Bob's Real Estate Blog

NEW FANNIE MAE GUIDELINES WITH STRICTER RATIOS MAY MAKE IT HARDER TO BUY YOUR NEXT HOME...

Bob Brandt (Re/Max Suburban) — Wed, 16 Dec 2009 10:32:17 -0600

NEW FANNIE MAE GUIDELINES WITH STRICTER RATIOS-BUYING YOUR NEXT HOME MAY BE HARDER.

https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu80.pdf

Here are the new rules that lenders will be following on Fannie Mae loans.
It is usually a great idea to get pre-qualified before you venture out to look into the cold to look at homes.

For help with this or any home buying questions in the Chicago Northwest Suburbs like Schaumburg, Hoffman Estates, Roselle, Streamwood, Hanover Park, Bartlett, Barrington, South Barrington, Elk Grove, Dundee, Palatine and surrounding areas-just give me a call or email..... bob@realtybob.com or 847-230-7303 and I will put my 25 years Realtor experience to work for your benefit.

NEW 43 PAGE DIRECTIVE-HELP FOR HOMEOWNERS-MAKING HOMES AFFORDABLE-FORECLOSURE ALTERNATIVES FOR YOUR SCHAUMBURG, STREAMWOOD, HOFFMAN ESTATES, BARRINGTON, SOUTH BARRINGTON, ROSELLE AND CHICAGOLAND SUBURB HOMES

Bob Brandt (Re/Max Suburban) — Fri, 11 Dec 2009 11:06:31 -0600

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

This link will take you to some helpful information and your foreclosure alternatives, from a directive just released and being passed out by the Board of Realtors to Realtors in Schaumburg, Streamwood, Hoffman Estates, Roselle, Bartlett, Hanover Park, Barrington, Barrington Hills, South Barrington, Carol Stream, Bloomingdale, Elk Grove, Algonquin, Dundee, Elgin, Elk Grove and all the Chicagoland suburb homes.

LEAVE YOUR HOME ON THE MARKET FOR THE HOLIDAYS-SCHAUMBURG, SOUTH BARRINGTON, HOFFMAN ESTATES, STREAMWOOD, ELGIN, ROSELLE, BARRINGTON HILLS

Bob Brandt (Re/Max Suburban) — Fri, 04 Dec 2009 16:07:01 -0600

When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.

It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?

But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.

The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.

Before you take your home off the market, consider the following points:

Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.

Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.

Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.

At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.

When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.

With many motivated buyers in the marketplace, you may find you have more showings than you would if you sold your home during a busier time of the year.

If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.

Written by Blanche Evans

Wondering What Your Home Is Worth? -- Contact me for any buying or selling real estate question.

December 2009 Real Estate Tips from Realtybob-Schaumburg, Hoffman Estates, Streamwood, Roselle, Barrington, Elk Grove and Bartlett area Realtor

Bob Brandt (Re/Max Suburban) — Fri, 04 Dec 2009 15:47:53 -0600

Here is a link to my "December Real Estate Update":

http://realtytimes.com/133/hs_realtybob

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"Home Buyer Tax Credit Extended, Expanded";
"Man's Best Friend May Be Costly When Selling Your Home";
"Should I Take My Home Off the Market During the Holidays?";
"Tips for an Eco-Friendly Holiday";
"How Mortgage Management Affects Credit Scores";

Plus a roundup of November real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may help you, your family or your friends with any real estates questions or services.

Sincerely,
Bob Brandt
Re/Max Suburban
2311 W. Schaumburg Rd.
Schaumburg,IL. 60194
Office Phone 847-985-7050
Direct Line 847-230-7303
Out of area toll free 800-637-9345
Fax 847-985-8029
bob@realtybob.com
www.realtybob.com

HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED

Bob Brandt (Re/Max Suburban) — Fri, 04 Dec 2009 15:44:00 -0600

The extension of the first-time home buyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas.

President Barack Obama recently signed legislation that extends the deadline on the first-time home buyer tax credit and adds a smaller tax credit for move-up and other home buyers.

The extension and expansion gives home buyers a tax incentive to buy a home until at least April 30, 2010 -- April 30, 2011 for qualifying military personnel. The previous deadline was just weeks away, November 30, 2009.

"The extension of the first-time home buyer tax credit will be crucial to clearing out unsold inventory and especially the lagging bank owned inventory that has not even hit the market yet," said Kim DiBenedetto, president of the Monterey County Association of Realtors.

That's true of many housing markets.

"California Association of Realtor studies tell us that for more than 75 percent of home buyers this year, the tax credit was very important and more than 40 percent of the home buyers would not have been able to buy without the credit," added DiBenedetto.

The existing tax credit for first-time homebuyers remains at a maximum $8,000.

A new tax credit of up to $6,500 is available to qualifying existing homeowners who buy a new primary residence (or have one built) by April 30, 2010, if they owned their existing home for five consecutive years over the last eight years. Second homes don't qualify for the credit.

