ATC tower 6-25-09
Terminal-Area B-1st level-6-25-09
Terminal-Public Safety Bldg-6-25-09
Friday, July 3, 2009
Panama City Airport Air Traffic Control Tower and Terminal
June 2009 pictures of the air traffic control tower and terminal building now under construction demonstrate further progress at the new airport site.The facility continues to take shape in anticipation of an expected May 2010 opening.
ATC tower 6-25-09
Terminal-Area B-1st level-6-25-09
Terminal-Public Safety Bldg-6-25-09
ATC tower 6-25-09
Terminal-Area B-1st level-6-25-09
Terminal-Public Safety Bldg-6-25-09
Wednesday, July 1, 2009
Home Buyer Tax Credit May Now Be Used at Closing
First-time home buyers who would otherwise qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing fees, may now be able to get a loan to help cover those upfront costs.
The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages "monetizing" the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans.
HUD also announced that FHA-approved lenders may purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or to make a down payment in addition to the 3.5 percent minimum.
“This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a down payment and closing costs,” said National Association of Home Builders Chairman Joe Robson, a home builder from Tulsa, Okla.
Home buyers previously would be able to use the funds from the tax credit only after filing their federal tax returns and had to come up with the pre-purchase costs on their own.
Here are answers to some of the frequently-asked questions about this new program:
1. What exactly does "monetizing" the tax credit mean?
The term "monetization" is defined as the act of converting something into money. In the context of the first time home buyer tax credit, monetization means to treat the payment of the credit as if it was cash and allow its use as a payment for certain closing and downpayment expenses.
2. What is a "bridge" loan?
A bridge loan is a type of loan that is intended to be outstanding for a very short time period, often only a few days or weeks. Bridge loans are use to provide funds in situations where the borrower is expected to receive funds, such as the payment of this tax credit, within a very short time.
3. What is a state housing finance agency?
A state housing finance agency, often referred to as an "HFA," is an organization that provides funding for a variety of loan and grant activities related to for-sale and rental housing. HFAs are also typically responsible to distribute grant funds from federal agencies, such as the U.S. Department of Housing and Urban Development (HUD).
4. How do I find out if my state housing finance agency is providing this service?
The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: http://www.ncsha.org/section.cfm/4/39/187
5. What kinds of lenders are doing this? How can I find a list of lenders who are providing these short-term loans?
Many state housing finance agencies are either running or sponsoring programs that will use a tax credit for a downpayment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some state HFAs lend directly to home buyers while other HFAs work through networks of state-approved lenders.
In addition to state agencies, FHA-approved lenders may be offering to purchase a first time home buyer’s tax credit in conjunction with an FHA-insured mortgage loan.
Interested buyers should check with area lenders, home builders, or real estate agents for the names of participating lenders.
The Federal Housing Administration (FHA) also has an online tool to find FHA-approved lenders: http://www.fhaoutreach.gov/FHALookup/
6. What types of loans qualify?
Any lender could offer a program that would permit a first-time home buyer to apply the tax credit to funds needed for a loan that is obtained in conjunction with a home purchase. At this time, however, only the Federal Housing Administration (FHA) has issued guidance regarding the monetization of the first-time home buyer tax credit in conjunction with FHA-insured mortgage loans.
7. Can this short-term loan be applied to the minimum 3.5% downpayment required by my FHA loan or is it only available above and beyond the initial downpayment required?
The FHA rules provide for two cases: one for state housing finance agencies and other government entities (in which the monetized may be used to meet the 3.5% requirement) and another for private, FHA-lenders (in which the monetized credit may not be used to satisfy the 3.5% requirement). Each case is explained in detail below.
If an FHA-approved lender or state housing finance agency is purchasing a tax credit and therefore making a short-term loan that is secured only by the repayment of the first-time home buyer tax credit, these funds cannot be applied to a downpayment in lieu of the home buyer’s funds. A home buyer still has to provide the 3.5 percent downpayment from his or her own funds. The money from the short-term loan can be used to pay closing costs and prepaid expenses, such as escrows for taxes, insurance, and community association assessments. These funds could also be used to make a larger downpayment or to "buy down" the interest rate on the mortgage loan.
However, many HFAs are offering tax credit loan programs that offer home buyers a short-term loan backed by the anticipated tax credit and secured by a second lien, which in general will be paid off after the homebuyer receives their income tax credit from the IRS. The proceeds of these loans may be used to satisfy the 3.5 percent downpayment requirement for FHA-insured loans. The National Council of State Housing Agencies (NCSHA) maintains a list of such tax credit loans programs at: http://www.ncsha.org/section.cfm/3/34/2920.
