first time home buyer: UPDATE: BEWARE the one year waiver on the 90 Day Rule - FHA Financing
- 03/25/10 03:24 AM
As a follow up to my previous post - most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit. On Friday, January 15th, HUD announced a one year "waiver" taking effect on Monday, February 1st lifting the 90 Day Rule http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf to which … (2 comments)
first time home buyer: HUD announces increase in UFMIP effective April 5th
- 01/22/10 05:13 AM
Most folks know that FHA requires an Upfront Mortgage Insurance Premium (UFMIP) in addition to the monthly mortgage insurance for a government loan. On Thursday, January 21st, HUD announced an increase of this premium from the current 1.75% to 2.25% for FHA loans for which the case number is assigned on or after April 5th, 2010. Read in full here http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf regarding this update. WHAT THIS MEANS TO YOU! Although the UFMIP is typically financed into an FHA loan (thus the borrower doesn't have to come up with the funds at closing), this increase is worth discussion. Consider a first time … (1 comments)
first time home buyer: First Time Homebuyer Tax Credit Update - REVISED IRS 5405 NOW AVAILABLE!
- 01/18/10 10:22 AM
So who knew the IRS worked on weekends? Especially on the MLK holiday weekend? As a follow up to previous posts regarding the lack of availability of the revised IRS form 5405 (see reposted blog below). The IRS put up the new form on their site this last Saturday, January 16th. see here... http://www.irs.gov/pub/irs-pdf/f5405.pdf To all you First Time Home Buyers who purchased after November 6th, call you CPA today and file your 2009 or amend your 2008 tax returns to claim your $8000! First Time Homebuyer Tax Credit Update - Will the right/ WRONG Form 5405 work? Yikes! The IRS … (1 comments)
first time home buyer: HUD announces one year waiver on 90 Day Rule
- 01/18/10 10:10 AM
Most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit. On Friday, January 15th, HUD announced a one year "waiver" taking effect on Monday, February 1st lifting the 90 Day Rule under (most) circumstance. Read in full here http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf regarding those requirements. WHAT … (5 comments)
first time home buyer: First Time Homebuyer Tax Credit Update – AKA IRS Implies “When Hell Freezes Over”
- 01/11/10 09:57 AM
*** Today's news from the IRS - the release date of the updated IRS Form 5405 changes from January 8th, 2010 to "soon". *** See here.. http://www.irs.gov/pub/irs-pdf/f5405.pdf?portlet=3 Anyone care to elaborate on what that means? (Below please read blog dated 1/04/10 which shows the original IRS bulletin stating the new 5405 would be available on January 8th, 2010). First Time Homebuyer Tax Credit Update - Will the right/ WRONG Form 5405 work? Yikes! The IRS is at it again. I've been having my first time home buyers visit my CPA referral partner to re-file amended 2008 tax returns to claim the … (2 comments)
first time home buyer: First Time Homebuyer Tax Credit Update – Will the right/ WRONG Form 5405 work?
- 01/04/10 04:54 AM
Yikes! The IRS is at it again. I've been having my first time home buyers visit my CPA referral partner to re-file amended 2008 tax returns to claim the $8000 tax credit - averaging about six to eight weeks to get their money. Throughout 2009 everything was working like a honey until..... November 7, 2009 - the extension date of the FTHB tax credit. The IRS is updating Form 5405 (the form needed to claim the credit) but hasn't made it available (yet). WHAT THIS MEANS TO YOU! Clients who purchased a home AFTER November 6th, must wait until the REVISED … (7 comments)
As a follow up to my previous post - most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit.
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