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Loans

First Time Home Buyer Tax Credit: Get Your $8,000 Now & Use It Toward Your Down Payment

by Shar Rundio on May 12, 2009

This just in:  If you are a first time buyer, you now have an $8,000 down payment!**

The US Department of Housing and Urban Development (HUD) announced this morning at the National Association of Realtor’s (NAR) Midyear Conference that the Federal Housing and Administration (FHA) will allow it’s lenders to offer first time buyers the opportunity to use their $8,000 federal tax credit toward their down payment.  

This is HUGE!   

Now, if you qualify for the first time home buyer tax credit you don’t have to wait until you buy the house, close on it and then file or amend your taxes to get the $8,000.  The $8,000 will be offered in the form of a small bridge loan that will be paid back after you get your tax credit.  To find out more about the tax credit, check out this informative website. 

With the interest rates at historically low numbers, prices at 10-year lows and an $8,000 tax credit there has never been a better time to buy a home!  And I’m not just saying that because I get paid to.  

If I can help you with your dream of home ownership, please don’t hesitate to ask.

**(Some limitations and exclusions apply, yada, yada, yada…see your friendly loan officer or Realtor for specific details.)
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Rates Hit 5%

by Shar Rundio on December 11, 2008

30-year fixed FHA and Conventional rates just hit 5%!!!

So, in this DISCOUNT BUYER’S MARKET (notice that discount part, not even just a buyer’s market) with interest rates like 5% what the heck are you waiting for?  Who do you know that should be investing in a home for their family or building their investment portfolio while the time is right?

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2009 FHA Loan Limits Released, Fannie & Freddie

by Shar Rundio on November 12, 2008

New 2009 guidelines were recently released by FHA, Fannie and Freddie.  Some things you should make note of include:

  • In all AZ counties the FHA loan limit has been reduced to $271,050 with the exception of Coconino which will be $333,500. This is down from the 2008 limit in Maricopa and Pinal counties of $346,250.
  • Fannie and Freddie have announced that they will leave the conforming loan limits at the current $417,000 (for all counties in AZ except Coconino which is at $450,000).  In other high cost areas (San Diego & Orange County and such) it will be $625,000.
  • Freddie Mac has also announced that effective 2/2/09 they will no longer purchase loans with stated income/stated assets.  Lenders will implement the changes earlier than this date to insure a smooth transition.  Maximum debt to income will be 45%.
What does this mean?
 
Better yet, where’s your opportunity?
 
This all means that anyone considering purchasing a home that would fall in the $271,050-$346,520 range should be looking at doing that now if you’d like to take advantage of an FHA loan.  With a low initial investment of 3% and historically low interest rates combined with a discount buyer’s market, what’s holding you back?   
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