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NEW LENDING POLICIES ANNOUNCED BY FHA!!

If you were listening to the housing news last week, you probably heard a number of reports about lending changes that were announced by the Federal Housing Administration (FHA).  While many f the news reports were confusing, the truth is pretty clear, and isn’t as bad as some people may have heard. Overall the measures are intended to help the FHA better manage its risks and strengthen its... [Read more]

Homebuyer Tax Credit Updates!!!

First-Time Homebuyer Changes A first-time homebuyer credit applies to individuals who purchase a home on or after April 9, 2008 and before April 30, 2010.  However, if the buyer has the home under contract by April 30, 2010 they have until June 30, 2010 to close and still qualify for the credit. The adjusted gross income cap of the credit has been increased as well.  It is now $125,000 for single... [Read more]

Homebuyer Credit Updates

First -Time Homebuyer Changes A first-time homebuyer credit applies to individuals who purchase a home on or after April 9. 2008 and before April 30, 2010.  However, if the buyer has the home under contract by April 30, 2010 they have until June 30, 2010 to close and still qualify for the credit. The adjusted gross income cap of the credit has been increased as well.  It is now $125,000 for single... [Read more]

Tax Credit Extention

Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers  but is set to expire at the end of November. Senators agreed to extend the existing tax credit, and offer a reduced credit up to $6,500 to repeat buyers who have owned their current homes for at least... [Read more]

Prepared Homebuyer…

“BEFORE ANYTHING ELSE.. PREPARATION IN THE KEY TO SUCCESS.”  Alexander Graham Bell. Very true words – and preparation is especially important these days, as several circumstances will make this fall a particularly successful time for prepared home buyers. Rates for home loans remain low – but it won’t last forever.  The Fed continues on their purchasing plan of Mortgage... [Read more]