First Time Buyer Tax Credit

With the extension running out on the "First Time Homebuyer Credit", many clients are asking for clairification of the details. The $8,000 tax credit is for first time home buyers and those who have not owned a home for the past 3 years.  The credit was expanded in November to offer a $6,500 credit to current homeowners who have been in their current home over 5 years.  To qualify, you must have a contract to purchase by April 30, 2010 and it must close by June 30, 2010.

Here's a link to the IRS website which can answer most of your questions.  Since everyone's tax situation is unique, I recommend that you consult your tax professional for the most accurate advice as it pertains to you.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

Did you know FannieMae now offers Closing Cost Assistance and Appliance Incentives?

Did you know FannieMae now offers Closing Cost Assistance and Appliance Incentives?

Fannie Mae is now offering a 3.5% incentive * for buyers who purchase and close on a Fannie Mae-owned home between

January 28 and April 30, 2010.  Buyers purchasing properties listed on this site that are closed within this period may

receive up to 3.5% of the final sales price for:

http://www.homepath.com/state/nv.html   

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010;
• Property sales must close before May 1, 2010;
• Buyers must be owner-occupants, investors are excluded.

FHA Financing Changes - again!

With all of the changes taking place regarding real estate financing and especially FHA, it's important to keep current.  At the end of this post is a link to read the article in full, but following are the highlights courtesy of Mark Baker at Castle & Cook Mortgage, 702-451-1040:

This is the actual announcement from Washington. The significant changes are:

- Interested party contributions go to 3% from 6% (won't cover many of the Buyers costs now). To go into effect "early this summer".

- FHA will now actually have a FICO score requirement of 580. To date there are no FICO score requirements, just Lender overlay's for FICO score. This will go into effect "later this summer".

- An increase of the UFMIP "sometime in the Spring of this year".

Click HERE to read the full press release.  If you have any questions or would like more information for yourself or someone you know to take advantage of the very favorable terms still offered for FHA financing please feel free to call or e-mail me anytime.

Market Condition Report - February 2010

Download .pdf Version Here