mortgage advice: Will tax credit for ‘move-up' homebuyers spur you to act? - 11/05/09 06:09 AM
7:00 am November 5, 2009, by Craig Bland
Late Wednesday, the Senate voted 98-0 to extend the first-time homebuyer tax credit of $8,000 to April 30.
The Senate also took action to spur sales to "move-up" buyers, AJC reporter Bob Keefe writes.
Legislation, which still must be passed by the House, would provide a $6,500 tax credit for homebuyers, as long as they had been in their previous home for at least five years.
The tax credits would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home … (8 comments)
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mortgage advice: $8000 tax credit. Can your parents co-sign and you still qualify? - 09/02/09 12:20 PM
One of the questions I am often asked as a mortgage advisor is "if my parents co-sign will I still be eligible for the $8000 First Time Homebuyers Tax credit?"
Well I have an answer - direct from the IRS's mouth!
Finally an answer to the question we get so often - Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
Hi,
I researched your question concerning the First Time Homebuyers Tax Credit. I've included the … (6 comments)
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mortgage advice: The 10 Commandments - when applying for a mortgage - 08/27/09 01:16 PM
1. Thou shalt not change jobs, become self-employed or quit your job. Longer employment time shows stability and a reduced likelyhood of default.
2. Thou shalt not buy a car, truck or van (or you may be
living in it)! This will increase your debt to income ratio.
3. Thou shalt not use charge cards excessively or let your
accounts fall behind. This shows poor money management and an increased risk of default.
4. Thou shalt not spend money you have set aside for closing. It costs money to borrow money - make sure you have enough.
5. Thou shalt not … (3 comments)
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mortgage advice: 95% Conventional Financing is Back - 08/27/09 12:10 PM
Wonderful News.
95% conventional loans are back!
Academy Mortgage can now offer a combo loan with a 80% first loan and a 15% second loan.
This is great news as it was very difficult to get mortgage insurance ob loans greater than 90%.
Call Craig Bland at 678-234-0545 for more details.
… (0 comments)
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mortgage advice: Possible Extension of the Home Buying Credit - 06/24/09 11:33 AM
Yesterday, USA Today reported that Congress is considering an extension of the first-time home-buyer credit due to expire this fall. Some in Congress are even proposing to raise the credit from $8,000 to $15,000 and apply it to anyone who buys a home.
It seems likely the credit will be extended beyond the fall as there are a few proposed House bills to do so. Each bill carries a different twist beyond merely extending the credit past the fall.
According to the article, four separate proposals and ideas to continue to spur the housing market have emerged:
A Senate bill submitted … (0 comments)
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mortgage advice: Customers - 06/23/09 09:03 AM
I ran across this and wanted to share with you all. This is the essence of what our customers mean to us!!!
Customers are the most important people in our business.
Customers do not depend on us, we depend on them.
Customers never interrupt our work, they are our work.
Customers do us a favor when they call; we don't do them favors by letting them in.
Customers are a part of our business, not outsiders.
Customers are flesh-and-blood human beings, not cold statistics.
Customers bring us their wants; we fulfill them.
Customers are not to be argued with.
Customers deserve … (1 comments)
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mortgage advice: Are Banks Stupid? - 06/03/09 09:43 AM
I know that is a rhetorical question and I am sure like me you truly believe that banks are stupid anyway but let me elaborate.
Question. If someone buys a car today and in a year the car is repossessed what happens? Well the car is taken back and put on a car lot and sold for what the Kelly Blue Book tells the dealer what the value should be. Correct?
Question. Why on earth are banks taking houses back in foreclosure and then taking huge losses on those homes and selling them at 30-40% of what they are … (7 comments)
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mortgage advice: Refi Plus is HERE! - 04/15/09 12:16 PM
Effective 4/15/2009, Academy Mortgage (678-234-0545) will begin accepting loan application and locks on loans originated using Fannie Mae's DU Refi Plus program.
DU REFI PLUS CRITERIA
•· Rate and Term (no cash out) refinance of an existing Fannie Mae loan.
•· Owner Occupied transaction only
•· Mortgage Insurance will be waived if the existing mortgage was originated with an Loan to Value less than or equal to 80%. DU will issue the following message:
•o Mortgage Insurance is not required for the DU Refi Plus loan case file.
•· Maximum LTV of 95% (2nd loans no limit on combined CLTV)
•· No maximum … (0 comments)
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mortgage advice: USDA Rural Housing Loans up to 102% of Appraised Value - 04/03/09 07:42 AM
USDA Rural Housing Loans up to 102% of Appraised Value
If you live in a rural area of Georgia, and have little or no money to put down on the purchase of a home, we may have very good news for you.
USDA rural housing loan programs offer flexible underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance) options, and the ability to finance closing costs into the loan amount. They also offer lenient seller concessions, and rates as low or lower than conventional fixed-rate mortgage programs.
Loans may be for up to 102% of the appraised value or sales … (0 comments)
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mortgage advice: Mark to Market - What's the Scoop? - 10/09/08 01:47 PM
Dear Valued Partners,
The Chinese have a proverb: "May you live in interesting times." And we are living through interesting times indeed.
Whatever the political posturing regarding the rescue plan, a plan needed to be passed. Credit markets are frozen and banks are going bust every day. This is not totally because of "toxic" mortgages. This has a lot to do with FASB 157, also known as "mark to market".
Each day, lenders must mark their assets to the marketplace. It's like you having to appraise your home everyday and, if your neighbor was under duress because she got very ill, … (2 comments)
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mortgage advice: 29 Low-Cost or Free Marketing Ideas - 10/07/08 09:06 PM
29 Low-Cost (even free) Marketing Ideas
Keeping in touch with your clients and staying visible in your community doesn’t have to cost you a bundle. Take a look at some creative, inexpensive and even free ways you can keep your business growing.
1. Send a Digital Newsletter each month packed with useful articles and tips for your clients. (You can use a service like constant contact for a very small fee)
2. Write a personal email just checking in and send it to ALL of your clients.
3. Email a piece of Trivia to … (11 comments)
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mortgage advice: Sick and Tired of the Mainline Media - 10/07/08 08:47 PM
Let me ask you a question. Am I the only one who is sick and tired of the mainline media giving us nothing but bad news about the economy? I know I know we are in a terrible position right now and as a mortgage consultant I believe I am part of the problems that we currently have but come on. I don’t know about you but I am ready for the press and TV to back off and start looking at some positives.
You would think based on what you hear that no banks are offering any loans … (0 comments)
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mortgage advice: No Closing Costs - 10/02/08 06:12 AM
If you live in the Atlanta Metro or other big cities I am sure you have heard the guy talking about the no closing cost mortgage. He calls it the biggest no brainer in the history of the universe.
It goes something like... Don’t pay closing costs. Don’t give those pimps your money. We’ll close your loan for free, No Closing Costs! Then we’ll manage your loan for you. We’ll sit back, watch the market and the when the time is right, we’ll do it all over again. It’s the biggest no-brainer in the history of man!’
Well, he’s right. It … (10 comments)
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