8. Who should I contact at my state housing finance agency to urge them to participate in this program if they don’t already do so? What should I say?
The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: http://www.ncsha.org/section.cfm/4/39/187
Most state HFA web sites include phone numbers and email addresses by which they can be contacted.
9. Is this an interest-free loan or are there fees associated with this type of short-term loan?
If a governmental agency, such as a state housing finance agency, or an FHA-approved lender purchase a first-time home buyer tax credit, they are allowed to charge no more than 2.5 percent of amount of the credit.
10. How can I tell if the short-term loan on the tax credit is being offered by a reputable company?
If the organization is a unit of state government, it is safe to say that it is reputable. Otherwise, a home buyer may want to check with their local Better Business Bureau or through a state or local government’s department of consumer affairs.
More information about the $8,000 first-time home buyer tax credit can be found by visiting www.federalhousingtaxcredit.com.
The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages "monetizing" the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans.
HUD also announced that FHA-approved lenders may purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or to make a down payment in addition to the 3.5 percent minimum.
“This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a down payment and closing costs,” said National Association of Home Builders Chairman Joe Robson, a home builder from Tulsa, Okla.
Home buyers previously would be able to use the funds from the tax credit only after filing their federal tax returns and had to come up with the pre-purchase costs on their own.
Here are answers to some of the frequently-asked questions about this new program:
1. What exactly does "monetizing" the tax credit mean?
The term "monetization" is defined as the act of converting something into money. In the context of the first time home buyer tax credit, monetization means to treat the payment of the credit as if it was cash and allow its use as a payment for certain closing and downpayment expenses.
2. What is a "bridge" loan?
A bridge loan is a type of loan that is intended to be outstanding for a very short time period, often only a few days or weeks. Bridge loans are use to provide funds in situations where the borrower is expected to receive funds, such as the payment of this tax credit, within a very short time.
3. What is a state housing finance agency?
A state housing finance agency, often referred to as an "HFA," is an organization that provides funding for a variety of loan and grant activities related to for-sale and rental housing. HFAs are also typically responsible to distribute grant funds from federal agencies, such as the U.S. Department of Housing and Urban Development (HUD).
4. How do I find out if my state housing finance agency is providing this service?
The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: http://www.ncsha.org/section.cfm/4/39/187
5. What kinds of lenders are doing this? How can I find a list of lenders who are providing these short-term loans?
Many state housing finance agencies are either running or sponsoring programs that will use a tax credit for a downpayment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some state HFAs lend directly to home buyers while other HFAs work through networks of state-approved lenders.
In addition to state agencies, FHA-approved lenders may be offering to purchase a first time home buyer’s tax credit in conjunction with an FHA-insured mortgage loan.
Interested buyers should check with area lenders, home builders, or real estate agents for the names of participating lenders.
The Federal Housing Administration (FHA) also has an online tool to find FHA-approved lenders: http://www.fhaoutreach.gov/FHALookup/
6. What types of loans qualify?
Any lender could offer a program that would permit a first-time home buyer to apply the tax credit to funds needed for a loan that is obtained in conjunction with a home purchase. At this time, however, only the Federal Housing Administration (FHA) has issued guidance regarding the monetization of the first-time home buyer tax credit in conjunction with FHA-insured mortgage loans.
7. Can this short-term loan be applied to the minimum 3.5% downpayment required by my FHA loan or is it only available above and beyond the initial downpayment required?
The FHA rules provide for two cases: one for state housing finance agencies and other government entities (in which the monetized may be used to meet the 3.5% requirement) and another for private, FHA-lenders (in which the monetized credit may not be used to satisfy the 3.5% requirement). Each case is explained in detail below.
If an FHA-approved lender or state housing finance agency is purchasing a tax credit and therefore making a short-term loan that is secured only by the repayment of the first-time home buyer tax credit, these funds cannot be applied to a downpayment in lieu of the home buyer’s funds. A home buyer still has to provide the 3.5 percent downpayment from his or her own funds. The money from the short-term loan can be used to pay closing costs and prepaid expenses, such as escrows for taxes, insurance, and community association assessments. These funds could also be used to make a larger downpayment or to "buy down" the interest rate on the mortgage loan.
However, many HFAs are offering tax credit loan programs that offer home buyers a short-term loan backed by the anticipated tax credit and secured by a second lien, which in general will be paid off after the homebuyer receives their income tax credit from the IRS. The proceeds of these loans may be used to satisfy the 3.5 percent downpayment requirement for FHA-insured loans. The National Council of State Housing Agencies (NCSHA) maintains a list of such tax credit loans programs at: http://www.ncsha.org/section.cfm/3/34/2920.
8. Who should I contact at my state housing finance agency to urge them to participate in this program if they don’t already do so? What should I say?
The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: http://www.ncsha.org/section.cfm/4/39/187
Most state HFA web sites include phone numbers and email addresses by which they can be contacted.
9. Is this an interest-free loan or are there fees associated with this type of short-term loan?
If a governmental agency, such as a state housing finance agency, or an FHA-approved lender purchase a first-time home buyer tax credit, they are allowed to charge no more than 2.5 percent of amount of the credit.
10. How can I tell if the short-term loan on the tax credit is being offered by a reputable company?
If the organization is a unit of state government, it is safe to say that it is reputable. Otherwise, a home buyer may want to check with their local Better Business Bureau or through a state or local government’s department of consumer affairs.
More information about the $8,000 first-time home buyer tax credit can be found by visiting www.federalhousingtaxcredit.com.
Thursday, June 18, 2009
Crist signs military base protection bill at Eglin Air Force Base
This is BIG NEWS for the Emerald Coast!
Legislation authored by Senator Don Gaetz (R-Niceville) to protect Florida’s twenty-one military bases was signed into law Thursday by Governor Charlie Crist.
Crist put his signature on Senate Bill 2322/House Bill 7123 in a ceremony at the Air Armament Museum on Highway 85 between Fort Walton Beach and Niceville.
“With a new administration in Washington reviewing military missions and bases, it’s critical for our nation’s defense and our state’s economy to preserve and strengthen the federal military presence in Florida,” Gaetz said. “By approving this bill, Governor Crist is making the protection of our bases and missions a top priority of the state. The Governor knows how important the military is to Northwest Florida and I’m deeply grateful that he has chosen to sign this bill into law on the grounds of Eglin Air Force Base.”
The legislation establishes the Florida Council on Military Base and Mission Support, comprised of nine unpaid members appointed by the Governor, Senate President Jeff Atwater and House Speaker Larry Cretul. The Council will include retired flag officers, leaders of defense-related industries, representatives from base-hosting communities, one senator and one member of the House of Representatives. The Governor’s Director of Tourism, Trade and Economic Development will also serve on the Council
Assigned to support the Council’s work are the Secretary of Community Affairs, Secretary of Environmental Protection, Secretary of Transportation, head of the state’s veterans affairs department and the Adjutant General of Florida.
The Council’s mission is to use the full authority and necessary resources of the state government to preserve and strengthen the military presence, coordinate base support activities of communities that host the military, and advocate for our bases and their economic and national security benefits at the federal level.
The legislation calls for the establish of work groups which would include citizens from across the state with expertise in working with the Pentagon, helping Florida maintain a competitive advantage in attracting missions, and uniting the base support activities of the twenty-one communities that host military missions in Florida.
The federal military presence and related defense industries bring $60 billion to the state annually. The military represents the third largest driver in the state’s economy.
Legislation authored by Senator Don Gaetz (R-Niceville) to protect Florida’s twenty-one military bases was signed into law Thursday by Governor Charlie Crist.
Crist put his signature on Senate Bill 2322/House Bill 7123 in a ceremony at the Air Armament Museum on Highway 85 between Fort Walton Beach and Niceville.
“With a new administration in Washington reviewing military missions and bases, it’s critical for our nation’s defense and our state’s economy to preserve and strengthen the federal military presence in Florida,” Gaetz said. “By approving this bill, Governor Crist is making the protection of our bases and missions a top priority of the state. The Governor knows how important the military is to Northwest Florida and I’m deeply grateful that he has chosen to sign this bill into law on the grounds of Eglin Air Force Base.”
The legislation establishes the Florida Council on Military Base and Mission Support, comprised of nine unpaid members appointed by the Governor, Senate President Jeff Atwater and House Speaker Larry Cretul. The Council will include retired flag officers, leaders of defense-related industries, representatives from base-hosting communities, one senator and one member of the House of Representatives. The Governor’s Director of Tourism, Trade and Economic Development will also serve on the Council
Assigned to support the Council’s work are the Secretary of Community Affairs, Secretary of Environmental Protection, Secretary of Transportation, head of the state’s veterans affairs department and the Adjutant General of Florida.
The Council’s mission is to use the full authority and necessary resources of the state government to preserve and strengthen the military presence, coordinate base support activities of communities that host the military, and advocate for our bases and their economic and national security benefits at the federal level.
The legislation calls for the establish of work groups which would include citizens from across the state with expertise in working with the Pentagon, helping Florida maintain a competitive advantage in attracting missions, and uniting the base support activities of the twenty-one communities that host military missions in Florida.
