Very important changes are being made to the Down Payment Assistance Programs. All clients using DAP's must have their file submitted to underwriting by August 29th. The transaction must be signed, closed and funded by September 30, 2008.
We have been told there will be no exceptions to this new policy.
Remember, the USDA / FHA rural housing loan is an excellent alternative for those who require 100% financing. These loans are available in specified areas and you must meet the income guidelines. Call us today and we will get you in touch with a qualified lender. The Garnett Team, 816-985-PAUL.
Tuesday, August 26, 2008
Friday, April 11, 2008
Mortgage Demand Up
The number of mortgage applications increased 5.7 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly mortgage applications survey.
On an unadjusted basis, the index rose 10.9 percent compared with the same a week age. The bulk of the increase came from purchase loans, which rose 8.1 percent compared with the refinance index which was up 3.4 percent. The refinance share of mortgage activity decreased slightly from 53.4 the previous week to 52.2 last week.
source: Mortgage Bankers Association (04/09/2008)
On an unadjusted basis, the index rose 10.9 percent compared with the same a week age. The bulk of the increase came from purchase loans, which rose 8.1 percent compared with the refinance index which was up 3.4 percent. The refinance share of mortgage activity decreased slightly from 53.4 the previous week to 52.2 last week.
source: Mortgage Bankers Association (04/09/2008)
Friday, March 28, 2008
Last Minute Home Owner Tax Primer
As April 15th approaches, here is what home owners need to know about the deductibility of mortgage interest and property taxes.
Taxpayers may deduct on Schedule A of Form 1040 interest on the purchase or home equity debt on two residences, their primary home and another dwelling, including a boat or mobile home. These dwellings must have sleeping, cooking and toilet facilities to qualify for a loan interest deduction. Interest paid on vacant land isn't deductible.
Real estate taxes are deductible on all properties owned by the taxpayer - not just the first two. The deduction must be taken in the year the taxes are paid. Taxes placed in escrow are deductible when they are paid to the taxing authority, not when the money is put in escrow. Penalties and interest on late tax payments aren't deductible.
Also, in order to deduct taxes and interest, the taxpayer must itemize instead of taking the standard deduction.
Source: Houston Chronicle, Shannon Buggs ( 03/27/08)
Taxpayers may deduct on Schedule A of Form 1040 interest on the purchase or home equity debt on two residences, their primary home and another dwelling, including a boat or mobile home. These dwellings must have sleeping, cooking and toilet facilities to qualify for a loan interest deduction. Interest paid on vacant land isn't deductible.
Real estate taxes are deductible on all properties owned by the taxpayer - not just the first two. The deduction must be taken in the year the taxes are paid. Taxes placed in escrow are deductible when they are paid to the taxing authority, not when the money is put in escrow. Penalties and interest on late tax payments aren't deductible.
Also, in order to deduct taxes and interest, the taxpayer must itemize instead of taking the standard deduction.
Source: Houston Chronicle, Shannon Buggs ( 03/27/08)
Friday, February 15, 2008
Housing Finance Update
February 15, 2007- President signs Law LIfting Conforming, FHA Limits
President George W. Bush signed into law the Economic Stimulus Act of 2008, which will send $300 to $1200 rebate checks to millions of Americans - and temporarily lift the limits for both conforming loans and loans backed by the Federal Housing Administration. (FHA).
One of the most visible aspect of the package are tax rebates of up to $600 directed to individuals and $1200 to couples. Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.
The measure extends the increased FHA and conforming limits only until the end of 2008 unless Congress extends the time period later. For areas where the median home price is $333,600 or less, the conforming loan limit would not demonstrate an increase. The Secretary of Housing and Urban Development (HUD) would determine the median home price for various housing markets within the next 30 days.
President George W. Bush signed into law the Economic Stimulus Act of 2008, which will send $300 to $1200 rebate checks to millions of Americans - and temporarily lift the limits for both conforming loans and loans backed by the Federal Housing Administration. (FHA).
One of the most visible aspect of the package are tax rebates of up to $600 directed to individuals and $1200 to couples. Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.
The measure extends the increased FHA and conforming limits only until the end of 2008 unless Congress extends the time period later. For areas where the median home price is $333,600 or less, the conforming loan limit would not demonstrate an increase. The Secretary of Housing and Urban Development (HUD) would determine the median home price for various housing markets within the next 30 days.
Wednesday, January 23, 2008
Is Your House Giving You The Cold Shoulder?
It's important to seal our homes so cold air doesn't migrate in during the winter months and our cool air conditioned air doesn't migrate out in the summer. Otherwise we're fighting a losing and expensive battle with the great outdoors.
One of the best ways to save energy is to seal homes with caulk and a proper thermal barrier. Caulk is one of the least expensive ways to save energy and installing a thermal barrier requires only good quality workmanship.
Consumers who are thinking about building, remodeling or upgrading their home or building's insulating properties are encouraged to build to Energy Star Standards. It will keep the operating costs of your home down for the life of the building.