Home buyers have to repay the credit if they live in their primary residence less than 36 months and are not members of the military.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

The maximum allowed home purchase price is $800,000, which won't be as useful to move-up buyers in high-cost areas.

"Part of the bill also expanded the credit to move up buyers, however, it may not be as helpful to the homeowners in our areas because there is a cap on the purchase price of $800,000, but we are grateful to anything that will help even a few," said DiBenedetto, a real estate agent in Carmel, California.

That's also true of high-cost markets nationwide.

Both first-time home buyers and others must contract to buy a home by April 30, but close escrow by June 30, 2010.

Buyers can claim the credit on their 2009 taxes, even if the purchase is made in 2010 by filing an amended return.

DiBenedetto said "This will also assist in selling the short sale inventory that those buyers were afraid to consider because of the time frame involved in closing them when they were on this deadline to close by the end of the month (November)."

Buyers who don't owe taxes can have the credit refunded to them as a rebate.

More information is available from the Internal Revenue Service (http://www.irs.gov), including a question and answer page.

It's all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

Home sales also add property and sales tax revenues to the coffers of local governments as reduced inventory helps boost prices and home values.

The first-time home buyer tax credit's availability has coincided with mortgage rates often hanging below 5 percent, according to Jeff Howard, CEO of Erate.com.

As the November 30 tax credit deadline neared, reports from the Commerce Department, revealed new home sales slipped 3.6 percent in September and were down 7.8 percent from September 2008.

Tax credit history

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 first-time home buyer tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an $8,000 tax credit for those who purchased homes by the November 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, for both new and resale homes - according to the Treasury Inspector General for Tax Administration (TIGTA). A TIGTA audit also revealed last month that nearly 90,000 taxpayers -- including nearly 600 children -- may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both. To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

Written by Broderick Perkins

Wondering What Your Home Is Worth? -- Contact me for any buying or selling real estate question.

Northwest Suburbs-Real Estate Tips and Update

Bob Brandt (Re/Max Suburban) — Mon, 06 Jul 2009 12:53:06 -0500

Here is a link to my "July Real Estate Update":

http://realtytimes.com/128/hs_realtybob

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"The Contract Offer: What Price to Start With";
"Campaign To Extend and Expand Housing Tax Credit";
"Going Green May Help Sell Your Home";
"Housing Starts Are Up Again";
"Selling Your Home May Be Influenced by What Buyers Can't See";

Plus a roundup of June real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!
Please let me know if I may be of help to you, your family or your friends, with any real estate questions or services.

Sincerely,
Bob Brandt
Re/Max Suburban
2311 W. Schaumburg Rd.
Schaumburg,IL. 60194
Office Phone 847-985-7050
Direct Line 847-230-7303
Out of area toll free 800-637-9345
Fax 847-985-8029
bob@realtybob.com
www.realtybob.com

Schaumburg-July 2009 Real Estate Tips

Bob Brandt (Re/Max Suburban) — Mon, 06 Jul 2009 12:50:34 -0500

Hoffman Estates-June 2009 Real Estate Tips and Outlook-Recovery Underway!!

Bob Brandt (Re/Max Suburban) — Tue, 02 Jun 2009 16:35:05 -0500

Here is a link to my "June Real Estate Update":

http://realtytimes.com/127/hs_realtybob

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"Real Estate Outlook: Recovery Underway";
"Key to Earning Energy-Efficiency Tax Credits";
"Finding the Perfect Neighborhood";
"Your Front Porch May Help Sell Your Home";
"Appraisers Advise Sellers How to Get Top Dollar";

Plus a roundup of May real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! Please let me know if I may help you, your family or your friends with any real estate questions or services.

June 2009 Real Estate Update and Outlook-Recovery Underway!!!

Bob Brandt (Re/Max Suburban) — Tue, 02 Jun 2009 16:31:02 -0500

June 2009 Real Estate Update, Outlook and Tips-Recovery Underway!!!

Bob Brandt (Re/Max Suburban) — Tue, 02 Jun 2009 16:27:59 -0500

Housing market stabilizing, according to Fed Chairman at May 5th meeting

Bob Brandt (Re/Max Suburban) — Wed, 06 May 2009 11:33:11 -0500

The housing market, which has been in decline for three years, has also shown some signs of bottoming. Sales of existing homes have been fairly stable since late last year, and sales of new homes have firmed a bit recently, though both remain at depressed levels. Although some of the boost to sales in the market for existing homes is likely coming from foreclosure-related transactions, the increased affordability of homes appears to be contributing more broadly to the steadying in the demand for housing. In particular, the average interest rate on conforming 30-year fixed-rate mortgages has dropped almost 1-3/4 percentage points since August, to about 4.8 percent. With sales of new homes up a bit and starts of single-family homes little changed from January through March, builders are seeing the backlog of unsold new homes decline--a precondition for any recovery in homebuilding.

