Here it the $ 8,000 tax credit form to file from the IRS for the frist time home buyers.
First Time Home Buyer Tax Credit Form 5405.pdf421K
http://docs.google.com/gview?a=v&pid=gmail&attid=0.1&thid=1216e14b95453d5f&mt=application%2Fpdf
Saturday, May 23, 2009
Wednesday, April 8, 2009
loan modifications--- save money and read this
Many people have asked me about these loan modification programs that you see advertised.
Don't be fooled. A home owner that wants to modify their loan needs to go to their servicing company to do that.
These companies that advertise that they can modify the loan are just a middleman and they charge some pretty hefty fees to do what the homeowner can do themselves.
You may have heard that CHFA now has a program that will allow a first time buyer to use a large portion of their $8,000 tax credit to pay off the down payment loan from CHFA after they get their tax credit. This program allows the buyer to get a deferred interest and payment loan for the down payment on an FHA Loan to buy the home and then pay that 2nd loan back once the tax credit has been received.
If you are trying to sell a condo or have a buyer for a condo you will be interested to know this. You probably know that a condo complex needs to be FHA approved in order to do an FHA loan there.
Now we are finding more and more convention loan programs that are requiring a similar approval. In addition Fannie Mae is requiring a buyer to get insurance for the interior of the property. It's the same thing as renters insurance.
Don't be fooled. A home owner that wants to modify their loan needs to go to their servicing company to do that.
These companies that advertise that they can modify the loan are just a middleman and they charge some pretty hefty fees to do what the homeowner can do themselves.
You may have heard that CHFA now has a program that will allow a first time buyer to use a large portion of their $8,000 tax credit to pay off the down payment loan from CHFA after they get their tax credit. This program allows the buyer to get a deferred interest and payment loan for the down payment on an FHA Loan to buy the home and then pay that 2nd loan back once the tax credit has been received.
If you are trying to sell a condo or have a buyer for a condo you will be interested to know this. You probably know that a condo complex needs to be FHA approved in order to do an FHA loan there.
Now we are finding more and more convention loan programs that are requiring a similar approval. In addition Fannie Mae is requiring a buyer to get insurance for the interior of the property. It's the same thing as renters insurance.
Saturday, April 4, 2009
buy now and get $8ooo back from the IRS
The following information can be extremely helpful in educating buyers in our "buyers' market"
New Stimulus Bill: What You Need to KnowOn February 17, 2009, President Obama signed into law HR 1, The American Recovery and Investment Act of 2009, a $789 billion economic stimulus bill. With more than 700 pages of legislation, the stimulus bill seems to have addressed everything from homelessness to home-buying incentives. But in this article we'll focus only on the provisions that directly affect our industry.
$8,000 tax credit – First-time home buyers (anyone who hasn't owned a home in the last three years) can claim a credit worth up to $8,000 (or 10% of the home's value, whichever is less) on their 2008 or 2009 taxes for a primary residence purchased from January 1st, 2009 to December 1, 2009. Unlike the $7,500 credit from the previous stimulus bill, this is a true tax credit, in that it doesn't have to be repaid, as long as the buyers remain in the home for at least 3 years.
It's not the $15,000 credit that Lawrence Yun, chief economist for the National Association Realtors (NAR) wanted to see. But, Yun said, "The $8,000 credit will bring an additional 300,000 new homebuyers into the market. The credit could also create a domino effect," he said, "because each first-time homebuyer sale will lead to two more trade-up transactions down the line." See NAR's detailed comparison between the $7,500 and $8,000 tax credits.
Qualified buyers, however, can apply for the credit on their tax returns in either 2008 or 2009 – which a great opportunity for your clients to put some money in their pockets right now. Qualified taxpayers who have already completed their returns and filed for the $7,500 credit can file amended returns for 2008 to claim the credit. The following release from the IRS has all the information your clients need to claim the credit on their 2008 taxes, including a link to the tax form itself.
Yours in Staying Updated,
Brian Bacon
GRS GRI ABR MRE
Bacon Ent., Inc.
bacondenver@gmail.com
303-301-7133 direct
303-905-5002 cell
12365 Huron St. (SW corner of 124th& Huron)Westminster CO 80234
http://www.bacondenver.comwww.housefindercolorado.com
assistants:Linda Lowe -- 303-862-4173
Marilynn Crider 303-887-8321 cell/txt
New Stimulus Bill: What You Need to KnowOn February 17, 2009, President Obama signed into law HR 1, The American Recovery and Investment Act of 2009, a $789 billion economic stimulus bill. With more than 700 pages of legislation, the stimulus bill seems to have addressed everything from homelessness to home-buying incentives. But in this article we'll focus only on the provisions that directly affect our industry.
