It seems like forever since I last updated our website blog. For the last 30 days, we have been moving our company over to First Mortgage Company of Idaho.
The reason for the this move is due to the recent changes the government has been making to the way our industry operates. It has been becoming more and more difficult and burdensome trying to close a mortgage loan as a mortgage broker while providing raving fan service to our clients.
The new company we decided on joining is a mortgage banker. What does that mean to you? This new company has every service "in-house" which allows us to close loans very quickly and much more smoothly without putting our clients through the ringer. Because we fund our own loans, we can provide raving fan service to our clients and provide excellent results to all the parties involved. With all the services needed being done by our company, we were able to lower our cost to the client while improving our service. Not a bad trade if you ask me!
If you are thinking about obtaining a home loan to purchase a home in Idaho or looking to refinance your current home loan, give us a call. you wont be disappointed.
At your Service, John West Mortgage Consultant (208) 321-4161
The non-first-time homebuyer tax credit is a refundable federal tax credit for current and former homeowners who do not qualify for the first-time homebuyer credit. To qualify, you must have owned and lived in your previous home for at least five consecutive years of the eight years before the purchase. The tax credit equals 10% of the purchase price, up to a maximum of $6500 ($3250 each if married filing separately).
You can claim the credit if you buy a home after November 6, 2009, sign a binding sales contract before May 1, 2010, and close before July 1, 2010. Your new home does not have to cost more than your previous home. You do not have to sell your previous home to be eligible for the tax credit, but you must live in your new home as your principal residence for at least three years.
To be eligible for the non-first-time homebuyer tax credit, you must meet all of the first-time homebuyer eligibility requirements except for the rules about previous homeownership and purchase dates. In place of those rules, you must:
The Tax Gift Has Been Extended!
Today, the House of Representatives passed legislation to extend and expand the $8,000 first-time homebuyer tax credit, which was approved by the Senate this week. The legislation will be sent to the President, and upon his signature, made law.
Homebuyers will qualify for the tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.
To make sure and clear up any confusion, this gift is actual cash that will be directly deposited into your account. It is not a tax reduction or anything of the sort.
With home prices and interest rates at an all time low, this not only the time to buy but this gift adds a cherry on top!
Call our team to learn more about how you can benefit from this tax gift.
208 321-4161
The first time home buyer tax credit extension and expansion is ALMOST done! It has been a long, winding road but we have almost reached the destination. Diana Olick of CNBC reported today that it is almost a done deal that the extension and expansion will be signed on Friday. Lawmakers in the Senate moved closer to signing the bill by voting 85-2; this would extend the home buyer tax credit until April 2010 rather than November 30th, 2009.
The next step is for Senate Republicans to finalize the vote; this could be interesting as some of these Republicans are unhappy with the Democrats for blocking their amendments to the plan. With that being said, many analysts feel that we are going to see this extension sealed due to the Senate vote last night.
The new plan will extend the current $8000 tax credit for new home buyers through April 30th and will also offer a $6500 tax credit for move up buyers who have been in their current residence for over five years. This extension could be very important in the continued effort to stabilize the housing market. Not only are first time home buyers going to receive a tax credit but so will “move-up” buyers; now it is time to find out if this will help to increase home prices.
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.
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