FHA raise limits on financing in the Chicagoland Area

Bob Brandt (Re/Max Suburban) — Fri, 27 Feb 2009 13:31:59 -0600

A bit of good news for low-down payment financing. FHA requires 3.5% down, and that can be a gift.

The revised 2009 limits for the Chicago MSA are as follows:

One-Unit: $410,000

Two-Unit: $524,850

Three-Unit: $634,450

Four-Unit: $788,450

Evan Geiselhart

President

Giving You the Keys to Success!

847-517-1700 Phone
847-517-1711 Fax
847-571-8136 Mobile
egeiselhart@hometrustmortgage.com

HomeTrust Mortgage Corp.
1475 E. Woodfield Rd., Suite 110
Schaumburg, IL 60173
www.hometrustmortgage.com

#1 Realtor and #1 Realty Office for Schaumburg, Hoffman Estates

Bob Brandt (Re/Max Suburban) — Wed, 25 Feb 2009 11:14:45 -0600

Our Re/Max office consistently comes in as the winner in the Schaumburg/Hoffman Estates market, due to the many hard working top agents with years of experience.
The report is readily available to all the members of the MLS and looks something like the individual agent report below which shows who has been the number 1 agent in Schaumburg, Hoffman Estates for the last 2 months.

Market Share CriteriaStatus: Closed Property Type: Detached Single, Attached Single Area: Schaumburg, Hoffman Estates Months Back: 2 Months

Total number of units sold in target market:	74
*Total number of transaction sides (# of units sold x 2):*	148
Total volume sold in target market:	$15,346,450

Agent ID	Agent Name	# Units Sold - 1 Side	# Units Sold - 2 Sides	Total # Tran. Sides	Total Tran. Vol	% Mkt Share	Rank
80663	ROBERT BRANDT	3	0	3	$621,900	2.0270%	1

Key:

# Units Sold - 1 Side = # of units sold in which agent/office listed is the listing agent/office OR the selling agent/office but not both
# Units Sold - 2 Sides = # of units sold in which agent/office listed is the listing agent/office AND the selling agent/Office (Counts double in Total Tran. Vol)
% Mkt Share is the Total # Tran. Sides for the listed agent/office as a percentage of the total number of transaction sides in the target market

Illinois Housing Development Authority releases $99 Million

Bob Brandt (Re/Max Suburban) — Tue, 24 Feb 2009 16:45:55 -0600

IHDA Launches $99 million of MCC Programs !!!!

The Illinois Housing Development Authority (IHDA) is pleased to announce three Mortgage Credit Certificate (MCC) Programs and an increase in the IHDA Community Partner Credit Certificate Program:

•H The Illinois G-I Home Credit Program - $38,750,000

•H The Decatur G-I Home Credit Program - $6,000,000

•H The I-Loan Certificate Program - $25,971,000

•H The IHDA Community Partner Credit Certificate Program - $28,418,000

Mortgage Credit Certificates (MCCs)

The Federal government allows each homeowner to claim an itemized income tax deduction for the amount of interest paid each year on a mortgage loan. The Mortgage Credit Certificate enhances this benefit. Homeowners with a MCC are allowed to use 20% of their annual mortgage interest as direct federal tax credit, resulting in a dollar for dollar reduction of their annual federal income tax liability. The remaining 80% of their annual mortgage interest will continue to qualify as an itemized tax deduction. (See Example)

The borrower is required to be a first-time homebuyer. In the two G-I Programs there is an exemption for Veterans who qualify. All of the programs have the same income and purchase price limits. These current limits may be found on our website http://www.ihda.org.

The Illinois G-I Home Credit Program

Program:

The Illinois G-I Home Credit Program is a Statewide joint effort of three State agencies: the Illinois Housing Development Authority (IHDA), the Illinois Finance Authority (IFA) and the Illinois Department of Veterans Affairs (IDVA). This initiative builds on financial assistance available in the State under the MCC Program designed for our Military Veterans and Active Duty Service Personnel.

The Illinois G-I Home Credit Program for Veterans and Active Service Personnel offers a valuable annual federal income tax credit with the purchase of a primary residence for as long as the household remains in the property. This credit reduces the amount of federal income tax the borrower must pay

Program Benefits:

Qualifying applicants enjoy the following program benefits:

•· Dollar-for-dollar reduction in annual federal income taxes, equal to 20% of annual mortgage interest.

The remaining 80% of the annual mortgage interest will continue to qualify as an itemized tax deduction for the household. The specific dollar amount of the tax deduction depends on how much interest the borrower pays on the home purchase loan.

The Illinois G-I Home Credit Certificate can be used with any type of conventional mortgage loan. In order to assure financial stability for new homebuyers, participants are encouraged to seek fixed-rate, amortizing loans for a 15 to 30 year period. The G-I Home Credit Certificate can also be matched with FHA and VA loans. The G-I Home Credit Certificate cannot be used in conjunction with the Illinois Housing Development Authority's I-Loan or any other mortgage loan financed with tax-exempt mortgage revenue bonds. The Illinois G-I Home Credit Certificate Program is part of the federal Mortgage Credit Certificate Program (MCCs).

