Monday, December 7, 2009
BSU WAC Champs
Congratulations to the BSU Broncos with a WAC championship and perfect season. Good luck in the BCS Tostitos Fiesta Bowl on January 4th 2010.
Wednesday, November 25, 2009
Tax Credit Update
New Legislation
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
•Extends deadlines for purchasing and closing on a home.
•Authorizes the credit for long-time homeowners buying a replacement principal residence.
•Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
Several new restrictions apply to homes purchased after Nov. 6, 2009.
•Purchasers must attach a properly executed settlement statement to their return.
•No credit is available if the purchase price of the home exceeds $800,000.
•The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
•A dependent is not eligible for the credit.
•The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
Additionally, there are new benefits for members of the military and certain other federal employees:
•Members of the uniformed services, members of the Foreign Service and employees of the intelligence community serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.
•In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
•Extends deadlines for purchasing and closing on a home.
•Authorizes the credit for long-time homeowners buying a replacement principal residence.
•Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
Several new restrictions apply to homes purchased after Nov. 6, 2009.
•Purchasers must attach a properly executed settlement statement to their return.
•No credit is available if the purchase price of the home exceeds $800,000.
•The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
•A dependent is not eligible for the credit.
•The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
Additionally, there are new benefits for members of the military and certain other federal employees:
•Members of the uniformed services, members of the Foreign Service and employees of the intelligence community serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.
•In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community
Wednesday, November 11, 2009
NAR's new Web site for homeowners launches today!
You care about your home. The NATIONAL ASSOCIATION OF REALTORS® cares about homeownership. To help you become the best, most responsible homeowner you aspire to be, we want to provide you with free information and tools you can use to make smart and timely decisions about your home.
Tuesday, October 20, 2009
Open House Saturday October 24th
Come out Saturday October 24th from 1 pm till 4 pm for and open house! Located 12541 Auckland Boise Idaho in the Rockhampton Sub.
Single Level with a daylight basement. Great kitchen with hardwood floors and pleanty of storage. Eating area along with a formal dining room. Split master bathroom with large bathroom and a window view in the master closet. 5 bedrooms and 3 baths, with a large family room and bonus room below. View the park out on your deck. Unfinished room in basement that could be guest area plumbed for HVAC and bath and Kitchenette. Enjoy the gas fireplace and wide open feel. Fully fenced yard landscaped and includes pressurized irrigation.
Thursday, September 3, 2009
Wednesday, August 12, 2009
I have my network behind me
Who is the actual person or persons that determine the value of my home? Well, if you look at the way things have been over the past year it is like the Verizon Wireless commercial. With all the many people standing behind the cell phone guy.
With the many listings and continued short sales and foreclosures continuing, it will no doubt continue to be more than one person that will determine what to list your house on the market.
As a Realtor, I get many requests to do a Comparative Market Analysis or CMA. This requires me to look up the solds in the property area and run a scan of the homes that relate to yours IE: size, number of bedrooms, bathrooms etc. This would give me an idea of what the final price of the sales (market sales) would be in relation to what we would consider listing your home for.
If we were to list the home for a price that is higher than those like homes that have sold, we would be up against the mortgage companies and appraisers scrutinizing the results and how we came up with the price.
Imagine going into a McDonalds and looking on the menu only to see suggested prices. Can you then only give McDonalds the price for a hamburger from say Wendy’s? This is a lot like listing a home today. You do your best to determine the best price for the market, but then the appraiser may determine that the price is way off.
The need for a Realtor is never more a virtue than it is today. The study the market trends and know what to do if the price does not come in as expected. Can you in fact request a second appraisal?
So as you home buyers and home sellers gear up for the new market, remember, the network that is behind you….
With the many listings and continued short sales and foreclosures continuing, it will no doubt continue to be more than one person that will determine what to list your house on the market.
As a Realtor, I get many requests to do a Comparative Market Analysis or CMA. This requires me to look up the solds in the property area and run a scan of the homes that relate to yours IE: size, number of bedrooms, bathrooms etc. This would give me an idea of what the final price of the sales (market sales) would be in relation to what we would consider listing your home for.
If we were to list the home for a price that is higher than those like homes that have sold, we would be up against the mortgage companies and appraisers scrutinizing the results and how we came up with the price.
