Temporary waiver will give FHA borrowers access to broader array of foreclosed properties. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
Austin mortgage rates eased back once again this week to the lowest level of the year. New construction on one-family homes rose for the fourth consecutive month in April and represented the strongest pace since August 2008. Moreover, homebuilder confidence rose for the 2nd straight month in May to the highest level since August 2007
FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan.
Homebuyer Tax Credit Facts: EXTENDED! Up to $8,000 tax credit available to first-time homebuyers. NEW! Up to $6,500 tax credit available to repeat homebuyers. NEW DEADLINES! Start Date: both tax credits apply to home purchases occurring after November 6, 2009. Contract Date: both tax credits apply to contracts signed by April 30, 2010. Close Date: both tax credits apply to home purchases closed before June 30, 2010. To qualify for the $6,500 tax credit, repeat buyers must have used the home sold or being sold as a primary residence consecutively for 5 of the previous 8 years. The tax credit is not repaid if the home is used as a primary residence for 3 years or more. EXPANDED! Qualifying income limits have been raised: From $75,000 to $125,000 (single tax return); From $150,000 to $225,000 (joint tax return). Tax credit may be awarded only on homes purchased for $800,000 or less. More incentives to buy a home: Housing affordability is near its highest level in 18-years; Mortgage rates remain at 37-year lows.
Answers to the most frequently asked questions (FAQ) about the $8,000 and $6,500 homebuyer tax credits. What are the homebuyer tax credit amounts? Who qualifies for the homebuyer tax credits? What qualifications must homebuyers meet to receive the homebuyer tax credits? Do I have to sell my current residence to qualify for the repeat homebuyer tax credit? What are the deadlines for the hombuyer tax credits?
First-Time Homebuyer Tax Credit: New Stimulus Plan – Answers the question: who qualifies for the credit programs? What are the credit amounts Do I have to repay the credits? Will I have to claim the stimulus plan homeowner tax credits on my taxes? Where can I get more information about the New Stimulus Plan and First-Time Homebuyer Tax Credits?