Program Eligibility:

Veterans who have served in active duty[1] and have been honorably discharged. Veterans do not have to be a first-time homebuyer.
Active service personnel (including active duty members and National Guard Reservists) who are first-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years.
Maximum annual income of household members may not exceed certain federally established income limits based on the county in which you live.
Maximum purchase price may not exceed certain Federally established purchase price limits based on the county in which you live.

Program Criteria:

The MCC will be reserved for qualified purchasers whose loans close February 4, 2009 and later.
Property must be owner-occupied
Property must be primary residence
Program will terminate on use of all available credits or at the discretion of IHDA.
Borrower must have available the following:
- $500 fee to participate in the program.
- Home purchase Sales contract.
- Federal Income Tax returns for the past three years, and any other documents required by the lender.
- DD214 if borrower needs the exemption from the first time buyer requirement.

Income and Purchase Price Limits:

Income and purchase price limits vary depending on location. See limits at www.ihda.org under Home Ownership Programs.

Participant Eligibility:

Veterans and active duty Federal military personnel. National Guard and Enlisted Reserves must have been federally activated to duty for purposes other than natural disasters or domestic civil disturbances to qualify.

Participant and others household members listed on the mortgage are subject to credit review.

Property Eligibility:

•H Must be the borrower's principal residence

•H 1 or 2 unit properties

The Decatur G-I Home Credit Program

Program:

The Decatur G-I Home Credit Program has the same criteria as the Illinois G-I Credit Program except the Veteran or Active Duty Service Personnel must be purchasing a home within the City of Decatur.

This Program is effective with loans closed February 4, 2009 through June 30, 2009.

The I-Loan Certificate Program

Program:

The I-Loan Certificate Program is a Statewide MCC Program. This Program follows the guidelines of other MCC programs IHDA has initiated. Purchase price limits, income limits and other criteria that are required in our first-time homebuyer program do apply.

Please see our website for available lenders.

The IHDA Community Credit Certificate Partner Program

Program:

The IHDA Community Credit Certificate Partner Program is designed for municipalities that cede volume cap to IHDA to establish an MCC program designed for the residents of that community. The same guidelines as the above Statewide Program are in effect. The exception is that the purchased home must be in the designated community. The MCC will be reserved for qualified purchasers whose loans close December 10, 2008 and later. The communities presently in the program are listed below.

ARLINGTON HEIGHTS		500,000.00
AURORA		1,875,000.00
BLOOMINGTON		3,770,281.00
CHAMPAIGN		204,031.00
DOWNERS GROVE		1,634,506.25
JOLIET		6,250,000.00
NORMAL		5,384,856.00
SKOKIE		1,250,000.00
SOUTH HOLLAND		625,000.00
SYCAMORE		1,575,793.75
URBANA		1,026,852.00
WEST CHICAGO		2,822,375.00
MACOUPIN COUNTY		1,500,000.00
TOTAL		$28,418,695.00

Availability of funds is on a first-come basis for homes purchased in the above communities as the principal residence of the borrower.

These programs all have purchase price and income restrictions. Terms and conditions may change or be terminated at a future date. Please check our website http://www.ihda.org for current information.

For more information on the G-I program, please click here.

[1] Veterans and active duty federal military personnel. Reserve forces must have been federally activated to duty for purposes other than military schools, Active Duty for Training (ADT), natural disasters or domestic civil disturbances to qualify.

American Recovery and Reinvestment Act of 2009-details to save you money!

Bob Brandt (Re/Max Suburban) — Sat, 21 Feb 2009 16:30:32 -0600

American Recovery and Reinvestment Act of 2009

H.R. 1, the "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
View how the U.S. House of Representatives voted>
View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR's housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next "big" initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The bill includes the following provisions:

Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Service
Low Income-Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits & Grants
Transportation Investments
Broadband Deployment

Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit (PDF: 319K)

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Estimated 2009 FHA, Fannie Mae and Freddie Mac Loan Limits> (PDF: 1.3M)

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Neighborhood Stabilization - Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2009 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities' neighborhood stabilization programs.

How REALTORS® Can Contribute to Local Community (NSP) Efforts

Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.
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Rural Housing Service

Rural Housing Service - The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program's eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
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Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
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Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
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Energy Efficient Housing Tax Credits & Grants - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation's electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
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Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.
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Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to "network neutrality" requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.

The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.

These provisions are important victories for REALTORS because increased broadband access promotes economic growth and expands opportunities for home sales. A 2006 Commerce Department report determined that property values are 6% higher in communities where broadband is available.
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The Stimulis Bill and Real Estate

Bob Brandt (Re/Max Suburban) — Mon, 16 Feb 2009 13:08:47 -0600




	Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem. So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10. In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects). We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had. While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again. Sincerely, Charles McMillan, CIPS, GRI 2009 NAR President

February 2009 Real Estate Newsletter and Update from Bob Brandt at Re/Max Suburban

Bob Brandt (Re/Max Suburban) — Mon, 02 Feb 2009 13:22:11 -0600

Your REALTOR:

Bob Brandt

February 2009

"Here to serve you"
Copyright © 2009 Realty Times
All Rights Reserved.
www.realtytimes.com

Real Estate Outlook:
What's in Store for 2009?

  What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.
      But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.
      In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push

Mortgage Rates

View current rates

U.S. averages as of January 29, 2009:

30 yr. fixed:   5.10%
15 yr. fixed:   4.80%
1 yr. adj:        4.90%

interest rates down -- most notably in the home mortgage sector.
Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a
CONTINUED >>>

Wondering What Your Home Is Worth?

Contact me for any buying or selling real estate question.

Buy Now And Beat
The Spring Rush

     Down market. Up market. It doesn't matter. Spring showers typically bring spring buyers.
      But if you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scoped the lay of the land and are elbowing for position.
      In many communities, an over-supply of homes for sale with reduced prices, foreclosures, auction sales and sellers shopping for short sale buyers, all make it an opportune time not to procrastinate.
      "We are seeing a confluence of events that contributes to the increase in the number of closed sales," said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.
      "Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that's an added incentive to buy a home now," added Virgilio. CONTINUED >>>

Is A Mortgage Modification
For You?

     Home loan modifications are designed to save homeownership, but they've also created a new mortgage maze pitted with "buyer bewares."
      Both government-sanctioned counseling agencies and local community service agencies concede they have been swamped recently by demand for loan modifications.
      The demand stems from a proliferation of federal, state and local level foreclosure relief and bailout efforts from both government and the private lending industry.
      Mortgage modifications have been around for years, but those recent relief efforts have raised the profile of the mortgage workouts as an alternative to foreclosures, short sales, auctions, and bankruptcy.
      The demand has opened the floodgates of loan modification services now offered by real estate agents, mortgage brokers, attorneys, government agencies, lenders, and other professionals.
      No matter where they start, homeowners seeking mortgage modifications are at the mercy of lenders. The workouts are often voluntary and, completed on a case-by-case basis, they frequently come without standardized CONTINUED >>>

To view homes for sale nationwide:

click here

Improve Value Through Landscaping

A lot has been written about landscaping yards for curb appeal because buyers see the outside first when they drive up to a home. So it makes sense to make this area as attractive and inviting as possible. Doing that requires thinking about what would really make a property alluring.
You don't have to spend thousands of dollars landscaping a home when you're about ready to put your home on the market. Instead, investing a few hundred dollars could make a huge difference to a buyer. In fact, curb appeal can be the sole reason prospective buyers ever end up entering a home. That's why listing agents will often give their sellers tips to help them fix up their homes. Here are a few things you can do.
CONTINUED >>>

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

More Articles

	January Round Up: Rates Hold Steady
	Clutter-Free Helps Sell Homes
	Good Time To Buy A Vacation Home
	Repairs That Help Sell Your Home

Bob Brandt, Broker-Associate,ABR
E-mail: BRANDT1@AMERITECH.NET
Web: http://www.realtybob.com

RE/MAX Suburban
847 985-7050
2311 West Schaumburg Road
Schaumburg, IL 60194

Equal Housing Opportunity

E-mail this Newsletter to a friend

Previous Newsletters: January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005 August 2005 July 2005 June 2005 May 2005 April 2005 March 2005 February 2005 January 2005 December 2004 November 2004 October 2004 September 2004 August 2004 July 2004 June 2004 May 2004 April 2004 March 2004 February 2004 January 2004 December 2003 November 2003 October 2003 September 2003 August 2003 July 2003 June 2003 May 2003 April 2003 March 2003 February 2003 January 2003 December 2002 November 2002 October 2002 September 2002 August 2002 July 2002 June 2002 May 2002 April 2002 March 2002 February 2002 January 2002 December 2001 November 2001 October 2001 September 2001 August 2001 July 2001 June 2001 May 2001 April 2001 March 2001 February 2001 January 2001 December 2000 November 2000 October 2000 September 2000 August 2000 July 2000 June 2000 May 2000 April 2000 March 2000 February 2000 January 2000 December 1999 November 1999 October 1999 September 1999 August 1999 July 1999 June 1999 May 1999 April 1999 March 1999 February 1999 January 1999 December 1998

BUY NOW AND BEAT THE SPRING RUSH-GREAT HOME CHOICES, GREAT RATES AND LOW PRICES

Bob Brandt (Re/Max Suburban) — Mon, 02 Feb 2009 13:01:58 -0600

Your REALTOR:

Bob Brandt

February 2009

"Here to serve you"
Copyright © 2009 Realty Times
All Rights Reserved.
WWW.REALTYTIMES.COM

Buy Now And Beat The Spring Rush

Down market. Up market. It doesn't matter. Spring showers typically bring spring buyers.

