Ed Butler Team

Dollars

2009-07-30T10:46:00.001-04:00

Dollars & Sense blog: T. D.C.o.t.E (xiii): Flexibility Fundamentalism | Dollars & Sense

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NAR: About NAR: Voices of Real Estate: REALTOR Concerns Prompt Action on Appraisals, Posted by Charles

2009-07-27T10:33:00.000-04:00

Great Article from the President of NAR. The HVCC policy not only has effected everyone in the real estate market. It looks like they are taking steps in the right direction to there are some positive changes to this.

NAR: About NAR: Voices of Real Estate: REALTOR Concerns Prompt Action on Appraisals, Posted by Charles: "Voices of Real Estate
National Association of REALTORS® 2009 Leadership Team, on what NAR is doing for you.
« The Real Story: Why NAR Supports Provisions in the Energy Bill, Posted by Steve Main
REALTOR Concerns Prompt Action on Appraisals, Posted by Charles
Earlier this month, I blogged about my meetings with the New York Attorney General’s Office, the Federal Housing Finance Agency, and Fannie Mae to share our concerns about the Home Valuation Code of Conduct. I also mentioned the ongoing problems in my latest President’s Podcast.
It looks like our persistence on this issue is paying off. Fannie Mae and Freddie Mac recently issued new guidance to all lenders on the Home Valuation Code of Conduct. Specifically, they have advised lenders to use appraisers who have clear experience in the geographic area. They also made is clear that appraisers are not prohibited from talking to real estate agents.
We have e-mailed all members about this development, but I wanted to post it on the blog, as well, to make sure everyone is aware. Just go to Realtor.org/HVCC for the details.
This is a good first step, but we realize that we need to do much more to ensure that appraisals are being handled properly and don’t inhibit the market. NAR will continue to work on this issue in the weeks and months ahead and keep you updated on our progress.
I thank all of you for sharing your concerns and stories – especially those who responded on this blog. Keep the comments coming, and please share these updates with your colleagues. – Charles McMillan, 2009 NAR President"

First-Time Homebuyer Tax Credit

2009-04-23T10:22:00.002-04:00

Over the past 12 months there have been 2 incentive packages of a Tax Credit for 1st time homebuyers. Here are some of the differences between the 2 so everyone is aware.

Initial Tax Credit
Amount of credit- lessor of 10% of cost of home or $7500
Revised Change to a maximum credit to $8000

Initial Tax Credit
Revenue Bond Financing-no credit allowed if home financed with state/local bond funding
Revised Change to purchasers who utilize revenue bond financing can use credit

Initial Tax Credit
Repayment- yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing
Revised Change to NO repayment for purchases on or after January 1, 2009 and before December 1, 2009

Initial Tax Credit
Recapture- if home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
Revised Change if home is sold within 3 years of purchase, entire amount of credit recaptured on sale. Applies only to homes purchased in 2009.

Initial Tax Credit
Termination of program July 1, 2009
Revised Change December 1, 2009

Initial Tax Credit
Effective Date- Purchases on or after April 8, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
Revised Change all revisions are effective January 1,2009

There are a few things that remained the same between the 2 packages. Both are eligible on a primary residence only. Property type any single family residence (including condos, co-ops, townhouses) that will be used as a principle residence.

Both are refundable. It reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. Both have income limits. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on joint return). Phases out above those caps ($95,000 and $170,000).

This program is for 1st time homebuyers only. Purchaser (and purchaser's spouse) may not have owned a principle residence in 3 years previous to purchase.

This program gives 1st time homebuyers a great opportunity and plenty of incentive to by a home. This in addition to the fact rates are still as low as they have been in decades. It is a great time to buy!

To apply for a home loan visit NC & SC Home Loans

New Blog

2009-04-09T10:00:00.002-04:00

We are very excited to have a new hosts of marketing tools at our finger tips. Our latest addition is our blog. We look forward to posting exciting news from the mortgage industry for you to follow. Keep following us as we hope to post frequently.