Did you know buried in last September's Small Business Jobs Act of 2010 are new 1099 rules for owners of rental real estate? For the 2011 tax year, the IRS will consider owning 1 or more rental properties “a business” for purposes of the 1099 requirements.
This means property owners must file a 1099 with the IRS for any service provider paid $600 or more in 2011 for services. Services can range anything from yard care to accounting. Owners must provide a copy of the 1099 to each payee.
Most Loan Officers know & understand that the maximum # of properties any one person can finance = 4 properties. This includes the borrower's Primary Residence.
There's a new update to the Rules. (August 2011)
Now up to 10 properties total can be FINANCED.
I have updated the details below....
As always, I am available by phone or email 7 days a week until 8pm daily. I am licensed to provide residential mortgages in Wisconsin, Illinois and Texas. Got a question? I'm happy to answer.... Email me to … (2 comments)
realtors: Mortgages for Teachers
- 06/09/11 11:18 AM
The Teacher A+ Program requires at least one (1) borrower must be a full-time employee as described below: An employee of an accredited or state recognized private or public school A certified teacher or administrator in an education agency An employee of a post-secondary level educational institution This includes and is not limited to: all private, public school, grammar and high school teachers, special education teachers, guidance counselors, librarians, instructors, tutors, athletic directors, coaches and school nurses, may be eligible.
Highlights of the Program Purchase or Refinance 1 UNIT Properties, Fannie Mae Eligible Condos, PUDS, Modular Homes … (0 comments)
Foreclosures are on the rise, negative equity is in full force and short sales are becoming increasingly popular. In this ever changing real estate environment, it is important to know the CURRENT lending rules. I have put together a chart reflecting the most recent Fannie Mae, FHA and VA Guidelines. Quickly check the waiting period to purchase a home after Bankruptcy, Short Sale, Deed-In-Lieu, or Pre-Foreclosure. Use the timeline as a Marketing Tool. Mark your calendars to follow-up with your clients affected by one of the derogatory credit items. The chart is intended … (4 comments)
realtors: Freddie Mac Offering Incentives To Sell REO Properties
- 06/01/11 05:18 PM
The push is on by Freddie to sell their REO properties and on May 16, 2011, they posted a home buyer incentive program and a selling agent bonus program and combined it with their FirstLook Initiative. Here are the details. If I have pointed out the "FINE PRINT” details that you need to know about! Purchase offers for select properties must be dated between May 16 and July 31, 2011 Must close by September 30, 2011 Owner-Occupied only "Select Properties” only Will pay up to 3.5% of buyer’s closing costs(Based on purchase price not loan amount) If closing costs are less … (4 comments)
realtors: Size Matters. Can You Afford Your Mortgage?
- 06/01/11 02:21 PM
So let’s get it out there… Mortgages come in all shapes and sizes depending on an individual’s needs. Before you start shopping for a home or a mortgage it’s important to sit down and evaluate your financial situation. How much debt do you carry? How much do you make per year? How much do you spend each month on living and lifestyle expenses? I am a mortgage lender and this is what I tell my clients. Loan approval does not = affordable. You alone should determine how much you can afford. Do not rely on the lender to tell you what … (2 comments)
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