Imagine going into a McDonalds and looking on the menu only to see suggested prices. Can you then only give McDonalds the price for a hamburger from say Wendy’s? This is a lot like listing a home today. You do your best to determine the best price for the market, but then the appraiser may determine that the price is way off.
The need for a Realtor is never more a virtue than it is today. The study the market trends and know what to do if the price does not come in as expected. Can you in fact request a second appraisal?
So as you home buyers and home sellers gear up for the new market, remember, the network that is behind you….
Friday, August 7, 2009
Keller Williams Realty Boise Idaho
Your Keller Williams Realtor located in Boise Idaho, ready to represent your needs. Buyers Representation, Listing services and complete Idaho Relocation services for clients. Call or email with any questions you may have.
Thursday, August 6, 2009
Wednesday, August 5, 2009
First Time Home Buyers
Just a note to remind everyone that the first time home buyers $8,000.00 tax credit expires the end of 2009. With the closing times lengthening folks should consider making a move if you are on the fence.
Thursday, July 30, 2009
New Changes that may Impact Closing Dates
I am publishing information to those that may be on strict timelines for closing.
why government changes may effect your closing dates
In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress, and the Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed – and therefore more confided – in their home financing choices. In addition, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC) in 2008 to reinforce appraiser independence, valuation protections, and enhance the overall integrity of the valuation process.
Effective May 1, 2009HVCC: Promotes the accuracy of appraisals by shielding appraisers from undue influence, and ensuring that borrowers have sufficient notice of appraisal content by requiring that borrowers receive a copy of their appraisal reports no less than three days prior to the closing of their loan absent a borrower waiver of this requirement.
Effective July 30, 2009HERA: Amends the Truth in Lending Act (TIL), implemented through Regulation Z. Has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged.
4 Key Elements You Need to Know
1) If the home buyer is financing the property, these new regulatory and investor guidelines will impact – and could even dictate – the closing date. Historically, home buyers and sellers would agree on a closing date, and then service providers – including lenders – would work as best they could toward meeting that date. Going forward, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home purchase transaction can close – that is facilitate with a mortgage – is 7 business days after the home buyer is issued his or her initial mortgage disclosures from the lender.
2) Up front fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day – allowing the fees to be collected on the following business day. Historically, up front fees could be collected immediately. Starting July 30, 2009, up front fees can be collected immediately when the application is taken in person and the home buyer receives his or her initial disclosures. The only exception is the credit report fee which can be collected at application.
3) The home buyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. To help expedite the process, Wells Fargo Home Mortgage has elected to have a copy of the appraisal issued directly to the home buyer – and the home buyer must receive the appraisal at least 3 business days prior to the mortgage closing. This means the home buyer may receive his or her appraisal before or simultaneous to the lender receiving their copy. If the home buyer believes the 3-business-day required review period is not necessary for whatever reason, he or she has the right to waive that requirement.
4) An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the home buyer The home buyer must receive a revised TIL disclosure at least 3 business days before closing, providing the home buyer with enough time to determine if the home buyer is comfortable with his or her loan choice. If mailed, the TIL disclosure is considered “received” 3 business days after mailing. A more typical contract date may be 30-45 days – or possibly longer (such as with a new construction loan). Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the home buyer’s APR. Therefore it is critical on the front end to ensure the estimated fees are as accurate as possible.
Frequently Asked Questions
1) How do these new requirement impact applications taken prior to their effective dates?
For HVCC, applications with an identified property prior to May 1, 2009 are not impacted. For HERA, applications with an identified property prior to July 30, 2009 are not impacted.
2) Do the timing requirements for the issuance of the initial disclosure and re-disclosure, and fee collection apply to investment properties?
No. These requirements only apply to primary residence and second home transactions.
3) The final TIL must be received 3 business days prior to closing. Is that 3 full days?
Remember, we must allow 3 business days for mailing, then the home buyers have the 3-business-day review period required to determine if they are comfortable with their loan choice. Closing can occur on the third business day after receipt.
4) What if the home buyer adds a home equity loan or line of credit after the initial application? How are disclosures impacted?
Home equity loan: The initial disclosure period starts over all disclosures must be issued for the home equity loan. Home equity line of credit: There is no impact.
5) What if the home buyer is delayed in paying his or her up front fees?
