Articles in the Blog Category
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In a continued effort to lessen their own risk, FHA guidelines will be changing effective on or after April 5, 2010. FHA is increasing the up-front mortgage insurance premium from 1.75% to 2.25%. The new premium is …
For your convenience, here’s just a few pieces of key information with updated information on the Home-Buyer’s tax Credits:
–The old law has been extended, and now has a DEADLINE of HAVING A WRITTEN ACCEPTED CONTRACT BY THE …
(November 23, 2009 Release) Highlights • Existing home sales rose 10.1 percent to an annualized pace of 6.10 million units in October from a month earlier. The annualized home sales in October is now 23.5 percent above its pace from a year ago. • The three month average for existing home sales is 5.58 million annualized units.
(September 25, 2009 Release) Highlights • New home sales rose 0.7 percent in August to an annualized 429,000 units compared to 426,000 annualized units posted in July. • The modest increase in sales was welcome news. New home sales were mixed by region. The sales in the Northeast and Midwest declined by 16.3 percent and 5.8 percent, respectively, while sales in the South were flat and sales in the West rose by only 12.1 percent.
The American Recovery and Reinvestment Act of 2009 provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability
