Tuesday, September 22, 2009
Lake Meadows
New Homes from 140-180"s - There are 8 started and already 4 under contract -- please call us for further details on these popular homes. This neighborhood is only moments from Smithville Lake. 100% financing is available from USDA for those who meet the income guidelines. - If you are a first time homebuyer and meet the USDA income guidelines - just think - no money down plus the tax credit for those who qualify and close before November 30, 2009. Call Paul at 816-985-PAUL or Leigh at 816-985-SOLD today.
Wednesday, June 17, 2009
New Listings Needed
Yes, business is good. The Kansas City Northland / Smithville Lake area has been busy. Call us for a free market analysis of your home. We need more inventory in our area in the $120,000-$190,000 price range. First Time Home buyers are out buying - Please give us a call at 816-985-7285.
Tuesday, February 17, 2009
First-Time HomeBuyer Tax Credit
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009 FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
No change
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009 FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit
Lesser of 10 percent of cost of home or $7500
Maximum credit amount increased to $8000
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
No change
All principal residences eligible.
Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
No change
Same income limits continue to apply.
First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
All revisions are effective as of January 1, 2009
Tuesday, February 3, 2009
Obama Promises More Low-Cost Mortgages
President Barack Obama promised Saturday to reduce mortgage costs as a key part of his plan to improve the economy.
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billions take bonuses while average people lose their homes
Source: Reuters News, Mark Falsenth
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billions take bonuses while average people lose their homes
Source: Reuters News, Mark Falsenth
Friday, January 30, 2009
New MHDC Program
January 30, 2009
You may have already heard about this program but, if you haven't, MHDC (Missouri Housing Development Commission) has announced a new program to work in conjunction with the Federal First Time Homebuyer Tax Credit program. --Quote from MHDC web site, --With over 30 years experience funding mortgages for first time homebuyers, MHDC knows that the biggest barrier faced by first time homebuyers is acquiring money for down payment and closing costs. As a result MHDC created a program that allows homebuyers to receive the value of the tax credit at the time of closing.
How the Federal First Time Homebuyer Tax Credit Works: First time homebuyers receive a tax credit worth 10% of their home purchase, up to $7500. The credit is claimed on the homebuyer's federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. The credit is essentially an interest-free loan from the federal government and must be repaid through an increase in federal income taxes over a period of 15 years.
How the MHDC Tax Credit Advance Loan Program Works: MHDC makes a second mortgage to the homebuyer at the time of closing worth up to 6% of the home purchase price or a maximum of $6750, which is used to cover down payment and closing costs. The tax credit advance loan is paired with the MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage. The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically. MHDC loan programs are available for households with incomes up to $85,000. The federal tax credit and the MHDC tax credit advance loan program are both currently set to expire June 30, 2009.
The URL for MHDC web site containing this information above is http://www.mhdc.com
You may have already heard about this program but, if you haven't, MHDC (Missouri Housing Development Commission) has announced a new program to work in conjunction with the Federal First Time Homebuyer Tax Credit program. --Quote from MHDC web site, --With over 30 years experience funding mortgages for first time homebuyers, MHDC knows that the biggest barrier faced by first time homebuyers is acquiring money for down payment and closing costs. As a result MHDC created a program that allows homebuyers to receive the value of the tax credit at the time of closing.
How the Federal First Time Homebuyer Tax Credit Works: First time homebuyers receive a tax credit worth 10% of their home purchase, up to $7500. The credit is claimed on the homebuyer's federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. The credit is essentially an interest-free loan from the federal government and must be repaid through an increase in federal income taxes over a period of 15 years.
How the MHDC Tax Credit Advance Loan Program Works: MHDC makes a second mortgage to the homebuyer at the time of closing worth up to 6% of the home purchase price or a maximum of $6750, which is used to cover down payment and closing costs. The tax credit advance loan is paired with the MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage. The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically. MHDC loan programs are available for households with incomes up to $85,000. The federal tax credit and the MHDC tax credit advance loan program are both currently set to expire June 30, 2009.
The URL for MHDC web site containing this information above is http://www.mhdc.com
Monday, October 13, 2008
Law Makes Housing Affordable for Veterans
Daily Real Estate News / October 12, 2008
Veterans across America now have expanded home ownership opportunities due to the Veterans Benefits Improvement Act of 2008, which President Bush signed into law last Friday.
The bill includes housing provisions for veterans who are already home owners and those who aspire to home ownership, according to the National Association of Realtors.
"This bill will go a long way toward helping veterans buy and keep their homes", says NAR President Dick Gaylord.
Three provisions, in the legislation are critical to help veterans during the current housing turmoil.
1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the US Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increase permanent, which will help veterans living in high-cost areas.
3. The VA also can now offer adjustable-rate mortgages to veterans. That would make home ownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
"We need to support and protect those who serve our country," Gaylord says. "Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it a part of that commitment."
-NAR
Veterans across America now have expanded home ownership opportunities due to the Veterans Benefits Improvement Act of 2008, which President Bush signed into law last Friday.
The bill includes housing provisions for veterans who are already home owners and those who aspire to home ownership, according to the National Association of Realtors.
"This bill will go a long way toward helping veterans buy and keep their homes", says NAR President Dick Gaylord.
Three provisions, in the legislation are critical to help veterans during the current housing turmoil.
1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the US Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increase permanent, which will help veterans living in high-cost areas.
3. The VA also can now offer adjustable-rate mortgages to veterans. That would make home ownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
"We need to support and protect those who serve our country," Gaylord says. "Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it a part of that commitment."
-NAR
Tuesday, October 7, 2008
Fed Tries to Unclog Credit Markets
Daily Real Estate News - October 7th, 2008
Wall Street took a nose-dive Monday, with the Dow Jones Industrials plunging more than 800 points at one point during the day before finishing down 370. The sell-off on Monday sent the Dow below 10,000 for the first time in four years.
The US government, facing increasing pressure to do something about the unstable financial markets, is reportedly weighing a plan to buy massive amounts of unsecured short- term debt in a dramatic effort to break the credit clog.
The market for this financing, in which many companies rely to make payrolls and purchase supplies, has virtually dried up.
Pressure is also growing on the Fed to cut its key interest rate, now at 2 percent. Many predict the Fed will act on or before its next meeting on October 28-29. This really doesn't affect mortgages directly but can have an impact on them.
Treasure Secretary Henry Paulson has tapped a former Goldman Sachs executive Neel Kashkari who has worked with Paulson at the department since July 2006, to serve as interim head of the government's effort to unclog the credit markets.
Source: The Associated Presss, Jeannine Aversa (10/07/08)
Wall Street took a nose-dive Monday, with the Dow Jones Industrials plunging more than 800 points at one point during the day before finishing down 370. The sell-off on Monday sent the Dow below 10,000 for the first time in four years.
The US government, facing increasing pressure to do something about the unstable financial markets, is reportedly weighing a plan to buy massive amounts of unsecured short- term debt in a dramatic effort to break the credit clog.
The market for this financing, in which many companies rely to make payrolls and purchase supplies, has virtually dried up.
Pressure is also growing on the Fed to cut its key interest rate, now at 2 percent. Many predict the Fed will act on or before its next meeting on October 28-29. This really doesn't affect mortgages directly but can have an impact on them.
Treasure Secretary Henry Paulson has tapped a former Goldman Sachs executive Neel Kashkari who has worked with Paulson at the department since July 2006, to serve as interim head of the government's effort to unclog the credit markets.
Source: The Associated Presss, Jeannine Aversa (10/07/08)
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