Mortgage and Tax Info 
There are currently 7 blog entries related to this category.
FHA Loan Changes
Saturday, January 30th, 2010 at 1:04pm. 151 Views, 0 Comments.
First time homebuyers using FHA financing need to be aware there are
some important changes coming that will effect what it will cost you to
obtain FHA financing...
- The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP (in other words, it can still be rolled into the loan). (April 5, 2010)
- Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. (Summer 2010)
- The minimum down payment for borrowers with above a 580 credit score will remain at 3.5 percent.
- Allowable Seller paid concessions (towards closing costs) will be reduced to 3 percent from 6 percent.…
First Time Home Buyer Tax Credit
Monday, December 21st, 2009 at 2:48pm. 165 Views, 0 Comments.
The newly-signed economic stimulus bill has some good news for first-time home buyers, with a tax credit which lawmakers hope will stimulate the housing market. The new legislation offers a tax credit of 10% of the purchase price of the home, up to a maximum of $8,000 for eligible home buyers. Before we get started a little disclaimer, as with any tax related matter it's always wise to consult with your tax professional. :-)
Who is Eligible for the Tax Credit?
The eligibility requirements for the tax credit are very simple. To be eligible for the credit, you must meet the following criteria:
You must be a “first-time home buyer,” This means you must not have owned a principal residence for at least three years prior to the…
Saving for a Down Payment
Monday, December 21st, 2009 at 2:16pm. 100 Views, 0 Comments.
In the housing boom of the last several years, many lenders have been happy to jump on the bandwagon with low and no down payment mortgage offers. Times have changed, and with the specter of government regulation and oversight looming, 0% down payment mortgage offers are harder and harder to find. If they’re not exactly a thing of the past yet, they’re definitely not long for this world. In the changing financial climate, lenders are returning to the more conservative lending standards of the past. That means tighter credit restrictions and a reinstatement of down payment requirements. Depending on your situation and the lender, the required down payment can range from 5% to 25%.
Coming up with a healthy down payment is more than just a way to help…
Keeping Your Credit Score Healthy and Fit
Monday, December 21st, 2009 at 2:14pm. 93 Views, 0 Comments.
If you’re in the market to buy a house, then you’re going to need a credit report that’s in great shape. You have to qualify for a mortgage, and that means that your credit report is going to have to do some heavy lifting. If you’ve had some credit problems in the past, take a look at my last article about repairing your credit. If you’re just starting out, or if your credit is clean and clear, here are some suggestions for maintaining a credit-worthy credit report and history. 1. Get a checking and a savings account and make regular deposits. It’s more than a good savings strategy, though there is that advantage. Bank accounts are viewed as signs of stability by lenders. The longer you maintain a bank account, the better it is for your…
The Credit Fixer Upper - 6 Ways to Improve Your Credit Score
Monday, December 21st, 2009 at 2:11pm. 85 Views, 0 Comments.
Fixer Uppers are popular in the real estate market. You know the properties I’m talking about – they’ve got a lot of value, but they’ve seen some hard use and wear throughout the years. Underneath it all, they’re structurally sound, and even in their worn condition, the underlying beauty shines through. If I really stretch the analogy, that description could fit the credit history of many of my clients. Their income and earnings show that they are certainly in a position to afford the house they want to buy – but their credit history may make getting a mortgage difficult.
A few years ago – even last year – banks and mortgage companies were overlooking the little dings and dents on the credit reports of applicants. They bent over backwards to approve…
The Libor Index and Adjustable Rate Mortgages
Monday, December 21st, 2009 at 2:09pm. 90 Views, 0 Comments.
If you have an adjustable rate mortgage (ARM) that is indexed to the Libor, the London interbank offered rate, there is a good article in today’s Wall Street Journal. In a nutshell the article explains why despite a cut in short term rates by the Federal Reserve and similar efforts by central banks in Europe and Asia, the Libor continues to go higher. Many adjustable rate mortgages here in the U.S. are indexed to the Libor, so if you’ve been reading about the Fed cutting interest rates and thinking you might see a drop in your interest rate, you may want to check the index on your ARM. Read the Wall Street Journal Why Libor Defies Gravity.
PMI will be Tax Deductible in 2007
Monday, December 21st, 2009 at 4:58am. 72 Views, 0 Comments.
Congress passed a law making private mortgage insurance tax deductible for new loans, beginning in 2007. This is particularly good news for Florida’s first time home buyers, where home prices have increased substantially in recent years. In the Tampa area first time home buyers can search for homes on the Tampa MLS here. For the full story got the Florida Association of Realtors website.
