| |
first time homebuyers: Home Buying Strategy and Getting Qualified - 04/08/11 12:29 PM
If you want to buy a home (especially if you are a first time buyer), the best way to find out whether you will qualify for such a purchase is to contact an experienced mortgage broker.
This mortgage loan professional will answer your questions and assess your prospects for qualifying to buy.
You must learn and know in advance whether you qualify for a home loan and how much house you can buy.
If you don't qualify to buy a home now, you should learn what steps you need to take to get qualified.
General rules of thumb on basic … (4 comments)
|
first time homebuyers: More Good News for Buyers - Homebuyer Tax Credit Extended and Expanded - Explained in Short Video - 11/09/09 02:21 AM
Good News for Homebuyers
US Homebuyer Income Tax Credit Extended and Expanded - as explained by Christi Long in this short video (click here to see video).
________________________
Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA. Irvine Realtor. CA DRE #01410855. ExploreProperties@gmail.com.
… (2 comments)
|
first time homebuyers: Expect Monday After Thanksgiving Weekend To Be a Busy Real Estate Day ~ November 30, 2009 - 10/10/09 11:39 AM
Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1. FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009.
Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, … (2 comments)
|
first time homebuyers: FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009 - 09/24/09 12:12 AM
The Federal Reserve has adopted its new (and complicated) rule for Regulation Z, US Truth in Lendng Act, regarding prohibitions and requirements for lenders and home mortgage loan brokers, which is effective starting October 1, 2009.
I copied the following from the California Association of Realtors web site:
___________________________________________________
12 C.F.R. Part 226, Final Rule Under Reg Z - effective October 1, 2009
This Regulation Z final rule establishes a new category of "higher-priced mortgages" that includes virtually all closed-end subprime loans secured by a consumer's principal dwelling. Which loans qualify as "higher-priced" will be determined by a new index that will be published … (1 comments)
|
first time homebuyers: Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit - 09/15/09 06:30 PM
Act Now and Take Advantage of your first time homebuyer tax credit ~ Get Going before it's too late, and deadline for purchase and closing of escrow is November 30, 2009.
Existing US home sales have jumped recently, and first-time homebuyers are buying about one third of all homes sold. This is because of tax incentives, interest rates at historic lows and housing affordability at best level in many years.
Guidelines for eligibility for this tax credit:
First-time homebuyers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. Tax Credit for purchases completed on or after January … (3 comments)
|
first time homebuyers: Getting Prepared to Buy Your Home ~ What You Need to Know and Do - 08/10/09 06:15 PM
Here is at least part of what you need to know and do to get prepared for buying your home.
Do this at first and before you begin house hunting. Contact a lender or experienced mortgage broker and get a letter of loan prequalfication.
Fill out lender's requested paperwork for preapproval that will determine how much home you can afford to purchase. This preparation will increase your bargaining position with the sellers. Getting preapproved sets you apart and signals to the agents and the seller that you are dedicated and serious and that you can afford the home you want.
_______________________________________________ … (0 comments)
|
first time homebuyers: Home Affordability is Up ~ Now Is a Great Time to be a California First Time Homebuyer - 08/03/09 11:47 AM
We see ...
Drop in home asking prices good low 30 year fixed mortgage rates government offered homebuyer tax credits and believe that now is a great time for first time homebuyers in California.
Economist Leslie Appleton-Young at California Assoc. of Realtors predicted again on July 31, 2009, that median price of a California sold house will drop 28.4% this year to $248,000.
Homebuyer affordability is up. Appleton-Young said that the typical monthly house payment today in California is about half of what it was in 2007 ... when typical homebuyers paid $3,300 a month in principal, interest, taxes and insurance.
