SHARE GRAPHS FOR YOUR COMPARISON

Bob Brandt (Re/Max Suburban) — Thu, 11 Feb 2010 12:12:34 -0800

Northwest Suburbs
	Arlington Heights (5) Barrington Area (10) Buffalo Grove (89) Des Plaines (16) Elk Grove Village (7) Hanover Park (103) Hoffman Estates (194) Inverness (7167) Mount Prospect (56) Niles (648) Palatine (67) Prospect Heights (70) Rolling Meadows (8) Roselle/Keeneyville (172) Schaumburg (193) Streamwood (107) Wheeling (90)

When it is time to sell or buy a home, use an experienced Re/Max Realtor.

JUST RELEASED-LATEST DUPAGE COUNTY REALTOR MARKET SHARE GRAPHS FOR YOUR COMPARISON

Bob Brandt (Re/Max Suburban) — Thu, 11 Feb 2010 12:07:05 -0800

JUST RELEASED-THE LATEST REALTOR MARKET SHARE GRAPHS FOR KANE COUNTY

Bob Brandt (Re/Max Suburban) — Thu, 11 Feb 2010 12:01:34 -0800

BARRINGTON AREA REALTOR MARKET SHARE GRAPHS FOR COMPARISON

Bob Brandt (Re/Max Suburban) — Thu, 11 Feb 2010 11:55:16 -0800

The latest data has just been released for your information.

Barrington Area (10)

WEATHERSFIELD, TIMBERCREST, PARK SAINT CLAIR,SPRING COVE AND SHEFFIELD SCHAUMBURG HOMEBUYERS-HOMEBUYER TAX CREDIT QUESTIONS ANSWERED HERE

Bob Brandt (Re/Max Suburban) — Tue, 09 Feb 2010 16:33:57 -0800

Still have questions about the homebuyer tax credit? IRS answers them here.

Still have questions about the homebuyer tax credit? The Internal Revenue Service (IRS) offers this helpful Q&A on the homebuyer tax credit for homes purchased in 2009 or 2010. The IRS also just released Tax Tip 2010-27, "Seven Important Facts about Claiming the First-Time Homebuyer Credit."

REMAX IS SELLING HOMES AND IS NUMBER 1 IN SCHAUMBURG AND THE NORTHWEST SUBURBS AGAIN

Bob Brandt (Re/Max Suburban) — Tue, 09 Feb 2010 12:17:42 -0800

Here is the most recent study with updated data:

Northwest Suburbs

Arlington Heights (5)
Barrington Area (10)
Buffalo Grove (89)
Des Plaines (16)
Elk Grove Village (7)
Hanover Park (103)
Hoffman Estates (194)
Inverness (7167)
Mount Prospect (56)
Niles (648)
Palatine (67)
Prospect Heights (70)
Rolling Meadows (8)
Roselle/Keeneyville (172)
Schaumburg (193)
Streamwood (107)
Wheeling (90)

NEW 2010 FHA MORTGAGE CHANGES FROM HUD-STILL A GREAT WAY TO BUY....

Bob Brandt (Re/Max Suburban) — Fri, 22 Jan 2010 16:51:28 -0800

HUD NEWS

U.S. Department of Housing and Urban Development - Shaun Donovan, Secretary

Office of Public Affairs, Washington , DC 20410

HUD No. 10-016 FOR RELEASE

Melanie Roussell Wednesday

http://www.hud.gov/news/index.cfm

FHA Announces Policy Changes to Address Risk and Strengthen Finances

New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities

WASHINGTON - Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA's capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation's housing market recovery.

The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.

"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," said Commissioner Stevens. "When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency's history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities."

Announced FHA Policy Changes:

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

o The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

o If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

o This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing

o The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

2. Update the combination of FICO scores and down payments for new borrowers.

o New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

o This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

o This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

3. Reduce allowable seller concessions from 6% to 3%

o The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.

o This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

4. Increase enforcement on FHA lenders

o Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.

§ This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

o Enhance monitoring of lender performance and compliance with FHA guidelines and standards.

§ Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

§ This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.

o Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process

§ Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

o HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:

§ Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite

§ Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches

In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting

standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

###

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov

AIRPARK HOME IN AERO ESTATES OF NAPERVILLE-VIRTUAL TOUR-REALTOR/PILOT/AIRCRAFT OWNER HERE TO HELP YOU FIND YOUR AIRPARK DREAM HOME

Bob Brandt (Re/Max Suburban) — Sat, 19 Dec 2009 14:08:26 -0800

http://idx.imprev.net/03782F07/58/64158/1009581/index.ipv

Here is the virtual tour to one of several homes that you can park your plane at in your own hangar.

