Mortgage Articles
$8,000 Tax Credit
**$8,000 Home Buyer Tax Credit at a Glance
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum
of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For a complete guide to the tax credit, visit:
www.federalhousingtaxcredit.com
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Lowest Rates in FORTY YEARS!
“Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.87 percent this week from an average of 4.78 percent last week. That was the lowest in the history of Freddie Mac's survey, which dates back to 1971.”
http://www.chicagotribune.com/classified/realestate/financing/sns-ap-mortgage-rates,0,1466492.story
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Low Down-Payment FHA Loan Volume Surges
‘The FHA traditionally insures loans for first-time buyers, allowing them to buy with a down payment as low as 3.5 percent of the purchase price. New subprime mortgages largely displaced it recent years, but those new loans have all but disappeared over the past year.
FHA's nationwide market share has grown from 3 percent of loans in 2006 to 30 percent now.
"The current degree of FHA predominance in the market is unparalleled," said Kenneth Donohue, inspector general for the U.S. Department of Housing and Urban Development, which includes the FHA.’
For the full article please visit:
http://www.seattlepi.com/business/404563_FHA03.html
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Government Programs Make Refinancing Easy
‘Washington (AP) – Declaring “good news” in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans.
“We are at a time where people can really take advantage of this,” Obama said, seated with a handful of homeowners who have already lowered their bills.
Rates on 30-year mortgages inched upward this week but remain near the lowest level in decades, allowing borrowers with strong credit and stable jobs to save money if they refinance.’
For the full article please visit:
http://connpolitics.tv/index.php/2009/04/09/obama-timing-right-for-millions-to-refin
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Reverse Mortgages Provide Retirement Income
‘Imagine for a moment buying a home in the Bay Area with a large cash down payment - say 40 percent or so - and never having to make another mortgage payment.
Rossmoor, the big 55-plus retirement community in Walnut Creek. This month, they plunked down about $100,000 - from the sale last year of their home in Hawaii - to buy a 2-bedroom, 2-bath condominium.
After that, they will never make another mortgage payment for the rest of their lives, assuming that they remain in the condo.
The Bones are taking advantage of a new reverse mortgage program, one of several financial incentives and other goodies that were part of the 2008 Housing and Economic Recovery Act passed by Congress in response to the tanking U.S. economy in the waning days of the Bush administration.’
For the full article please visit:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/11/REDV16VG02.DTL
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