The federal military presence and related defense industries bring $60 billion to the state annually. The military represents the third largest driver in the state’s economy.
Tuesday, June 16, 2009
What do International Buyers think of Florida Real Estate?
I came across this article in my daily Florida Real Estate briefings and it resonated with me because I am seeing this trend going on right here in Tallahassee as well.
Many of the buyers that we come in contact with these days through our marketing are international buyers. Some of them have even told us that they feel like American real estate is "on sale" right now and they are looking to take advantage of the buying opportunities that are available now.
This is a trend that we should pay attention to, especially with the new International Airport that's underway now in Panama City. This International Airport is scheduled to open next May 2010, and it will be a huge boom for this area. Realtors in the Emerald Coast area are already making preparations for the influx of international visitors that are expected to find their way to this area. Tallahassee isn't that far and I'm sure we will get our fair share as well. Here's the article...
International Buyers Confident of Florida Recovery
Gerson Lehman Group reports that international realty buyers believe the Florida housing market is poised for recovery, and they are paying close attention to distressed properties in the state. The report says these international buyers view home in the United States as "desirable, profitable, and secure" investments.
"Those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months," advises the report's author, Howard Liggett, President of Distressed Real Estate Consulting Services.
Liggett cites data from the National Association of Realtors and the Florida Association of Realtors indicating that 25 percent of international buyers are Canadian, 21 percent are British, and 21 percent are western European.
Source: Halifax International Expat Focus (6/12/09) Musk, Jamie
Many of the buyers that we come in contact with these days through our marketing are international buyers. Some of them have even told us that they feel like American real estate is "on sale" right now and they are looking to take advantage of the buying opportunities that are available now.
This is a trend that we should pay attention to, especially with the new International Airport that's underway now in Panama City. This International Airport is scheduled to open next May 2010, and it will be a huge boom for this area. Realtors in the Emerald Coast area are already making preparations for the influx of international visitors that are expected to find their way to this area. Tallahassee isn't that far and I'm sure we will get our fair share as well. Here's the article...
International Buyers Confident of Florida Recovery
Gerson Lehman Group reports that international realty buyers believe the Florida housing market is poised for recovery, and they are paying close attention to distressed properties in the state. The report says these international buyers view home in the United States as "desirable, profitable, and secure" investments.
"Those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months," advises the report's author, Howard Liggett, President of Distressed Real Estate Consulting Services.
Liggett cites data from the National Association of Realtors and the Florida Association of Realtors indicating that 25 percent of international buyers are Canadian, 21 percent are British, and 21 percent are western European.
Source: Halifax International Expat Focus (6/12/09) Musk, Jamie
Saturday, March 14, 2009
Want to buy a home but nervous about your job?
This program is just incredible and really meets a need for today's marketplace. AmeriDream has partnered with The Association for Homeowners Across America (AHAA) to offer AHAA Platinum members and new homeowner’s mortgage payment relief protection – DreamKeeper.
DreamKeeper is a mortgage payment relief program (MPRP) designed to protect homeowners from the most common cause of missed mortgage payments and foreclosures: unexpected involuntary job loss and being unable to work due to a disability. Here is how it works:
If you lose your job involuntarily or you become physically disabled, the program will pay your full mortgage payment (that's Principal,Interest,Taxes & Insurance) up to $2000 per month for up to 4 months consecutive months This scenario is “per claim” and the program allows for 2 claims over the term chosen. This would allow for a maximum of $16,000 and 8 monthly payments made on your behalf. There is no vesting period for new homeowners and joint coverage is also available.
Everyone benefits with DreamKeeper! You are protected from the most common causes of missed mortgage payments. The Lender is protected during a time when defaults and foreclosures have devastated America’s lenders. We benefit by using DreamKeeper as an incentive to help you feel more confident about moving forward with purchasing a new home during these times when the prices are low and the interest rates are low.
A home purchase is the largest investment most Americans will ever make. It is the path to stability and wealth. And let’s face it, no one plans to involuntarily lose their job or become disabled, but thousands face it every day in our country, through no fault of their own. Doesn’t it make sense to insure against unexpected? We certainly think so! We are offering you full protection on any new Turner Heritage Homes purchased between today and November 30th, 2009.
DreamKeeper is a mortgage payment relief program (MPRP) designed to protect homeowners from the most common cause of missed mortgage payments and foreclosures: unexpected involuntary job loss and being unable to work due to a disability. Here is how it works:
If you lose your job involuntarily or you become physically disabled, the program will pay your full mortgage payment (that's Principal,Interest,Taxes & Insurance) up to $2000 per month for up to 4 months consecutive months This scenario is “per claim” and the program allows for 2 claims over the term chosen. This would allow for a maximum of $16,000 and 8 monthly payments made on your behalf. There is no vesting period for new homeowners and joint coverage is also available.
