I wanted to briefly give you a quick update on breaking news with the possible extension of the tax gift of $8,000.
Right now there are two sides being proposed:
Democratic Senator Harry Reid is proposing to Extend the Tax Credit into 2010. His plan is to slowly fade the gift out by offering $6k in April, $4k, in July, and $2k in October of next year before ending the gift altogether at the end of 2010.
Republication Senator J. Isakson is proposing that the gift be extended to June 2010 and that it be opened up to ALL home buyers who buy a home within that time.
The good news is that both sides are asking for the Tax Gift to be extended into 2010 and are voting on this today! If an extension is given, this should be rushed through the House and up the line for the signature of the President.
This is exciting news for our market! I will keep you in the loop as I hear more.
Please let me know how are team can help you.
John J. West
Home Loan Consultant
www.jwlendingteam.com
Last Friday we received news that an HVCC amendment was approved!
Within 60 days after this law is passed, this amendment to HVCC will take affect allowing the lenders to order a quality appraisal directly from an appraiser of their choice.
This change will allow us to close your loan much faster, cheaper, and give us direct communication again with the appraiser.
In the last year the HVCC appraisal system has caused our clients frustration, stress, and more cost. Many of the appraisers doing the HVCC appraisals are getting the business by being the cheapest bidder and just as such, have been providing the cheapest quality appraisals. We even had one appraisal come back with photos from a different home then the appraiser did the appraisal for!
The bill is headed to the House and will most likely be voted on this week. I will keep you informed as we receive the news. We have won a small battle, but fight is still on to remove this program and other programs that do not benefit our homebuyers.
Remember the $,8000 tax credit expires at the end of November.
There are still home loans that offer the 100% financing or nothing down to home buyers looking to buy when the market is low and rates are great! A lot of people ask me, "but isn't that the cause of our market crash now?" My answer, no. Actually the 100% financing loans have a much better performance rating then the Adjustable rate mortgages and stated products that were available to so many people. You see, to qualify for 100% financing, you have to provide proof of everything such as your income and monthly debts. This allows the underwriter to approve your loan with the ability to see everything and make a better informed decision on whether or not you will be able to afford your new payments. The stated loan programs and Adjustable rate programs did not give the underwriter a clear picture of a home buyers situation and therefore loans were getting approved for people who could not truly afford the payments especially if the loan adjusted in the future. A few of the loans available right now are:
RD Loan also known as Rual Development Loan. This loan is for Rual Development areas such as Kuna, Middleton, Star, parts of Caldwell and other surrounding Idaho areas.
VA Loan also known as Veterans Loans. These loans are available to those that have served in the services.
IHA Loan also known as the Idaho Hosing Administration Loan. The allows home buyers to qualify for 2nd loans that will cover the their downpayments needed at closing.
If you are thinking of buying a home in the Idaho market right now, I believe this to be an excellent time and our team would be happy to help discuss your loan options with you so you can make an informed decision about moving forward.
At your service,
John West
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RISMEDIA, October 16, 2009—Online home auction company RealtyBid.com saw its September 2009 sales figures increase by more than 211% over August and by 308% over September 2008. The website announced in early September that it would be hosting one of its largest inventories ever of post-foreclosure, bank-owned properties (REOs) during the month, and that girth of inventory drew a record number of discount-minded bidders to RealtyBid.com’s online real estate auctions.
“We expected to see bidders take advantage of the unbelievable REO bargains we had to offer in September, and they did,” said RealtyBid.com CEO Tony Isbell. “Year-to-date, September is by far our biggest sales month of the year, and it’s our second biggest sales month ever.”
RealtyBid.com Executive Vice President Mike Keracher works directly with financial institutions and loan servicers looking to sell post-foreclosure properties through RealtyBid.com’s expedited sales system. He said, “We will see another large inventory of foreclosure properties from financial institutions throughout October. The banks understand what a fast and efficient system we have for selling REO properties, and home buyers and investors are able to buy homes at phenomenal discounts. We anticipate offering 1,200 foreclosure properties by the end of October.”