But if you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scoped the lay of the land and are elbowing for position.

In many communities, an over-supply of homes for sale with reduced prices, foreclosures, auction sales and sellers shopping for short sale buyers, all make it an opportune time not to procrastinate.

"We are seeing a confluence of events that contributes to the increase in the number of closed sales," said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.

"Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that's an added incentive to buy a home now," added Virgilio.

That doesn't mean every home is a Blue Light Special or that you can shop with reckless abandon. It's a better idea to prepare now, become a savvy buyer and beat the spring rush.

To help get you started we've gleaned some key tips from "Buying Your First Home Now" (Nolo.com, $24.99), by Ilona Bray, Alayna Schroeder, Marcia Stewart and a dozen contributing experts knowledgeable in everything from credit, borrowing and buying to escrow, insurance and taxes.

Check your home-buying pulse. Just because there's a convergence of favorable market conditions doesn't mean it's your time to buy.

Base your decision solely on the state of your housing market and you'll overlook why the current market is littered with the former homes of those who borrowed more than they could afford.

Likewise, if you wait for prices to fall more your could miss out. No one knows when the market will hit bottom until it begins a sustained upward turn and you can look back and actually see bottom.

Buy a home because, for you, it's the right thing to do. Buy because it's more affordable than renting, because you plan on staying put until it pays off, buy because it is a good fit for your lifestyle and your personal goals.

Learn your local market. While you certainly need to be up on the most recent housing news, get news from your local media outlets, your real estate agent and data providers that regularly generate information about your community.

Get some basic training. Even if you've purchased before, bone up now. Regulations, local practices and market conditions change. Use well-established, frequently-updated information sources on and off line. Attend real estate industry-sponsored seminars, workshops, counseling sessions and post-secondary level realty classes.

Examine your credit. Pull your credit report and check your credit score before your lender does. You need to make sure both are where they need to be to land you a home loan. AnnualCreditReport.com (also at 877-322-8228) is the one and only official, federally sanctioned program giving you free annual access to your credit report. The nominal fee to obtain your credit score from one of the three credit reporting agencies is worth the cost.

Shop with money in your pocket. Get a mortgage approved before you begin to shop for a home. You need to know how much you can afford and how much home you can buy so you can negotiate from a position of strength. Shop around for the best mortgage possible.

Buy like a savvy investor. Buy low now, sell high later. Shop in the least expensive neighborhood in the best community or the least expensive city in the region. Drill down to buy the least expensive home on the best block or the cheapest home in a neighborhood in transition.

Your Agent. Use your real estate agent as your point person, tell friends, family and co-workers you are in the market.

For the immediate future, look for distressed properties to continue flooding the low-performing markets, which will keep sales high but hurt property values. In the more stable markets, the upper end will continue to cool, but record-low interest rates should keep demand relatively strong for well-positioned mid-value properties.

Written by Broderick Perkins

Wondering What Your Home Is Worth? -- Contact me for any buying or selling real estate question.

- Back -

Bob Brandt, Broker-Associate,ABR
E-mail: BRANDT1@AMERITECH.NET
Web: http://www.realtybob.com

RE/MAX Suburban
847 985-7050
2311 West Schaumburg Road
Schaumburg, IL 60194

Equal Housing Opportunity

E-mail this Newsletter to a friend

Previous Newsletters: January 2009December 2008November 2008October 2008September 2008August 2008July 2008June 2008May 2008April 2008March 2008February 2008January 2008December 2007November 2007October 2007September 2007August 2007July 2007June 2007May 2007April 2007March 2007February 2007January 2007December 2006November 2006October 2006September 2006August 2006July 2006June 2006May 2006April 2006March 2006February 2006January 2006December 2005November 2005October 2005September 2005August 2005July 2005June 2005May 2005April 2005March 2005February 2005January 2005December 2004November 2004October 2004September 2004August 2004July 2004June 2004May 2004April 2004March 2004February 2004January 2004December 2003November 2003October 2003September 2003August 2003July 2003June 2003May 2003April 2003March 2003February 2003January 2003December 2002November 2002October 2002September 2002August 2002July 2002June 2002May 2002April 2002March 2002February 2002January 2002December 2001November 2001October 2001September 2001August 2001July 2001June 2001May 2001April 2001March 2001February 2001January 2001December 2000November 2000October 2000September 2000August 2000July 2000June 2000May 2000April 2000March 2000February 2000January 2000December 1999November 1999October 1999September 1999August 1999July 1999June 1999May 1999April 1999March 1999February 1999January 1999December 1998

2009 REAL ESTATE MARKET OUTLOOK-SCHAUMBURG, HOFFMAN ESTATES, STREAMWOOD, BARRINGTON, ROSELLE, BARTLETT, ELK GROVE AND SURROUNDING AREAS

Bob Brandt (Re/Max Suburban) — Mon, 02 Feb 2009 12:36:25 -0600

Your REALTOR:

Bob Brandt

February 2009

"Here to serve you" Copyright © 2009 Realty Times www.realtytimes.com
All Rights Reserved.