There are several airpark commuties in Northern Illinois, where a small plane pilot can fly out of their own backyard.

Prices can generally start in the 300's and go up....

If you think this dream lifestyle is something you want to look into, I can help. I have been a pilot for 20 years, an airplane owner for 10, a Realtor for 25 and am an EAA and AOPA member, specificlly trained in airpark hangar homes.

For a list of home choices or answers to any questions, just contact me at 847-230-7303 or bob@realtybob.com or cessna1801954@yahoo.com

NEW FANNIE MAE GUIDELINES WITH STRICTER RATIOS MAY MAKE IT HARDER TO BUY YOUR NEXT HOME...

Bob Brandt (Re/Max Suburban) — Wed, 16 Dec 2009 10:32:17 -0800

NEW FANNIE MAE GUIDELINES WITH STRICTER RATIOS-BUYING YOUR NEXT HOME MAY BE HARDER.

https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu80.pdf

Here are the new rules that lenders will be following on Fannie Mae loans.
It is usually a great idea to get pre-qualified before you venture out to look into the cold to look at homes.

For help with this or any home buying questions in the Chicago Northwest Suburbs like Schaumburg, Hoffman Estates, Roselle, Streamwood, Hanover Park, Bartlett, Barrington, South Barrington, Elk Grove, Dundee, Palatine and surrounding areas-just give me a call or email..... bob@realtybob.com or 847-230-7303 and I will put my 25 years Realtor experience to work for your benefit.

NEW 43 PAGE DIRECTIVE-HELP FOR HOMEOWNERS-MAKING HOMES AFFORDABLE-FORECLOSURE ALTERNATIVES FOR YOUR SCHAUMBURG, STREAMWOOD, HOFFMAN ESTATES, BARRINGTON, SOUTH BARRINGTON, ROSELLE AND CHICAGOLAND SUBURB HOMES

Bob Brandt (Re/Max Suburban) — Fri, 11 Dec 2009 11:06:31 -0800

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

This link will take you to some helpful information and your foreclosure alternatives, from a directive just released and being passed out by the Board of Realtors to Realtors in Schaumburg, Streamwood, Hoffman Estates, Roselle, Bartlett, Hanover Park, Barrington, Barrington Hills, South Barrington, Carol Stream, Bloomingdale, Elk Grove, Algonquin, Dundee, Elgin, Elk Grove and all the Chicagoland suburb homes.

Housing market stabilizing, according to Fed Chairman at May 5th meeting

Bob Brandt (Re/Max Suburban) — Wed, 06 May 2009 11:33:11 -0700

The housing market, which has been in decline for three years, has also shown some signs of bottoming. Sales of existing homes have been fairly stable since late last year, and sales of new homes have firmed a bit recently, though both remain at depressed levels. Although some of the boost to sales in the market for existing homes is likely coming from foreclosure-related transactions, the increased affordability of homes appears to be contributing more broadly to the steadying in the demand for housing. In particular, the average interest rate on conforming 30-year fixed-rate mortgages has dropped almost 1-3/4 percentage points since August, to about 4.8 percent. With sales of new homes up a bit and starts of single-family homes little changed from January through March, builders are seeing the backlog of unsold new homes decline--a precondition for any recovery in homebuilding.

FHA raise limits on financing in the Chicagoland Area

Bob Brandt (Re/Max Suburban) — Fri, 27 Feb 2009 13:31:59 -0800

A bit of good news for low-down payment financing. FHA requires 3.5% down, and that can be a gift.

The revised 2009 limits for the Chicago MSA are as follows:

One-Unit: $410,000

Two-Unit: $524,850

Three-Unit: $634,450

Four-Unit: $788,450

Evan Geiselhart

President

Giving You the Keys to Success!

847-517-1700 Phone
847-517-1711 Fax
847-571-8136 Mobile
egeiselhart@hometrustmortgage.com

HomeTrust Mortgage Corp.
1475 E. Woodfield Rd., Suite 110
Schaumburg, IL 60173
www.hometrustmortgage.com

#1 Realtor and #1 Realty Office for Schaumburg, Hoffman Estates

Bob Brandt (Re/Max Suburban) — Wed, 25 Feb 2009 11:14:45 -0800

Our Re/Max office consistently comes in as the winner in the Schaumburg/Hoffman Estates market, due to the many hard working top agents with years of experience.
The report is readily available to all the members of the MLS and looks something like the individual agent report below which shows who has been the number 1 agent in Schaumburg, Hoffman Estates for the last 2 months.