One of the problem spots for many homes is recessed lighting. The "cans" often aren't sealed tightly and winter air leaking in and rising hot air leaking out can cause cold drafts. Today the recommendation is to change out the recessed lights for pendant lights or for those who love the recessed lighting as I do some experts recommend using recessed light fixtures with the IC for "insulation contact" designation. That means it is possible to insulate over the fixture and it won't get too hot and cause problems such as melting the insulation, melting the electrical wiring or starting a fire. The IC fixtures have a safety override switch, sensing when the light fixture is trapping too much heat and it turns off the light.
The department of Energy's- Energy Star Website has a Thermal Bypass Checklist Guide Go to http://www.energystar.gov/ which will be a good starting point for a discussion with a builder or before heading out to buy supplies for that do-it-yourself remodeling project.
Call us for a builder recommendation- who concentrates on customer service and energy efficiency in new home construction.
www.YourRealEstateTeam.com Paul & Leigh Garnett, P.C. 816-985-SOLD or 816-985-PAUL
One of the best ways to save energy is to seal homes with caulk and a proper thermal barrier. Caulk is one of the least expensive ways to save energy and installing a thermal barrier requires only good quality workmanship.
Consumers who are thinking about building, remodeling or upgrading their home or building's insulating properties are encouraged to build to Energy Star Standards. It will keep the operating costs of your home down for the life of the building.
One of the problem spots for many homes is recessed lighting. The "cans" often aren't sealed tightly and winter air leaking in and rising hot air leaking out can cause cold drafts. Today the recommendation is to change out the recessed lights for pendant lights or for those who love the recessed lighting as I do some experts recommend using recessed light fixtures with the IC for "insulation contact" designation. That means it is possible to insulate over the fixture and it won't get too hot and cause problems such as melting the insulation, melting the electrical wiring or starting a fire. The IC fixtures have a safety override switch, sensing when the light fixture is trapping too much heat and it turns off the light.
The department of Energy's- Energy Star Website has a Thermal Bypass Checklist Guide Go to http://www.energystar.gov/ which will be a good starting point for a discussion with a builder or before heading out to buy supplies for that do-it-yourself remodeling project.
Call us for a builder recommendation- who concentrates on customer service and energy efficiency in new home construction.
www.YourRealEstateTeam.com Paul & Leigh Garnett, P.C. 816-985-SOLD or 816-985-PAUL
Monday, October 15, 2007
MHDC New Issue Is Here - 10/15/2007
MHDC NEW ISSUE IS HERE- This may be the final issue for the year. 6.49% rate, 3% cash assistance, 6.04% Non Cap Rate, 3% available for first time buyers (Have you owned a home in the last 3 years?) New purchase Price Limit $237,000. Household income guidelines 1-2 persons max income $57,000. 3+ persons max income $65,550. Call Paul Garnett at 816-985-PAUL (7285). Reece Nichols Realtors
Thursday, October 4, 2007
Housing Finance Update-Downpayment Assistance
October 2, 2007 - FHA/HUD files rule in Federal Registry banning Privately-funded down payment assistance programs.
The new HUD rule means that home buyers can no longer rely on down payments provided by downpayment assistance programs, including the Genesis downpayment assistance program. The new HUD rule by the Federal Housing Administration was published in the Federal Register on Monday and is scheduled to take effect 30 days after publication.
However, AmeriDream, Inc. and Nehemiah have both announced that they filed suits in Federal Court to challenge the merits of HUD's rule and seek an injunction blocking the implementation of this rule.
Pursuant to an April 1998 settlement agreement resolving litigation between Nehemiah and HUD, the rule will go into effect six months after the date of its publication for the Nehemiah downpayment assistance program, only. During the six-month exemption period, Nehemiah will continue to provide families in need with important downpayment assistance and lead the fight against HUD's rule. Building and Loan will work with Nehemiah during the six-month exemption to provide downpayment assistance to families that require this program in order to realize their dream of homeownership.
FHA continues to provide highly competitive interest rates and mortgage insurance premiums for borrowers who have had credit challenges in the past as well as for those that have not.
There is 100% financing available. We will have new construction soon underway which will qualify for the rural housing loan and can build to suit many buyers under these construction guidelines. Call us today for details. 816-985-SOLD or 816-985-PAUL
The new HUD rule means that home buyers can no longer rely on down payments provided by downpayment assistance programs, including the Genesis downpayment assistance program. The new HUD rule by the Federal Housing Administration was published in the Federal Register on Monday and is scheduled to take effect 30 days after publication.
However, AmeriDream, Inc. and Nehemiah have both announced that they filed suits in Federal Court to challenge the merits of HUD's rule and seek an injunction blocking the implementation of this rule.
Pursuant to an April 1998 settlement agreement resolving litigation between Nehemiah and HUD, the rule will go into effect six months after the date of its publication for the Nehemiah downpayment assistance program, only. During the six-month exemption period, Nehemiah will continue to provide families in need with important downpayment assistance and lead the fight against HUD's rule. Building and Loan will work with Nehemiah during the six-month exemption to provide downpayment assistance to families that require this program in order to realize their dream of homeownership.
FHA continues to provide highly competitive interest rates and mortgage insurance premiums for borrowers who have had credit challenges in the past as well as for those that have not.
There is 100% financing available. We will have new construction soon underway which will qualify for the rural housing loan and can build to suit many buyers under these construction guidelines. Call us today for details. 816-985-SOLD or 816-985-PAUL
Subscribe to:
Posts (Atom)