Real Estate Outlook: What's in Store for 2009?

What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.

But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts:

Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.
Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.
Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.
And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there ... because all downcycles tail off and come to an end.

The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year.

Written by Kenneth R. Harney

Wondering What Your Home Is Worth? -- Contact me for any buying or selling real estate question.

- Back -

Bob Brandt, Broker-Associate,ABR
E-mail: BRANDT1@AMERITECH.NET
Web: http://www.realtybob.com

RE/MAX Suburban
847 985-7050
2311 West Schaumburg Road
Schaumburg, IL 60194

Equal Housing Opportunity

E-mail this Newsletter to a friend

First Time Homebuyer's Seminar-Learn from the Pros!!

Bob Brandt (Re/Max Suburban) — Fri, 09 Jan 2009 15:53:37 -0600

Free First-Time Homebuyers Seminar

You paid someone else's mortgage payment again last month (your landlord's)! Start down the road to financial freedom today! Register today for our First-Time Homebuyers Seminar on January 20, 2009 at the Schaumburg CRC (Community Rec Center, 505 Springinsguth Rd, Schaumburg, IL) from 6pm to 8pm. This seminar is a joint event by RE/MAX Suburban and Wells Fargo Home Mortgage. RE/MAX Suburban has been in business for over 30 years, has seven offices and has sold over 1 Billion Dollars in real estate for five consecutive years. All of our agents are full-time professionals. They outsell all of their competition every year. Two of our offices are located in Schaumburg. Wells Fargo was just ranked as one of the 10 safest banks in the world! They were the only United States bank included in the list! They have mortgage money available waiting for you to put it to use!

This seminar will cover the following topics:

1. Why now is a great time to buy!

2. How to get involved with foreclosures, short sales and otherwise take advantage of this market!

3. Learn what mortgage products are still available and how little money you need down.

4. Learn what the First-Time Homebuyers Tax Credit is and how to use it for your down-payment!

5. Learn how to fix or repair your credit, raise your credit score and qualify for a mortgage and obtain a free copy of your credit report.

6. Learn from one of the best real estate attorneys in the area how the buying process works from beginning to end.

Come to this seminar whether you are thinking of buying now or sometime in the future. If you so desire, we will have Home Mortgage Consultants on hand to pre-qualify or even pre-approve you for a mortgage. We will also have the top real estate agents available to speak with and answer your questions along with a real estate attorney, a title company, and a home inspector! We will show you how to start paying your own mortgage payment, save money on taxes, and start down the road to financial freedom. Register today, space is limited! Register by calling me.

Free Schaumburg Seminar-How to Buy your First Home Properly

Bob Brandt (Re/Max Suburban) — Fri, 09 Jan 2009 15:50:57 -0600

Free First-Time Homebuyers Seminar

This seminar will cover the following topics:

1. Why now is a great time to buy!

2. How to get involved with foreclosures, short sales and otherwise take advantage of this market!

3. Learn what mortgage products are still available and how little money you need down.

4. Learn what the First-Time Homebuyers Tax Credit is and how to use it for your down-payment!

5. Learn how to fix or repair your credit, raise your credit score and qualify for a mortgage and obtain a free copy of your credit report.

6. Learn from one of the best real estate attorneys in the area how the buying process works from beginning to end.

Fantastic Home Deals-Low Mortgage Rates-Homebuyer's Credits-Lots of Choices!

Bob Brandt (Re/Max Suburban) — Tue, 30 Dec 2008 16:42:40 -0600

This is probably the best Homebuyer's Market we have ever seen!

First-time homebuyers can get a $7,500 tax credit

Who is eligible?

•· All US Citizens who file taxes and are first-time homebuyers

Income Limits:

•· Homebuyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000. If you earned between $75,000 and $95,000, you are eligible to receive a partial tax credit

•· For married couples filing a joint return, the income limit doubles to $150,000. If you earned between $150,000 and $170,000, you are eligible to receive a partial tax credit

•· The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000

Effective dates for the tax credit:

•· The $7,500 tax credit is available for homes purchased and closed on or after April 9, 2008 and before July 1, 2009.

Tax Credit is Refundable:

•· If you pay less than $7,500 in federal income taxes, the government will write you a check for the difference.

•· If you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.

•· If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500.

•· Buyers can take the tax credit in their 2008 or 2009 tax return. If you purchased the home in 2008, the tax credit is taken on your 2008 return. If you purchased in 2009, you have the option of taking the credit on your 2008 or 2009 return!

Payback Provisions:

•· The tax credit essentially serves as an interest-free loan to be repaid over 15 years.