Market Share CriteriaStatus: Closed Property Type: Detached Single, Attached Single Area: Schaumburg, Hoffman Estates Months Back: 2 Months

Total number of units sold in target market:	74
*Total number of transaction sides (# of units sold x 2):*	148
Total volume sold in target market:	$15,346,450

Agent ID	Agent Name	# Units Sold - 1 Side	# Units Sold - 2 Sides	Total # Tran. Sides	Total Tran. Vol	% Mkt Share	Rank
80663	ROBERT BRANDT	3	0	3	$621,900	2.0270%	1

Key:

# Units Sold - 1 Side = # of units sold in which agent/office listed is the listing agent/office OR the selling agent/office but not both
# Units Sold - 2 Sides = # of units sold in which agent/office listed is the listing agent/office AND the selling agent/Office (Counts double in Total Tran. Vol)
% Mkt Share is the Total # Tran. Sides for the listed agent/office as a percentage of the total number of transaction sides in the target market

American Recovery and Reinvestment Act of 2009-details to save you money!

Bob Brandt (Re/Max Suburban) — Sat, 21 Feb 2009 16:30:32 -0800

American Recovery and Reinvestment Act of 2009

H.R. 1, the "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
View how the U.S. House of Representatives voted>
View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR's housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next "big" initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The bill includes the following provisions:

Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Service
Low Income-Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits & Grants
Transportation Investments
Broadband Deployment

Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit (PDF: 319K)

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Estimated 2009 FHA, Fannie Mae and Freddie Mac Loan Limits> (PDF: 1.3M)

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Neighborhood Stabilization - Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2009 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities' neighborhood stabilization programs.

How REALTORS® Can Contribute to Local Community (NSP) Efforts

Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.
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Rural Housing Service

Rural Housing Service - The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program's eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
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Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
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Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
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Energy Efficient Housing Tax Credits & Grants - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation's electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
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Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.
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Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to "network neutrality" requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.

The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.

These provisions are important victories for REALTORS because increased broadband access promotes economic growth and expands opportunities for home sales. A 2006 Commerce Department report determined that property values are 6% higher in communities where broadband is available.
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The Stimulis Bill and Real Estate

Bob Brandt (Re/Max Suburban) — Mon, 16 Feb 2009 13:08:47 -0800




	Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem. So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10. In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects). We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had. While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again. Sincerely, Charles McMillan, CIPS, GRI 2009 NAR President

Fantastic Home Deals-Low Mortgage Rates-Homebuyer's Credits-Lots of Choices!

Bob Brandt (Re/Max Suburban) — Tue, 30 Dec 2008 16:42:40 -0800

This is probably the best Homebuyer's Market we have ever seen!

First-time homebuyers can get a $7,500 tax credit

Who is eligible?

•· All US Citizens who file taxes and are first-time homebuyers

Income Limits:

•· Homebuyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000. If you earned between $75,000 and $95,000, you are eligible to receive a partial tax credit

•· For married couples filing a joint return, the income limit doubles to $150,000. If you earned between $150,000 and $170,000, you are eligible to receive a partial tax credit

•· The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000

Effective dates for the tax credit:

•· The $7,500 tax credit is available for homes purchased and closed on or after April 9, 2008 and before July 1, 2009.

Tax Credit is Refundable:

•· If you pay less than $7,500 in federal income taxes, the government will write you a check for the difference.

•· If you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.

•· If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500.

•· Buyers can take the tax credit in their 2008 or 2009 tax return. If you purchased the home in 2008, the tax credit is taken on your 2008 return. If you purchased in 2009, you have the option of taking the credit on your 2008 or 2009 return!

Payback Provisions:

•· The tax credit essentially serves as an interest-free loan to be repaid over 15 years.

•· A homebuyer claiming the $7,500 credit would repay the credit at $500 per year starting 2 years after the tax year the credit is claimed.

•· If the home is sold, the remaining credit would be due from the profit of the sale. If there is insufficient profit, the remaining credit payback is forgiven.

For more information, visit www.federalhousingtaxcredit.com.

Evan Geiselhart

President

Giving You the Keys to Success!