What this means ~ Now remains to … (0 comments)
|
first time homebuyers: How to Get and Use the First Time Homebuyer Income Tax Credit Money - 07/28/09 12:03 PM
How Does the Buyer Use and Take Advantage of the First Time Homebuyer U.S. Income Tax Credit? See and download form 5405 from IRS website ~ Form 5405 "First Time Homebuyer Credit" (click here). The credit is for up to $8,000 or 10% of the purchase price of the new home with an $8,000 maximum. For a 2009 purchase the buyer has the option of claiming the credit on their 2008 return or their 2009 return. This is a fully refundable credit, so there isn't a reason to wait. This IRS form 5405 (click here) is to be filed with form 1040X Amended 2008 US Individual Tax … (3 comments)
|
first time homebuyers: Take Advantage of the $8,000 U.S. Income Tax Credit ~ Buying Your First Home - 07/14/09 05:56 PM
Buying your first home? Take Advantage of the $8,000 U.S. Income Tax Credit that's offered. Speak with your REALTOR® about opportunities presented by this law allowing for U.S. income tax credit now available to first-time homebuyers.
The amount of tax credit will be the lesser of either 10% of the home's cost or $8,000.
This tax credit will sunset on November 30, 2009. So you must get your home purchase started and concluded with escrow & closing by that date.
This tax credit is available to qualified first-time homebuyers for the purchase of a principal residence between January 1, 2009 and no later than November 30, 2009.
Qualified first-time … (0 comments)
|
first time homebuyers: More US Tax Incentives Are Needed For Home & Property Buyers ~ Less Focus on Spending Taxpayer Money on Loan Mods - 07/02/09 06:12 PM
We need more US government tax incentives for home and property buyers in the United States, and less focus of time and money on loan modifications.
BloombergNews.com reported that "U.S. mortgage applications fell last week by the most since February, defying efforts by President Obama's administration to revive the housing market." See article ~ Mortgage Applications Are Down ~ Bloomberg News, July 1, 2009. The government's focus on loan mods is not working to stimulate the economy, and it's not tax encouragement for home and property buyers.
Obama's new Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to … (4 comments)
|
first time homebuyers: US Home Sales ~ May 2009 ~ Good Real Estate News - 06/30/09 02:51 AM
The US Federal Reserve (the FED) during the week ending June 26, 2009, made no change in the FED funds rate, and mortgage rates were generally unchanged.
According to the National Association of Realtors, existing US home sales in May 2009 rose 2.4% vs. April 2009. That was the first time since September 2005 that existing home sales increased for two months in a row.
Market Saturation ~ The US inventory of unsold homes declined to a 9.6 month supply in May 2009 from a 10.1 month supply in April.
The National Assoc. of Realtors survey showed that 29% of May home sales were to first-time homebuyers, which … (6 comments)
|
first time homebuyers: 7 Questions About the First Time Homeowner Income Tax Credit ~ Why It's So Important Now - 06/11/09 04:01 PM
Questions about the US Homeowner Income Tax Credit and importance now are answered at the National Association of Realtors featured article ~ The Basics: 2009 First-Time Home Buyer Tax Credit.
Who Qualifies For This Tax Credit?
Which Properties are Eligible?
How Much Money Will The Tax Credit Be?
If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Will the Income Tax Credit Need to Be Repaid?
Can This Income Tax Credit Be Used As Closing Costs?
~ see article HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase … (0 comments)
|
first time homebuyers: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
|
first time homebuyers: First Time Homebuyers Should Get Going Now ~ Take Advantage of the $8,000 U.S. Income Tax Credit - 06/01/09 04:58 PM
FOR YOU FIRST TIME HOMEBUYERS ~ NOW IS THE TIME TO GET MOVING WITH YOUR HOME PURCHASE.
Rules and guidelines ~ American Recovery and Reinvestment Act of 2009 ~ for the US First Time Homebuyer Income Tax Credit.
This credit is available to a first time homebuyer, an individual who has not owned a home in the three year period prior to the purchase. Eligible buyers must buy a principal residence - new or resale, on or after January 1, 2009 and before December 1, 2009. The purchase date is defined as the date of closing and property title transfer. The tax credit is equal to 10 … (2 comments)
|
first time homebuyers: Compete With Cash Buyers for REO Homes ~ HUD FHA 203K loan rehab program - 05/27/09 01:07 AM
We have had Orange County buyer clients who are qualified for traditional FHA loans with minimum 3.5% down payment. Some of these people are first time buyers looking for a good deal (like everybody else). However, they are unable to compete with cash buyers for REO homes here. Cash buyers around Orange County are moving fast, scooping up REO properties quickly these days.