Isbell said government moratoriums on foreclosures earlier in the year kept the number of REO properties available to buyers lower than expected during July and August but explained that now that the moratoriums have been lifted, banks are turning to RealtyBid.com as a means of selling their backed-up inventory quickly. He added that with newly introduced legislation in Congress again aimed at curbing foreclosures, REO inventories may be at their highest peak of the year. “Now is the time for home buyers and investors to seek out bargains.”
For the last few months we have been waiting on news to see if the First Time Homebuyer Credit will be extending into 2010.
Well we just got word that The House of Representatives passed a bill, 416 to 0, a complete shut out in favor of extending the First Time Homebuyer Credit for service members who served over seas.
If this is passed by the senate those who served over seas for 90 days in 2009 will have an additional 6 month First Time Homebuyer Tax Credit Extension.
Having said this, It seems that lawmakers will not extend the $8,000 tax gift to everyone else which would bring the end to the credit in November. We hope that is not the case as this bill has been helping the still recovering housing market to recover. By ripping off this band aid it only seems that it will only slow down the healing process of our recovering market.
Regardless of what does happen with the First Time Homebuyer credit, rates are still extremely low and houses are selling so I feel our market will continue to head in the right direction towards recovery.
I will continue to keep you in the loop as we hear more on this credit.
If you are like most people right now, either you or your family members have the dreaded flu virus right now.
I have two family members myself, that are enjoying the flu right now. Although I am no health doctor, I did some research with the Red Cross and wanted to send you some tips that can help keep your family healthy in the flu season.
Seasonal Flu Versus Pandemic Flu – Tips to Stay Healthy This Season
The flu, also known as influenza, is a contagious respiratory disease caused by influenza viruses. In the US, there is a flu season that begins every fall and ends every spring. Sometimes a new type of flu virus may emerge that people have no resistance to. When people have no resistance to a flu it can spread more easily from person to person around the world in a very short time, causing serious illness and death. This kind of flu is called “Pandemic Flu”. The two types of flu are very similar in symptoms:
Most people who get seasonal flu recover within a week or two and do not require medical treatment. Pandemic flu is different because more people who get it might not recover, even with medical treatment, and people of every age may be a risk of serious illness. As always, the concern for the very young and the very old and the very sick are more of a concern.
Being Prepared
There are some things that everyone can do to slow the spread of the flu and reduce its impact, whether the viruses involved are seasonal or pandemic flu viruses:
I hope this helps give you a few tips on how to stay healthy this season.
Are you looking for a home loan and aren't sure wether or not to use a mortgage broker or mortgage banker?
Having been both a mortgage broker and a mortgage banker, I know both the pros and cons on both sides. Just incase you don't know the difference between a mortgage bank and mortgage broker, I can explain:
A mortgage banker works for the bank so when you speak with them, you are only offered their loan programs and their rates. While many people have had long relationships with a bank, this does not mean you will get the best programs out there.
Mortgage brokers come in handy because they contact several banks on your behalf and find the best loan program at the best interest rate for you. They then help you decide what loan program they would recommend that fits your situation and how you can leverage your mortgage to help your long and short term financial and investment goals both now and for the future.
I am a mortgage broker. I decided to become a broker when I realized that my clients could get a better deal through the bank that I worked for by using a mortgage broker than they did going through me!
Think of it this way, in most industries there is a retail price and a wholesale price that is offered. The bank is a retailer and the broker is the wholesale lender. Banks have to be very competitive on the wholesale market to get your business so you will always find a more competitive deal through a mortgage broker.
When picking a lending company wether it be a bank or a mortgage broker, it helps to contact people you know and trust and ask them for strong recommendations. People who have already worked with a mortgage professional and received great service, is always a good way to go.
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