$8,000 tax credit – First-time home buyers (anyone who hasn't owned a home in the last three years) can claim a credit worth up to $8,000 (or 10% of the home's value, whichever is less) on their 2008 or 2009 taxes for a primary residence purchased from January 1st, 2009 to December 1, 2009. Unlike the $7,500 credit from the previous stimulus bill, this is a true tax credit, in that it doesn't have to be repaid, as long as the buyers remain in the home for at least 3 years.
It's not the $15,000 credit that Lawrence Yun, chief economist for the National Association Realtors (NAR) wanted to see. But, Yun said, "The $8,000 credit will bring an additional 300,000 new homebuyers into the market. The credit could also create a domino effect," he said, "because each first-time homebuyer sale will lead to two more trade-up transactions down the line." See NAR's detailed comparison between the $7,500 and $8,000 tax credits.
Qualified buyers, however, can apply for the credit on their tax returns in either 2008 or 2009 – which a great opportunity for your clients to put some money in their pockets right now. Qualified taxpayers who have already completed their returns and filed for the $7,500 credit can file amended returns for 2008 to claim the credit. The following release from the IRS has all the information your clients need to claim the credit on their 2008 taxes, including a link to the tax form itself.
Yours in Staying Updated,
Brian Bacon
GRS GRI ABR MRE
Bacon Ent., Inc.
bacondenver@gmail.com
303-301-7133 direct
303-905-5002 cell
12365 Huron St. (SW corner of 124th& Huron)Westminster CO 80234
http://www.bacondenver.comwww.housefindercolorado.com
assistants:Linda Lowe -- 303-862-4173
Marilynn Crider 303-887-8321 cell/txt
Tuesday, March 10, 2009
$8000 tax credit-- buy a house-- get it now!!!!!!!!!!
Regarding the $8,000 First Time Home Buyer Tax Credit.
If the buyer has filed their 2008 Taxes already, they do not have to wait until they file their taxes next year, they can file an Amended Return up to 12/01/09 to take advantage of the $8,000 tax credit right away.
Let me know if you have any questions.
If the buyer has filed their 2008 Taxes already, they do not have to wait until they file their taxes next year, they can file an Amended Return up to 12/01/09 to take advantage of the $8,000 tax credit right away.
Let me know if you have any questions.
Monday, March 9, 2009
New loan stuff
LOAN PROGRAM UPDATE
There have been many changes to loan programs recently, so here is a quick overview to keep you informed. Please call me anytime to learn more!
As of 2/20/09 all FHA must have mid credit scores of 620 or better. This is an industry wide change, not lender specific.
So far we have not heard that CHFA is going with this new change.
FNMA is again allowing up to 10 mortgages instead of limiting to 4. There are lots of restrictions tied to this change----call for details.
CHFA UpdateYea!! CHFA is back in business. Loan program is called Home Opener. Not required to be a first time buyer, assistance is 3%. The assistance money is now a true 2nd with a monthly payment.
Call me for details. HUD $100 down. New loan must be FHA. These loans are a Manual Underwrite. All FHA Manual Underwite loans have qualifying ratio restrictions of 31/43. HUDS with a Repair Escrow also require the loan to be a Manual Underwrite and have the ratio restrictions. I do a fair amount of HUDS, so if you want to work with sombody who has experience with HUD properties give me a call.
There have been many changes to loan programs recently, so here is a quick overview to keep you informed. Please call me anytime to learn more!
As of 2/20/09 all FHA must have mid credit scores of 620 or better. This is an industry wide change, not lender specific.
So far we have not heard that CHFA is going with this new change.
FNMA is again allowing up to 10 mortgages instead of limiting to 4. There are lots of restrictions tied to this change----call for details.
CHFA UpdateYea!! CHFA is back in business. Loan program is called Home Opener. Not required to be a first time buyer, assistance is 3%. The assistance money is now a true 2nd with a monthly payment.