If the up front fees are not provided by the home buyer in a timely manner, this will likely impact the lender’s ability to order certain vendor services (e.g., the appraisal) and move forward with processing the loan until the up front fees are received. This could affect our ability to provide the best level of service and to meet the desired closing date.
6) Can last minute/rush deals still be accommodated?
The new regulations and investor guidelines definitely redefine “rush.” The minimum number of days to close a transaction is 7 business days after application (or 7 business days after the initial disclosures are issued). Remember, however, this would be a best-case scenario. If the APR increases by more than .125%, a Pre Closing TIL will be required and will add an additional 7 business days to the timing. This allows 3 business days for mailing and provides the home buyers with the time required to determine if they are comfortable with their loan choice. It is wise to plan on a minimum of 30 days to close.
7) Can the credit report fees be collected at the time of applications?
Yes. The credit report fee is the only fee that can be collected at application.
8) When a phone application is taken, can a post-dated check, credit card or other payment information be collected and held until up front fee payment is allowed?
No. Fees or payment information cannot be collected prior to the allowed up front fee collection date which is the next business day after the initial disclosures are received. If this is an in-person application, issuance of disclosures and collection of up front fees may happen on the same day.
9) Can fees be collected at an in-person application?
During an in-person application, fees may be collected after the home buyer is provided his or her initial disclosures (TIL) and required signatures are received.
10) How do you know if the initial APR has to be re-disclosed?
An APR increase of more than .125% from the initial TIL requires the lender to update and re-issue – and the home buyer to receive – the new and final APR via the Truth in Lending (TIL) disclosure (referred to by Wells Fargo Home Mortgage as the Pre Closing TIL) a minimum of 3 business days prior to the closing date. If the change is less than .125%, then no re-disclosure is required.
11) For the purpose of these new disclosure timelines, what is considered a business day?
Which holidays will not be included as business days? At Wells Fargo Home Mortgage, all weekdays and Saturdays are considered a business day unless it is a Federal holiday. Federal holidays include: New Year’s Day, Memorial Day, Independence Day, Labor Day, Veteran’s Day, Thanksgiving Day, and Christmas Day.
12) Let’s say there are two homebuyers applying for a loan, however, only one is present at the in-person application. In this scenario, would the home mortgage consultant be allowed to collect up front fees at the time of application from the home buyer who is present?
Fees cannot be collected until both parties have received the initial disclosures. If the in-person applicant is provided with two copies at application, receipt of disclosures by the second party will need to be verified prior to collecting fees.
13) Fees may not be collected from the home buyer until the next business day after the initial disclosures are received (unless an in-person application was taken). Can seller-paid fees be collected before that time?
For example, it is common in some areas that the seller pays the appraisal fee. No, the home buyer on the application must have received the initial disclosures before the seller can pay the appraisal fee on their behalf.
14) Can the TIL re-disclosure be sent within the 7-business-day period from when the initial disclosures are issued?
Yes, the required re-disclosure of the Pre Closing TIL can be sent within the first 7-business-day period.
15) Can the loan be locked at the time of application if fees have not been collected yet?
Yes.
16) Do these regulations and investor requirements only impact purchase transactions or are refinances subject to these same guidelines?
Both purchase and refinance transactions are impacted.
17) Is the 3-business-day right of rescission still in effect?
Yes, the right of rescission is still in effect for refinance transactions. The loan can close 7 business days after any TIL re-disclosure is issued, then the right-of-rescission period begins. The loan can fund after the rescission period expires.
Contact me with questions you may have
why government changes may effect your closing dates
In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress, and the Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed – and therefore more confided – in their home financing choices. In addition, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC) in 2008 to reinforce appraiser independence, valuation protections, and enhance the overall integrity of the valuation process.
Effective May 1, 2009HVCC: Promotes the accuracy of appraisals by shielding appraisers from undue influence, and ensuring that borrowers have sufficient notice of appraisal content by requiring that borrowers receive a copy of their appraisal reports no less than three days prior to the closing of their loan absent a borrower waiver of this requirement.
Effective July 30, 2009HERA: Amends the Truth in Lending Act (TIL), implemented through Regulation Z. Has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged.