Everyone benefits with DreamKeeper! You are protected from the most common causes of missed mortgage payments. The Lender is protected during a time when defaults and foreclosures have devastated America’s lenders. We benefit by using DreamKeeper as an incentive to help you feel more confident about moving forward with purchasing a new home during these times when the prices are low and the interest rates are low.
A home purchase is the largest investment most Americans will ever make. It is the path to stability and wealth. And let’s face it, no one plans to involuntarily lose their job or become disabled, but thousands face it every day in our country, through no fault of their own. Doesn’t it make sense to insure against unexpected? We certainly think so! We are offering you full protection on any new Turner Heritage Homes purchased between today and November 30th, 2009.
Thursday, February 26, 2009
$8,000 Federal Tax Credit for First Time Homebuyers
One of the components of President Obama's Housing Plan is to create opportunities for people to be able to buy homes. Last year there was a First Time Homebuyer Tax Credit that was made available, but it had to be paid back. There just wasn't a lot of interest in getting a tax credit that had to be paid back. The NEW TAX CREDIT does not have to be paid back unless you sell the home within the first 3 years you own the home.
Here's the details:
Who is eligible?•
The $8,000 tax credit is available for first-time homebuyers only.
• The law defines a first-time homebuyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in this program.
Do any income limits exist?•
Yes. Homebuyers who file as single or head-ofhousehold can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time homebuyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time homebuyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI exceeding $170,000.
Are there payback provisions?•
No. The tax credit is a true credit. It does not have to be repaid.
• A repayment requirement occurs only if the home owner sells the home within three years after the purchase.
What are the effective dates for the tax credit?
• First-time home buyers may receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
What types of homes qualifiy for the tax credit?•
All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.
Refundable tax credit: What does this mean?•
A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes,you would pay nothing to the IRS and receive a $3,000
payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
• Buyers can take the tax credit on their 2008 or 2009 income tax return.
Here's the details:
Who is eligible?•
The $8,000 tax credit is available for first-time homebuyers only.
• The law defines a first-time homebuyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in this program.
Do any income limits exist?•
Yes. Homebuyers who file as single or head-ofhousehold can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time homebuyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time homebuyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI exceeding $170,000.
Are there payback provisions?•
No. The tax credit is a true credit. It does not have to be repaid.
• A repayment requirement occurs only if the home owner sells the home within three years after the purchase.
What are the effective dates for the tax credit?
• First-time home buyers may receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
What types of homes qualifiy for the tax credit?•
All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.
Refundable tax credit: What does this mean?•
A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes,you would pay nothing to the IRS and receive a $3,000
payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
• Buyers can take the tax credit on their 2008 or 2009 income tax return.
Tuesday, February 10, 2009
Fix Housing First Legislation Update
Here is the summary and copies of the actual American Recovery and Reinvestment Bill…part of this bill is the Fix Housing First legislation. This bill is very close to passing and we should have closure by the end of this week or next. Stay tuned for more updates...
Here are the high points that you must be aware of:
1) $15,000 tax credit…no loan cap, no income cap. For anyone who buys a primary home.
2) $15,000 credit only repayable if the home is resold within 3 years. (no flipping)
3) Credit only for primary residence homes.
4) Closing on or before December 31st 2009.
5) $15,000. credit is claimable at closing and it CAN BE APPLIED TO THE DOWNPAYMENT.
6) Create a temporary 30 year, fixed rate mortgage with these amazing terms:
2.99% through 06/30/09.
3.99% through 12/31/09
7) The FNMA/ FHLMC to purchase these low rate, FHA insured loans from lenders at full price and then resell them at lower market prices…basically…the government will subsidize the difference.
This is good news for homebuyers!
Here are the high points that you must be aware of:
1) $15,000 tax credit…no loan cap, no income cap. For anyone who buys a primary home.
2) $15,000 credit only repayable if the home is resold within 3 years. (no flipping)
3) Credit only for primary residence homes.
4) Closing on or before December 31st 2009.
5) $15,000. credit is claimable at closing and it CAN BE APPLIED TO THE DOWNPAYMENT.
6) Create a temporary 30 year, fixed rate mortgage with these amazing terms:
2.99% through 06/30/09.
3.99% through 12/31/09
7) The FNMA/ FHLMC to purchase these low rate, FHA insured loans from lenders at full price and then resell them at lower market prices…basically…the government will subsidize the difference.
This is good news for homebuyers!
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