Call me for details. HUD $100 down. New loan must be FHA. These loans are a Manual Underwrite. All FHA Manual Underwite loans have qualifying ratio restrictions of 31/43. HUDS with a Repair Escrow also require the loan to be a Manual Underwrite and have the ratio restrictions. I do a fair amount of HUDS, so if you want to work with sombody who has experience with HUD properties give me a call.
Wednesday, January 21, 2009
Colorado growing as 5 fastest rate
Colorado's population continued growing at a steady pace over the past year, pushing it to fifth on the Census Bureau's annual rankings of fastest-growing states, released Monday.
Between July 2007 and July 2008, the state's population grew by 96,686 people, according to Census Bureau estimates. That rate of growth — about 2 percent — is identical to the state's 2 percent growth rate last year, when Colorado ranked eighth on the Census Bureau's list.
As of July 1, Colorado's population was 4,939,456, according to the bureau.
What propelled Colorado's rise up the fastest-growing-states list this year is that many of Colorado's Western neighbors saw their stratospheric population-growth numbers fall back toward Earth.
"Colorado's growth has been steady," said Y. Richard Lin, a demographer with the state Department of Local Affairs. "So when some other states are declining, we rise up a little bit."
For instance, Nevada, which had spent 23 years as one of the four fastest-growing states, this year fell to No. 8 with a 1.8 percent growth rate. Arizona, which last year ranked second with a 2.8 percent growth rate, grew by 2.3 percent this year, though that was still enough to rank second behind Utah's 2.5 percent.
In total, Colorado's consistent growth rate caused the state to leap-frog three states that saw their growth rates slow.
What's cooling the growth in the previously booming West and South? Blame the economy.
"People have stopped moving," said William Frey, a demographer at the Brookings Institution in Washington. "It's a big risk when you move to a new place. You need to know that moving and getting a new mortgage is going to pay off for you."
Colorado's steady growth and a diverse economy, said Elizabeth Garner, the state demographer, have temporarily sheltered the state from the national economic crisis.
"Most of our growth is dependent on the economy; so are jobs," Garner said. ". . . We've had job growth and that brings people."
The job growth also has come in a number of areas, from health care and education to oil and gas, Garner said. But both she and Lin said they think the nation's bleak economic outlook will begin affecting population growth in Colorado.
"We expect the next year to grow much slower," Lin said. "But compared to other states we'll probably still maintain the same ranking."
The Associated Press contributed to this report. John Ingold: 303-954-1068 or jingold@denverpost.com
Between July 2007 and July 2008, the state's population grew by 96,686 people, according to Census Bureau estimates. That rate of growth — about 2 percent — is identical to the state's 2 percent growth rate last year, when Colorado ranked eighth on the Census Bureau's list.
As of July 1, Colorado's population was 4,939,456, according to the bureau.
What propelled Colorado's rise up the fastest-growing-states list this year is that many of Colorado's Western neighbors saw their stratospheric population-growth numbers fall back toward Earth.
"Colorado's growth has been steady," said Y. Richard Lin, a demographer with the state Department of Local Affairs. "So when some other states are declining, we rise up a little bit."
For instance, Nevada, which had spent 23 years as one of the four fastest-growing states, this year fell to No. 8 with a 1.8 percent growth rate. Arizona, which last year ranked second with a 2.8 percent growth rate, grew by 2.3 percent this year, though that was still enough to rank second behind Utah's 2.5 percent.
In total, Colorado's consistent growth rate caused the state to leap-frog three states that saw their growth rates slow.
What's cooling the growth in the previously booming West and South? Blame the economy.
"People have stopped moving," said William Frey, a demographer at the Brookings Institution in Washington. "It's a big risk when you move to a new place. You need to know that moving and getting a new mortgage is going to pay off for you."
Colorado's steady growth and a diverse economy, said Elizabeth Garner, the state demographer, have temporarily sheltered the state from the national economic crisis.
"Most of our growth is dependent on the economy; so are jobs," Garner said. ". . . We've had job growth and that brings people."
The job growth also has come in a number of areas, from health care and education to oil and gas, Garner said. But both she and Lin said they think the nation's bleak economic outlook will begin affecting population growth in Colorado.
"We expect the next year to grow much slower," Lin said. "But compared to other states we'll probably still maintain the same ranking."
The Associated Press contributed to this report. John Ingold: 303-954-1068 or jingold@denverpost.com
Wednesday, January 7, 2009
What Gonna Happen with real estate?
What is gonna happen in the new year?
