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Is a NEW First time home buyer and move up buyer tax credit ABOUT to be approved??

Mortgages Unlimited - West St Paul Mortgage Broker and Mortgage Lender

 

Looks like the NEW home buyer tax credit is ABOUT to be approved:

Here are the details directly from a contact in DC:

 


1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance [Baucus and tax staff] have agreed to this credit extension and expansion:
2) For first time homebuyers, the income level to qualify is $ 75,000 single / $150,000 married
3) Move up buyers AND first time home buyers qualify
4) For move up buyers the income level to qualify is $125,000 single / $250,000 married
5) For move up buyers, they must have been residing in their primary residence for 5 years
6) The credit is 10% of the sales price, with a maximum of $ 7290.
7) The credit runs from Dec. 1, 2009 to April 30, 2010.
8) For legitimate sales contracts as of April 30, 2010 you have 60 days to close.
9) There is a waiver for military.
10) This will be added to the Unemployment Insurance bill.  It will then go to the House. 
 
Signs are that they House will accept this proposal.  It could go to the President soon.

Stay tuned for details, but remember, as of this posting, IT IS NOT OFFICIAL

 

2 comments • Joseph Metzler MMS UMB • October 28 2009 01:07PM

HomePath, special home financing from Fannie Mae

 

HomePath Mortgage loan lender in Minnesota - Click to applyHomePath® Mortgage Financing 
This special financing is available on Fannie Mae homes with the HomePath logo!

Have you seen the HomePath ® logo and wonder what it is? For a limited time, the HomePath ® program is available to home buyers when purchasing a Fannie Mae foreclosed home.

  • How Does It Work? Simple. Just qualify for a traditional financing with at least 3% down. Then you MUST select a home to buy from the list of available foreclosed Fannie Mae owned properties
  • Where can I see the list of available houses? Easy. Simply contact us, and we'll put you in contact with a qualified Realtor Partner who will analyze your needs, and show you a list of qualified HomePath properties. Follow this link to instantly view homes: http://www.homepath.com
  • What about closing costs? Closing costs can be rolled into the transaction, up to 6% of the loan amount.

  • EXTRA BENEFITS: The benefits include:

    • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
    • You may qualify even if your credit is less than perfect
    • Available to both owner occupiers and investors
    • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
    • No mortgage insurance
    • No appraisal fees
    • Also eligible for HomePath ® Renovation Mortgage

 This is a national program, and there are qualifying homes in every state.  

We lend on this program for homes ONLY in Minnesota and Wisconsin, so please do NOT contact us about other states. However, if you are looking for HomePath in MN or WI,  it all starts with a no obligation online loan application or a call to (651) 552-3681, where one of our specially trained Loan Officers will assist you.

 

 

 

1 comment • Joseph Metzler MMS UMB • October 27 2009 08:09AM

$8000 Tax Credit EXTENDED for military personal?

 

Mortgages Unlimited - West St Paul Mortgage Broker and Mortgage Lender

$8000 Tax Credit Possibly Extended For Military Personal

No news yet about the possible extension of the $8,000 Federal Tax Credit beyond November 30, 2009 for all first time home buyers, but the House of Representatives has voted unanimously to extend the first time buyer tax credit to active military personnel, foreign service and intelligence officers. The bill (HR3950) would extend the existing tax credit to this group only until November 30th, 2010.  The bill now goes to the Senate, and is expected to pass with the same ease.

The bill was brought up because it was thought that military personal serving oversees this year did not have the same opportunity to take advantage of the tax credit as other future home owners. The extension applies to military personnel who spent at least 90 days of the current calendar year oversees.  It also does not require borrowers to payback the tax credit if they are deployed after receiving it.  The current tax credit requires borrowers payback the tax credit if they do not occupy the home within three years of receiving the tax credit.

THIS IS NOT LAW as of the time of this posting, but should be soon.

VA Home Loans in Minnesota with Mortgages Unlimited - Click to Apply

Combining the $8000 federal tax credit with a VA 30-year fixed loan is something I as a loan officer and Mortgages Unlimited are proud to be able to offer all military personal, both active and discharged, for properties located in the Minneapolis St Paul area, and all of Minnesota and Wisconsin.

 

 

3 comments • Joseph Metzler MMS UMB • October 14 2009 11:24AM