This month, Obama signed into law an expanded Homebuyer Tax Credit bill, which extended the deadlines and added a new $6,500 credit. Several provisions in the bill became effective immediately. Homebuyers who owned their primary residence for five out of the last eight years can claim the $6,500 tax credit for purchases made after November 6th. In addition, the extended income limits in the bill are now applicable for both first-time homebuyers and repeat homebuyers. The extended income limit for couples filing jointly is now $225,000, with the credit phased out over the next $20,000 in income. These new limits cannot be applied retroactively to deals completed before November 7th.
The House and Senate moved quickly to pass an extension of the $729,750 GSE loan limit through the end of 2010, hoping to avoid any potential disruption in the mortgage market. Both chambers cleared the loan limit extension late Thursday as part of a continuing funding resolution. President Obama is expected to sign the continuing resolution (CR) shortly. The maximum $729,750 loan limit for Fannie Mae, Freddie Mac and Federal Housing Administration loans in high cost areas will expire at yearend, dropping to $625,500. The CR extends the higher loan limits through December 31, 2010. The CR also extends the nationwide $625,500 loan limit for FHA-insured reverse mortgages through December 2010. "Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town," said Robert Story, chairman of the Mortgage Bankers Association. "Extending the current loan limits, along with other initiatives will help restore stability to the housing and mortgage markets." VA loans were not included in the extension. The Department of Veterans Affairs already has the authority to guarantee single-family loans with a maximum loan balance of $729,750 through December 31, 2011.
In three days, 135 buyers had entered bids. By the end of the week, a deal was signed for $501,000 — $115,000 over the asking price.
The bank wanted to move the four-bedroom, three-bathroom house quickly. So the listing company recommended that it be “aggressively priced” at $386,100.
So many bids come in after just the first day that agents set a three-day deadline for additional offers. Buyers were so eager, they overlooked the dated fixtures and the need for new paint and carpeting. Ten bids came in at more than $100,000 above the asking price. The highest bid was $525,000. The weakest offer? A low-ball bid of $380,000.
About 25 of the buyers were willing to pay cash. And the bank ended up picking the highest all-cash offer to avoid the need for a loan appraisal that, if it came in too low, could hold up the deal.
I have access to REO's, ShortSales, Equity sellers and homes not on the market yet.
Whether you already live in the Orange County area and are simply looking to relocate, or you're new to town, moving from another city or state all together, Orange County Real Estate Authority can help you find and compare real estate in every community. Search Orange County real estate by MLS listings, find a real estate agent, and determine the value of Orange County area homes right here.
You'll also find detailed descriptions of more than fifty individual communities in and around Orange County and the Central Valley, all with average housing and property costs, statistics on neighborhood schools and school districts, as well as information on what the community has to offer in terms of recreational and cultural activities. Orange County is composed of a variety of neighborhoods and communities, all of which offer their own unique styles and amenities. Deciding where to live is not always easy, but Orange County Real Estate Authority can help you find your ideal home in your ideal surroundings.
U.S. Dept. of Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced that the Federal Housing Administration (FHA) will allow home buyers to apply the administration's new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home. The American Recovery and Reinvestment Act of 2009 offers home buyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of the announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate.
In general, the amount you can afford to spend on a home is a combination of your cash on hand, your salary, and your outstanding debt.
For your specific situation, please visit ZipRealty's affordability calculator to see how much you can afford to spend on a home. This calculator is a free, anonymous service, which asks you for basic salary, savings, and debt information.
A sound financing plan will help you approach the home-buying process with confidence, and will greatly improve your negotiating position in the transaction.
ZipRealty is an online real estate agency. A survivor of the late 1990s dot-com bust, ZipRealty gives users home listings and values across more than a million homes. Home owners can also list their home right on the site, and have ZipRealty help sell it. When sellers do that there's usually a lower commission charge than they'd get from local real estate agencies.
The site also features a price tracking tool to search homes with reduced prices, and a tool that tells you what your home should be worth based on its size, amenities, and the recent values of other homes in your area.
We are thrilled to announce that Webware, a CNET site, has recognized ZipRealty as one of the top 10 Commerce websites with its Webware 100 award!
The 2009 Webware 100 Awards recognize the best Web 2.0 sites, services and applications on the Web today. More than 6,000 nominations were made, narrowed down to 300 finalists. Then, more than 600,000 votes were cast by the Web 2.0 community, and our clients and fans voted us as one of the best!
You can see the full list of winners here: www.webware.com/100
According to a recent Market Watch article, the shift in the housing market that we've all been expecting has finally happened: home prices are on the rise for the first time in a year.
That means that if you're thinking about buying a home (and I know you are!), it may be better to act sooner, rather than later. There are a lot of fantastic homes in your price range that I'd love to show you - just let me know of a good day and time, and I'll happily set up viewing appointments.
Read the full Market Watch article here: http://www.marketwatch.com/News/Story/home-prices-rise-first-time/story.aspx?guid=%7B2B492854-BF5F-48A5-ADD4-355555D5BD2D%7D
ZipRealty continues to rise – we’re now a top 10 brokerage!
Realtors say they can't write offers fast enough to keep up with the demand for foreclosed homes.
Investors and first-time buyers are finding a plethora of inventory priced below $500,000.
"There are multiple offers outbidding each other," said one Realtor, "I recently wrote an offer $50,000 above the asking price and was the 26th agent in line. They didn't allow me to put the offer in."
We need your help! We are a finalist for CNET's Webware 100 awards. The Webware 100 Awards honor the people's choice in Web apps--the best sites and services chosen by you. The winners are chosen by public voting. Please vote for ZipRealty here! You can vote as many times as you'd like until voting closes on April 30, so vote now and vote often!
With your help, we can ZIP to the top of the charts!
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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