Housing, we see 2009 as a period of price stabilization for most markets. One good gauge that home prices are stabilizing in your area is to figure a monthly payment with 20% down and compare that to rents for the same property. If it would actually be cheaper to purchase the home than to rent it - that's a good sign.
Home prices in some markets may still decline some during 2009, but those who make savvy purchases below market value should fare quite well, especially longer term. There's a lot of inventory on the market, which is viewed negatively, and needs to be sopped up before the housing market really turns. But...the inventory in the housing market does make this a fantastic time to be a buyer. Homebuyers will have a strong negotiating stance from the get-go, and are likely to make favorable deals, maybe even a once-in-lifetime deal. Those who buy a home and live in it for the long term will are likely to be rewarded handsomely. Let's face, people need homes. They are not going to start living in tents just because the economy is bad. We predict that consumers will start buying again in the coming year, particularly with attractive home loan rates and many homes to choose from.
Mortgage Rate Forecast ...How low can they go?Early 2009 could very well mark the lowest rates that we will see for the rest of our lives. Think about that. More importantly, your customers should be thinking about that too. We expect interest rates to stay in a range of 4.5 - 5.5%, with the potential to see rates moving toward the higher part of the range later in the year.The forecast for the beginning of the year is important of course, but count on us at to keep informing and advising you throughout the coming year. With so many of your competitors having dropped away, opportunities abound for those who are willing to stay positive and work hard. The question is not who is going to let you be successful . . . it's who is going to stop you. During these volatile and historic times, we're proud to be with you on this journey, and appreciate each of you being part of our family.
CALL ME WITH ANY QUESTIONS AND HAPPY NEW YEAR!
-- Brian BaconGRS GRI ABR MRE
Bacon Ent., Inc.mailto:Inc.bacondenver@gmail.com
303-301-7133 direct
303-905-5002 cell or text
303-736-4093 faxNEW ADDRESS -- We MOVED!!!!!!!!!!12365 Huron St. (SW corner of 124th& Huron)Westminster CO 80234
http://www.bacondenver.com/http://www.housefindercolorado.com/
assistants:
Linda Lowe -- 303-862-4173
Marilynn Crider 303-887-8321 cell/txt
Housing, we see 2009 as a period of price stabilization for most markets. One good gauge that home prices are stabilizing in your area is to figure a monthly payment with 20% down and compare that to rents for the same property. If it would actually be cheaper to purchase the home than to rent it - that's a good sign.
Home prices in some markets may still decline some during 2009, but those who make savvy purchases below market value should fare quite well, especially longer term. There's a lot of inventory on the market, which is viewed negatively, and needs to be sopped up before the housing market really turns. But...the inventory in the housing market does make this a fantastic time to be a buyer. Homebuyers will have a strong negotiating stance from the get-go, and are likely to make favorable deals, maybe even a once-in-lifetime deal. Those who buy a home and live in it for the long term will are likely to be rewarded handsomely. Let's face, people need homes. They are not going to start living in tents just because the economy is bad. We predict that consumers will start buying again in the coming year, particularly with attractive home loan rates and many homes to choose from.
Mortgage Rate Forecast ...How low can they go?Early 2009 could very well mark the lowest rates that we will see for the rest of our lives. Think about that. More importantly, your customers should be thinking about that too. We expect interest rates to stay in a range of 4.5 - 5.5%, with the potential to see rates moving toward the higher part of the range later in the year.The forecast for the beginning of the year is important of course, but count on us at to keep informing and advising you throughout the coming year. With so many of your competitors having dropped away, opportunities abound for those who are willing to stay positive and work hard. The question is not who is going to let you be successful . . . it's who is going to stop you. During these volatile and historic times, we're proud to be with you on this journey, and appreciate each of you being part of our family.
CALL ME WITH ANY QUESTIONS AND HAPPY NEW YEAR!
-- Brian BaconGRS GRI ABR MRE
Bacon Ent., Inc.mailto:Inc.bacondenver@gmail.com
303-301-7133 direct
303-905-5002 cell or text
303-736-4093 faxNEW ADDRESS -- We MOVED!!!!!!!!!!12365 Huron St. (SW corner of 124th& Huron)Westminster CO 80234
http://www.bacondenver.com/http://www.housefindercolorado.com/
assistants:
Linda Lowe -- 303-862-4173
Marilynn Crider 303-887-8321 cell/txt
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