4 Key Elements You Need to Know
1) If the home buyer is financing the property, these new regulatory and investor guidelines will impact – and could even dictate – the closing date. Historically, home buyers and sellers would agree on a closing date, and then service providers – including lenders – would work as best they could toward meeting that date. Going forward, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home purchase transaction can close – that is facilitate with a mortgage – is 7 business days after the home buyer is issued his or her initial mortgage disclosures from the lender.
2) Up front fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day – allowing the fees to be collected on the following business day. Historically, up front fees could be collected immediately. Starting July 30, 2009, up front fees can be collected immediately when the application is taken in person and the home buyer receives his or her initial disclosures. The only exception is the credit report fee which can be collected at application.
3) The home buyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. To help expedite the process, Wells Fargo Home Mortgage has elected to have a copy of the appraisal issued directly to the home buyer – and the home buyer must receive the appraisal at least 3 business days prior to the mortgage closing. This means the home buyer may receive his or her appraisal before or simultaneous to the lender receiving their copy. If the home buyer believes the 3-business-day required review period is not necessary for whatever reason, he or she has the right to waive that requirement.
4) An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the home buyer The home buyer must receive a revised TIL disclosure at least 3 business days before closing, providing the home buyer with enough time to determine if the home buyer is comfortable with his or her loan choice. If mailed, the TIL disclosure is considered “received” 3 business days after mailing. A more typical contract date may be 30-45 days – or possibly longer (such as with a new construction loan). Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the home buyer’s APR. Therefore it is critical on the front end to ensure the estimated fees are as accurate as possible.
Frequently Asked Questions
1) How do these new requirement impact applications taken prior to their effective dates?
For HVCC, applications with an identified property prior to May 1, 2009 are not impacted. For HERA, applications with an identified property prior to July 30, 2009 are not impacted.
2) Do the timing requirements for the issuance of the initial disclosure and re-disclosure, and fee collection apply to investment properties?
No. These requirements only apply to primary residence and second home transactions.
3) The final TIL must be received 3 business days prior to closing. Is that 3 full days?
Remember, we must allow 3 business days for mailing, then the home buyers have the 3-business-day review period required to determine if they are comfortable with their loan choice. Closing can occur on the third business day after receipt.
4) What if the home buyer adds a home equity loan or line of credit after the initial application? How are disclosures impacted?
Home equity loan: The initial disclosure period starts over all disclosures must be issued for the home equity loan. Home equity line of credit: There is no impact.
5) What if the home buyer is delayed in paying his or her up front fees?
If the up front fees are not provided by the home buyer in a timely manner, this will likely impact the lender’s ability to order certain vendor services (e.g., the appraisal) and move forward with processing the loan until the up front fees are received. This could affect our ability to provide the best level of service and to meet the desired closing date.
6) Can last minute/rush deals still be accommodated?
The new regulations and investor guidelines definitely redefine “rush.” The minimum number of days to close a transaction is 7 business days after application (or 7 business days after the initial disclosures are issued). Remember, however, this would be a best-case scenario. If the APR increases by more than .125%, a Pre Closing TIL will be required and will add an additional 7 business days to the timing. This allows 3 business days for mailing and provides the home buyers with the time required to determine if they are comfortable with their loan choice. It is wise to plan on a minimum of 30 days to close.
7) Can the credit report fees be collected at the time of applications?
Yes. The credit report fee is the only fee that can be collected at application.
8) When a phone application is taken, can a post-dated check, credit card or other payment information be collected and held until up front fee payment is allowed?
No. Fees or payment information cannot be collected prior to the allowed up front fee collection date which is the next business day after the initial disclosures are received. If this is an in-person application, issuance of disclosures and collection of up front fees may happen on the same day.
9) Can fees be collected at an in-person application?
During an in-person application, fees may be collected after the home buyer is provided his or her initial disclosures (TIL) and required signatures are received.
10) How do you know if the initial APR has to be re-disclosed?
An APR increase of more than .125% from the initial TIL requires the lender to update and re-issue – and the home buyer to receive – the new and final APR via the Truth in Lending (TIL) disclosure (referred to by Wells Fargo Home Mortgage as the Pre Closing TIL) a minimum of 3 business days prior to the closing date. If the change is less than .125%, then no re-disclosure is required.
11) For the purpose of these new disclosure timelines, what is considered a business day?
Which holidays will not be included as business days? At Wells Fargo Home Mortgage, all weekdays and Saturdays are considered a business day unless it is a Federal holiday. Federal holidays include: New Year’s Day, Memorial Day, Independence Day, Labor Day, Veteran’s Day, Thanksgiving Day, and Christmas Day.