847-517-1700 Phone
847-517-1711 Fax
847-571-8136 Mobile
egeiselhart@hometrustmortgage.com

HomeTrust Mortgage Corp.
1475 E. Woodfield Rd., Suite 110
Schaumburg, IL 60173
www.hometrustmortgage.com

Schaumburg Waterfront Homes to Enjoy! Live your Dream! Vacation at Home!

Bob Brandt (Re/Max Suburban) — Mon, 22 Dec 2008 13:17:48 -0800

Click here to see the Schaumburg Waterfront/Waterview homes.
Call me if you wish to schedule a personalized viewing or if you have any real estate questions.
I have been a Schaumburg Realtor for 24 years and am an Accredited Buyer's Representitive.
http://mredllc-pdf.connectmls.com/servlet/PdfDownload?pdfFile=report-2a0dada74.pdf

BARRINGTON AREA WATERFRONT PROPERTIES TO LIVE YOUR DREAM!

Bob Brandt (Re/Max Suburban) — Mon, 22 Dec 2008 12:54:15 -0800

Click on this link to see some great Barrington area waterfront homes and property. Call me with any questions or to see any. Get your kayaks and canoes ready!
http://mredllc-pdf.connectmls.com/servlet/PdfDownload?pdfFile=report-c2940d9d7.pdf

Streamwood Homes Avoid Foreclosure-SLMP-Streamlined Loan Modification Program

Bob Brandt (Re/Max Suburban) — Tue, 16 Dec 2008 15:50:10 -0800

QUESTIONS AND ANSWERS ON THE STREAMLINED MODIFICATION PROGRAM

Q: What is a modification?

A: A modification is a change to the original mortgage terms. It may include a change to the product (an ARM to a fixed rate mortgage), interest rate, amortization term and maturity date, and/or unpaid principal balance. The change/s is made to create a more affordable payment for the borrower.

Q: What is a streamlined modification?

A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.

Q: What is the benchmark ratio?

A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment - extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower's means, the borrower's situation will be reviewed on a case-by-case basis using a cash flow budget.

Q: Who participated in creating the Streamlined Modification Program? Is this identical to the FDIC's IndyMac protocol?

A: This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and FHFA. In addition, we've drawn on the FDIC's experience and assistance from developing the IndyMac streamlined approach and have greatly benefited from the FDIC's input and example. To accommodate the need for more flexibility among a larger number of servicers, the Streamlined Modification Program does differ from the IndyMac model in a few areas. However, it uses the same fundamental tools to achieve the same affordability target.

Q: How is this different from Citi's announcement today?

A: This effort compliments efforts of those banks that have mortgage portfolios and can reach out directly to borrowers for loans they own and service. This is a significant announcement in that Fannie Mae, Freddie Mac and FHFA have mutually agreed as major investors to a single streamlined modification program with a common affordability standard. The majority of HOPE NOW banks who own portfolio mortgages will adopt or offer programs as or more aggressive then what's being announced.

Q: What is the role of HOPE NOW?

A: HOPE NOW has the leading servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. This will take on-going work to implement for servicers. We anticipate this being implemented by December 15th.

Q: Why is there not a foreclosure moratorium?

A: Any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended. A suspension requires that the borrower maintain contact, desires to keep his or her home, has the ability to make the affordable payment offered, and promptly respond to requests for information and signed documents.

Q: Why is it necessary?

A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.

Q: Who is eligible?

A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.

Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?

A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOIW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.

Q: How many people will this help?

A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.

Q: What if a borrower is not eligible but still wants to save his/her home?

A: If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower's situation via the standard process. The standard modification program requires a personal cash-flow budget customized to the borrower's situation.

Q: How do borrowers apply?

A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information - monthly gross household income, association dues and fees, and a hardship statement.

Q: How do borrowers complete the modification process?

A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.

Q: What are the goals of the program?

First, we hope that other industry participants -- portfolio lenders and representatives of private label security investors - readily and rapidly adopt this program as the industry standard. Second, the program could increase the number of modifications significantly. Third, broad acceptance and effective implementation could stabilize communities and property values.

Q: When will servicers start offering this program?

A: We expect that by December 15th, servicers will be positioned to work with eligible borrowers.

Q: Will servicers get more details on this program?

A: Both Fannie Mae and Freddie Mac will be communicating directly with their approved servicers through an announcement, letter or bulletin.

Links:

Hope Now http://www.hopenow.com/

HUD http://www.hud.gov/foreclosure/

SLMP-Streamlined Loan Modification Program-Questions and Answers

Bob Brandt (Re/Max Suburban) — Tue, 16 Dec 2008 15:47:12 -0800