If you are trying to buy an REO bank owned home (property that needs some help) and want to compete with the cash buyers, consider using the HUD FHA 203K loan rehab program.
Some people say that REO asset managers and selling banks like these HUD FHA 203K … (3 comments)
|
first time homebuyers: First Time Homebuyers Should Get Moving Now ~ U.S. Income Tax Credit Benefit to Sunset on November 30, 2009 - 05/12/09 11:12 AM
The time to act is now ~ First Time Homebuyers who want to take advantage of the law for Income Tax Credit of up to $8,000 must get going.
Unless this law is amended or changed, this benefit will sunset on November 30, 2009.
Buyers must consider the essential qualifications for this tax credit.
Homebuyer must never have owned a home ~ or have not owned a home within the last 3 years (determined by HUD 1 date when previous home was sold)
Homebuyer purchased a home to be a primary residence between January 1 and November 30, 2009.
Homebuyer owned a rental property … (3 comments)
|
first time homebuyers: Southern California Homebuyers Fair - April 18 & 19 - Los Angeles Convention Center - 04/18/09 10:38 AM
Southern California Homebuyers Fair this weekend, Saturday, April 18, and Sunday, April 19 .. at the Los Angeles Convention Center.
The event is sponsored by the California Asociation of Realtors and the Los Angeles Times.
WHAT TO FIND THERE?
Realtors and other professionals will be there to help with process of home buying, finding and buying foreclosures, monitoring and fixing credit, mortgage protection program, finding and qualifying for home loans and other topics in many seminars and exhibits. Admission is free.
The second annual conference is sponsored by the California Assn. of Realtors and the Los Angeles Times and will be held at the Los … (0 comments)
|
first time homebuyers: Your Local and State Association of REALTORS® Provides Excellent Information For Buyers & Sellers - 04/17/09 10:55 AM
Reliable real estate and CUSTOMER SERVICE information is available at your local and state association of REALTORS®.
Our California Association of Realtors does a superb job of providing information for consumers and homebuyers, and so it also helps us as REALTORS® and agents.
Possible Income Tax Credits For First Time Homebuyers ~
California first time homebuyers might qualify for up to $18,000 in income tax credits for buying his or her home during 2009.
The first-time homebuyer credit up to $8,000 is under US law, and a new home income tax credit up to $10,000 is under California law.
See The Homebuyer Tax Credit Chart published by California Association of Realtors … (1 comments)
|
first time homebuyers: Improved Home Affordability ~ at The OC, California - 04/15/09 10:28 AM
Some people say that HOME AFFORDABILITY is the crucial factor on whether and when we will have a rebound in the Southern California housing market.
Jon Lansner reported on April 14, 2009 ~ OC home affordability back at 2001 level ~ citing experts of local experts who said that the monthly cost of homeownership has fallen signficantly from the peak in this cycle, and that's because of decline in home prices, the decline in mortgage rates and increase in incomes.
Better home affordability is possibly also because of income tax credits offered for first time homebuyers.
This improved home affordability during recent months has inspired some buyer and consumer confidence in real estate having true value.
Our recent experience while … (1 comments)
|
first time homebuyers: Increased Homebuyer Shopping Activity ~ Irvine, CA ~ March 2009 - 04/03/09 02:59 PM
Are We Moving From a Buyers To Sellers Market? ~ Irvine, CA ~ Market Report ~ March 2009
Irvine is one of the most beautiful and sought after residential communities in the OC and Southern California.
We saw and experienced increased Irvine buyer shopping activity during March 2009 as compared to last month, Feb. 2009, and with the past six months.
Lots of first time Irvine homebuyers expressed interest in some of the best home loan rates in years, their credit opportunities in the US Spending Bill 2009, and lowered asking prices from the peak of two years ago.
115 … (0 comments)
|
|
|
|
|
|
Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
Email Me
 Listings
Links
Archives
|
;)
;)
;)