12) Let’s say there are two homebuyers applying for a loan, however, only one is present at the in-person application. In this scenario, would the home mortgage consultant be allowed to collect up front fees at the time of application from the home buyer who is present?
Fees cannot be collected until both parties have received the initial disclosures. If the in-person applicant is provided with two copies at application, receipt of disclosures by the second party will need to be verified prior to collecting fees.
13) Fees may not be collected from the home buyer until the next business day after the initial disclosures are received (unless an in-person application was taken). Can seller-paid fees be collected before that time?
For example, it is common in some areas that the seller pays the appraisal fee. No, the home buyer on the application must have received the initial disclosures before the seller can pay the appraisal fee on their behalf.
14) Can the TIL re-disclosure be sent within the 7-business-day period from when the initial disclosures are issued?
Yes, the required re-disclosure of the Pre Closing TIL can be sent within the first 7-business-day period.
15) Can the loan be locked at the time of application if fees have not been collected yet?
Yes.
16) Do these regulations and investor requirements only impact purchase transactions or are refinances subject to these same guidelines?
Both purchase and refinance transactions are impacted.
17) Is the 3-business-day right of rescission still in effect?
Yes, the right of rescission is still in effect for refinance transactions. The loan can close 7 business days after any TIL re-disclosure is issued, then the right-of-rescission period begins. The loan can fund after the rescission period expires.
Contact me with questions you may have
Tuesday, July 7, 2009
One of my best short sales!
Meridian Idaho
4 bedroom 2.5 baths, front and separate family room. Huge master bedroom with private bath includes soaker tub, washer and dryer, double vanity and more. Gas fireplace. Kitchen features breakfast bar, self cleaning range. 3 car garage includes built in cabinets, back yard backs up to common walking paths. Fully landscaped yard with fruit trees in back yard. Vinyl fencing with south facing patio.
4 bedroom 2.5 baths, front and separate family room. Huge master bedroom with private bath includes soaker tub, washer and dryer, double vanity and more. Gas fireplace. Kitchen features breakfast bar, self cleaning range. 3 car garage includes built in cabinets, back yard backs up to common walking paths. Fully landscaped yard with fruit trees in back yard. Vinyl fencing with south facing patio.
Friday, April 3, 2009
First time home buyer update!
In the Middle of my first-first time home buyer transaction from the new stimulus bill. Things are going very smooth, this will be great for the buyers on the fence..
Saturday, March 28, 2009
The American Recovery and Reinvestment Act of 2009
IHFA’s Down Payment Assistance Tax Credit AdvanceThe American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified homebuyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first-time homebuyers in the amount not to exceed 5% of the sales price or $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit.
The borrower must be a first-time homebuyer and qualify for an IdaMortgage loan. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
Borrower qualifications are:1) Must be a first-time homebuyer,2) Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%, (NOT including this second mortgage loan payment). Some MI’s may require higher credit scores,3) Homebuyer qualifies for an IdaMortgage loan, which includes the monthly second mortgage payment in the debt ratios for this Community second loan just like the Good Credit Rewards second loan,4) Homebuyer Education required.
Call me if you have questions or would like more information
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first-time homebuyers in the amount not to exceed 5% of the sales price or $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit.
The borrower must be a first-time homebuyer and qualify for an IdaMortgage loan. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
Borrower qualifications are:1) Must be a first-time homebuyer,2) Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%, (NOT including this second mortgage loan payment). Some MI’s may require higher credit scores,3) Homebuyer qualifies for an IdaMortgage loan, which includes the monthly second mortgage payment in the debt ratios for this Community second loan just like the Good Credit Rewards second loan,4) Homebuyer Education required.
Call me if you have questions or would like more information
Tuesday, March 3, 2009
For Sale South East Boise - Short Sale
Short Sale 4 bed 2.5 bath 2 car garage, is occupied by tenant. Efficient floor plan with a full master suite on the main level. bedrooms upstairs share a bathrooms. Property Subject to short sale, Seller will not pay for any repairs needed to finance. Contact listing agent for viewing. Property is managed with professional company, and has a lease agreement for 2009 and rents for 1150 per month. Contact me to learn about the Short Sale.
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