The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify.
*The new proposed bill will also creates a new $6,500 credit for qualified buyers who have owned their current home for at least five years. Homes worth more than $800,000 would not be eligible.
President Obama is expected to sign the bill as early as tomorrow.
This loan is insured by the Federal Housing Administration. It is open to all qualified home purchasers.
FHA Mortgage Loan Products
FHA Loans - Buying a Home using a FHA Loan ...............................................................................
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
Minimal Down Payment and Closing Costs.
Downpayment 3.5% of Sales Price
100% Financing options available with approved down payment assitant programs
Gift for downpayment and closing costs allowed.
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
FHA will allow a home purchase two years after a Bankruptcy.
FHA will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio's than other home loan programs.
Less than two years on the job is allowed in many cases.
Self-Employed individuals o.k.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.
VETERAN AFFAIRS LOANS
The VA Mortgage Loan Program can make it much easier for Veterans to secure a home loan by eliminating the need for a down payment. Also, with careful structuring of the purchase contract, the Veteran can avoid needing cash for closing costs as well.
A VA Mortgage Loan offers a variety of financial benefits for those who qualifies. Over 60 million Americans qualify for benefits from the VA, but many people fail to take advantage of those benefits.
A VA Mortgage Loan can help you purchase a more expensive house,obtain a lower interest rate and offers 100% Financing! Are you eligible for a VA Mortgage Loan? Find out more about VA Mortgage Loans and Zero Down 100% Financing Without Mortgage Insurance for your Home Purchase or Refinance. Let Benchmark Mortgage help you get the a VA Loan at very competitive interest rates. APPLY NOW For A VA Loan.
Requirements
You must be an eligible veteran who has available home loan entitlement.
Your home must be occupied or be occupied in your ownership within a reasonable period of time after closing the loan.
You must have sufficient income to meet the new mortgage payments on the loan, this includes the costs of owning a home, taking care of other obligation and expenses, and income to support your family.
According to the Associated Press, Senators have agreed to extend the tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.
Reportedly, Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to buyers who have owned their current homes for at least five years.
The tax credits would be available to buyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes. This is a preliminary report, details and conditions may change as the legislation becomes finalized.
We all know the $8K federal tax credit has helped move some houses but are you seeing other buyers (non first timers) buying? The past 3+ months house prices have been on the upswing, home sales are increasing and it appears that houses are moving much quicker ( at least around here).
I have been buying foreclosed homes, doing a total renovation and selling them for the past 2 years and I am seeing houses move much quicker than say 10-12 months ago. I have my hand on the pulse daily since I am always looking for a deal.
It appears the inventory is smaller and sales are faster which is a very good thing for all of us.
Are you seeing houses move quicker in your market?
It was not too long ago that I spent countless hours here on activerain, chatting, blogging, commenting etc. Then along came Jillian! wow how life has changed (for the better). All of my active rain time has gone all but away for now at least.
I wonder how I had time to do all I use too do. I would not trade it for all the money in the world!
20 Months later and my little Yankee fan is getting ready to see her first world series championship go to the New York Yankees!
The U.S. Senate worked on working out a vote on Tuesday to extend a popular tax break for home buyers that has helped lift the housing market out of its worst slump since the Great Depression,
At day's end there were a few different idea's/plans on the table. "We're close to being able to finish things up," Johnny Isakson, R-Ga., the leading Senate advocate of the home buying credit, said early Tuesday afternoon. "I think we've got a good solution."
This is great news for the housing market which has been on an upswing the past few months.
Those of you who missed the boat may have an opportunity to still take advantage of a Federal Tax Credit if the U.S. Senate could come to an agreement.
Stay tuned in for updates as they become available.
Just a reminder to all first time home shoppers. The $8,000.00 tax credit expires November 30th, 2009. Your loan must close on or before 11/30/2009 to take advantage of this historic offer. Keep in mind a typical closing is 30-45 days which means you should have your sales and purchase contract and application ready to submit by October 15th or sooner. Keep in mind that there will be a mad dash of people trying to close before the deadline which may extend the closing process time so the earlier you are ready to apply the better. Don't be one of the first time home buyers who missed the boat and could not close in time.
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Here in Connecticut Mortgage Rates are in the 4's right now and you can save thousands of dollars by taking advantage of these low rates now before they start to move upward. Even if you just bought a home or even refinanced a few months ago, this still may be a great time to refinance.
Let's take a look at a $200,000.00 mortgage @ 5.5 a vs the same $200,000.00 mortgage at 4.75%
If you have a $200,000 mortgage with a rate of 5.5% you pay $1,135.58 a month in Principle and Interest and If I refinance that with a rate of 4.75% you save $92.29 a month(this does not seem like a lot of money but), take that $92.29 month and now apply towards principle and you shaved NEARLY 5 YEARS OFF YOUR MORTGAGES! and SAVES OVER $64,000.00!!! - Let's look at your mortgage you currently have and see what we can do!
It costs you nothing to find out what you may save, Contact me directly for a no obligation mortgage consultation. 860-482-7674 or leolends@yahoo.com
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This house needs nothing but a new owner, ready to move in. East End of Waterbury
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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