The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the new home tax credit at midnight tonight, Thursday, July 2, 2009.
New tax law allocated $100 million of tax credits made available to roughly 10,000 qualified buyers who on or after March 1, 2009, purchased a qualified principal residence that had never been occupied. This credit is equal to the lesser of five percent of the purchase price or $10,000. The buyer must reside in the new home for at least two years immediately following the purchase date.
To ensure that enough valid applications were received to properly allocate the full $100 million available for this tax credit, FTB accepted 12,000 applications. However, FTB will only issue approved credit certificates until the $100 million is exhausted. The credit is being allocated on a first-come, first-served basis.
For more information, visit FTB's Tax Credit for New Home Purchases webpage at www.ftb.ca.gov.
American Dream Down Payment Initiative (ADDI) - 6% Down Payment Assistance for Low Income First Time Homebuyers within the City of Los Angeles.
City of Los Angeles Housing Department’s Mortgage Credit Certificate Program (MCC) – Allows an eligible homebuyer to claim an annual federal income tax credit and is applied to a portion of the total mortgage interest paid every year for the duration of the first mortgage loan.
Neighborhood Stabilization Program – Up to $75,000 for low income and $50,000 for moderate income when purchasing foreclosure or foreclosed properties located within the NSP Priority Area.
2009 Federal Tax Credit (IRS Form 5405)- 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 credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Income limitations apply.
FHA (Federal Housing Administration) Loans – Offers a first mortgage with 3½ % down payment required and up to 6% in seller paid closing costs or repairs.
Please Search for Homes and feel free to contact me at 818-357-9658. Jason
I see that a fellow realtor is asking for the phone number for Chase's Short Sale Dept. Are there different short sale departments because I thought all of the short sales would be handled by the same departments.
I have 1-866-550-5705 as the Home Retention Dept. They should do both Loan Modifications and Short Sales. Another number I have is for FAX Third Party Authorizations 602-535-3866. Hope this is useful.
Someone gave me a link to a great site for SEO or Search Engine Optomization. This site ranks you on much of the same criteria used by search engines on a scale or 1 to 100. I did a search for my site, www.jasonhector.com and it ranked 61 which is not bad when my formal competition is ranking 71 (I won't say who) but they are a well established agent in my community.
Just visit www.websitegrader.com and put your site and your competitors site to see what they are doing and what you can do to improve your site for search engines to find you.
Loan Modification Services-I am helping homeowners to modify the terms of their loan so they can afford to keep their homes. Avoid Scams by working with a California Department of Real Estate Licensed Broker who has received a "no objection" letter allowing them to collect an Advance Fee. Check the CA Real Estate License Status and Advance Fee Listing before enlisting the help of a broker.
Action Investments and Jason Ian Hector (Lic. # 01481898) has received a "No Objection" letter from the California Department of Real Estate and may collect an advance fee for loan modification services.
Short Sale Negotiator-I am also assisting in short sale transactions by handling the short sale negotiation with the first and second lenders.
Buyer's Agent-I am working with homebuyers throughout Los Angeles County and more specifically Burbank, Glendale, San Fernando Valley, Simi Valley and West Los Angeles. There are several great programs for first time home buyers in the San Fernando Valley area. Also, for those purchasing your new home for the first time, there is the 2009 Federal Tax Credit of up to $8,000. Get pre-qualified now so you can buy before the Tax Credit expires Dec. 1, 2009.
As a California Real Estate Broker, I am the broker owner of Action Investments and have passed the more difficult exam in 2005. Also, I have retail banking experience of six years, and real estate investment experience since 2001.
Serving the following areas
San Fernando Valley including Northridge, Granada Hills, Glendale, La Crescentia, Simi Valley, Chatsworth, Burbank, Van Nuys, Reseda, Sherman Oaks, Encino and surrounding areas. Los Angeles Area including West Los Angeles, Beverly Hills, Hollywood, Santa Monica.
Now is the time to take advantage of the buyers market. Take advantage of the many choices to find that special property. As a real estate broker, investment property owner, and former retail banker, I am ready to bring all of my knowledge to work for you. Just email me at jhector@socal.rr.com with your specific real estate criteria and I will respond to you that same day.
Great news!!! CalHFA now has funding and is offering the 95% first mortgage which can be combined with upto 3% of the purchase price for down payment assistance with the CHDAP program.
CalHFA Cal30-The Cal30 Conventional loan offers up to 95% financing. This first mortgage loan may also be combined with CalHFA junior loan programs for down payment and closing cost assistance to make owning your first home more affordable.
$8000 Federal Tax Credit for First Time Homebuyers-2009
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
The tax credit is for first-time home buyers only.
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 credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
This program is for homes in foreclosure within certain areas. You can check if the property is within the map by searching on the LAHD website here http://lahd.lacity.org/nsp/.
This program is a great program for homes which need repairs since they will provide upto $50,000 for approved repairs. There are additional requirements such as 8 hour home buyer education course, HUD inspection, enviornmental report, and others.
I heard today at my local Housing Committee Board meeting that many realtors are claiming to be Loan Modification specialists. Just thought I would share some things I have learned recently on the issue.
1. Only licensed real estate brokers who have had their advanced fee agreement approved by the CA Dept of Real Estate may charge an advanced fee.
2. Without an approved advanced fee agreement, brokers can only accept payment for services after the modification has been complete.
3. Brokers can assist in loan modifications only if there has not been a notice of default filed.
Please see the Consumer Alert Below from the DRE.
Consumer Alert - Advance Fees and Loan Modification Services
If you are behind in your mortgage payments, you may be contacted by individuals or companies that will offer to help you work out a loan modification with your lender or provide other services to you in order to help you prevent a foreclosure on your home.
You must be very careful if you are asked to pay for any of these services in advance, whether in cash, check or by charging your credit card. First, California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone who falls under the definition of a "foreclosure consultant", as well as a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property. If your lender has recorded a notice of default, do not pay an advance fee to a real estate licensee, or to any person or entity. California licensed lawyers when rendering services in the course of their legal practice(s) are exempt from this prohibition. There are non-profit agencies that can assist you without charging you a fee and real estate licensees who can represent you for a fee to be paid after they have completed their work. For information on non-profit housing counseling services, use the following links:
If a Notice of Default has not been recorded against your property, it may be permissible for a real estate broker to assist you in working out a loan modification or otherwise negotiate a possible resolution to your problem with your lender or loan servicer and ask you for payment in advance for their services. However, the broker must have you sign an agreement that tells you what services will be performed, when they will be performed and how much you must pay. The broker cannot have you sign an agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission to use it and collect the advance fee.
The following individual and corporate real estate brokers have submitted advance fee agreements for loan modification and/or similar services to the Department of Real Estate for review, and have received "no objection" letters regarding their use. You can obtain information on brokers and their locations by clicking on the "License Number" on the listing below or call (916) 227-0770.
The Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee's business activities. Consumers wishing to contract with a real estate broker for loan modification or any other similar or related services should carefully review the agreement(s) and consider obtaining independent advice before signing an agreement(s) or advancing any fees. Consumers should also consider comparing the services and fees offered by other licensed brokers on the list.
Note: Licensed real estate brokers who provide loan modification or similar services without collecting fees in advance are not required to receive the Department of Real Estate's permission as long as their services are fully completed before you pay them.
The list is updated on a periodic basis and may not include those which have recently completed the review process.
According to the Realtor Report, "The $790 billion stimulus package hammered out by House and Senate conferees late yesterday increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.
The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.
The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.
2009 Federal Tax Credit (IRS Form 5405)- 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 credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Income limitations apply.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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