•· A homebuyer claiming the $7,500 credit would repay the credit at $500 per year starting 2 years after the tax year the credit is claimed.

•· If the home is sold, the remaining credit would be due from the profit of the sale. If there is insufficient profit, the remaining credit payback is forgiven.

For more information, visit www.federalhousingtaxcredit.com.

Evan Geiselhart

President

Giving You the Keys to Success!

847-517-1700 Phone
847-517-1711 Fax
847-571-8136 Mobile
egeiselhart@hometrustmortgage.com

HomeTrust Mortgage Corp.
1475 E. Woodfield Rd., Suite 110
Schaumburg, IL 60173
www.hometrustmortgage.com

Schaumburg Waterfront Homes to Enjoy! Live your Dream! Vacation at Home!

Bob Brandt (Re/Max Suburban) — Mon, 22 Dec 2008 13:17:48 -0600

Click here to see the Schaumburg Waterfront/Waterview homes.
Call me if you wish to schedule a personalized viewing or if you have any real estate questions.
I have been a Schaumburg Realtor for 24 years and am an Accredited Buyer's Representitive.
http://mredllc-pdf.connectmls.com/servlet/PdfDownload?pdfFile=report-2a0dada74.pdf

BARRINGTON AREA WATERFRONT PROPERTIES TO LIVE YOUR DREAM!

Bob Brandt (Re/Max Suburban) — Mon, 22 Dec 2008 12:54:15 -0600

Click on this link to see some great Barrington area waterfront homes and property. Call me with any questions or to see any. Get your kayaks and canoes ready!
http://mredllc-pdf.connectmls.com/servlet/PdfDownload?pdfFile=report-c2940d9d7.pdf

Streamwood Homes Avoid Foreclosure-SLMP-Streamlined Loan Modification Program

Bob Brandt (Re/Max Suburban) — Tue, 16 Dec 2008 15:50:10 -0600

QUESTIONS AND ANSWERS ON THE STREAMLINED MODIFICATION PROGRAM

Q: What is a modification?

A: A modification is a change to the original mortgage terms. It may include a change to the product (an ARM to a fixed rate mortgage), interest rate, amortization term and maturity date, and/or unpaid principal balance. The change/s is made to create a more affordable payment for the borrower.

Q: What is a streamlined modification?

A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.

Q: What is the benchmark ratio?

A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment - extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower's means, the borrower's situation will be reviewed on a case-by-case basis using a cash flow budget.

Q: Who participated in creating the Streamlined Modification Program? Is this identical to the FDIC's IndyMac protocol?

A: This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and FHFA. In addition, we've drawn on the FDIC's experience and assistance from developing the IndyMac streamlined approach and have greatly benefited from the FDIC's input and example. To accommodate the need for more flexibility among a larger number of servicers, the Streamlined Modification Program does differ from the IndyMac model in a few areas. However, it uses the same fundamental tools to achieve the same affordability target.

Q: How is this different from Citi's announcement today?

A: This effort compliments efforts of those banks that have mortgage portfolios and can reach out directly to borrowers for loans they own and service. This is a significant announcement in that Fannie Mae, Freddie Mac and FHFA have mutually agreed as major investors to a single streamlined modification program with a common affordability standard. The majority of HOPE NOW banks who own portfolio mortgages will adopt or offer programs as or more aggressive then what's being announced.

Q: What is the role of HOPE NOW?

A: HOPE NOW has the leading servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. This will take on-going work to implement for servicers. We anticipate this being implemented by December 15th.

Q: Why is there not a foreclosure moratorium?

A: Any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended. A suspension requires that the borrower maintain contact, desires to keep his or her home, has the ability to make the affordable payment offered, and promptly respond to requests for information and signed documents.

Q: Why is it necessary?

A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.

Q: Who is eligible?

A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.

Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?

A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOIW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.

Q: How many people will this help?

A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.

Q: What if a borrower is not eligible but still wants to save his/her home?

A: If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower's situation via the standard process. The standard modification program requires a personal cash-flow budget customized to the borrower's situation.

Q: How do borrowers apply?

A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information - monthly gross household income, association dues and fees, and a hardship statement.

Q: How do borrowers complete the modification process?

A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.

Q: What are the goals of the program?

First, we hope that other industry participants -- portfolio lenders and representatives of private label security investors - readily and rapidly adopt this program as the industry standard. Second, the program could increase the number of modifications significantly. Third, broad acceptance and effective implementation could stabilize communities and property values.

Q: When will servicers start offering this program?

A: We expect that by December 15th, servicers will be positioned to work with eligible borrowers.

Q: Will servicers get more details on this program?

A: Both Fannie Mae and Freddie Mac will be communicating directly with their approved servicers through an announcement, letter or bulletin.

Links:

Hope Now http://www.hopenow.com/
HUD http://www.hud.gov/foreclosure/