The Clock is Ticking! Time is Running Out for Significant Savings!Attention home buyers! Waiting to buy a home could cost you nearly $20,000 or more over a seven-year period if you time your purchase incorrectly. While the actual impact will vary depending on purchase price, the impact will certainly be significant because of stimulus programs scheduled to end in the coming months.
Economic turmoil and the real estate bubble have created significant opportunity for all those seeking to capitalize on the situation at hand. YOU Magazine will address the real estate purchase market and what people interested in both buying and selling a home need to know this month to take advantage of the current market conditions.
We also consulted with Michael J. Maher of "The Maher Team," one of the busiest agents in the country who sold 216 homes in 2009. With a degree in mathematics, he knows his numbers and the impact on both buyers and sellers.
As little as a few years ago, it would have almost been incomprehensible to expect that actions from Washington would impact decisions involving the purchase and financing of real estate. Well, that was then and this is now and the decisions people make or don't make stand to impact wallets across the country.
Cost for FHA Loans are increasing so now is the time to save with rates in the mid to upper fours and conventional loans under five too. Purchase or refinance now to save, get a free mortgage analysis now.Keep Reading »
Those Who Wait Will Pay Thousands More This Spring
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.Here are a few reasons why:On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.There is only one way to avoid being affected by all of these costly changes that lie ahead - submit all FHA mortgage applications by the last week of March.
First Time Buyers and Step Up Buyers are still eligible for up to $8000 and $6500 Federal Tax Credit if under contract by April 30th. Click Here to read the FAQ's.If I can answer any questions you may have about how these changes could impact you, call me. I appreciate your business.
Richard WoodwardBanker / Senior Branch ManagerWhen Trusted Advice Counts
Office: (972) 661-5136
17311 Dallas Parkway Suite 173 Dallas, TX 75248
Visit Us Online - www.EnvoyMortgage.US
Today FHA announced that it would make sweeping changes to the current FHA mortgage program in an attempt to shore up it's beleaguered balance sheet. As many existing FHA borrowers default on their home loans the move is necessary to ensure the program stays solvent.
The biggest impact will be the increase in the up front mortgage insurance required. FHA will raise the up-front Mortgage Insurance Premium, paid by borrowers, from 1.75 percent to 2.25 percent as well as request legislative authority to increase the maximum annual MIP that the FHA can charge. This is the second time in two years that it has raised the premium.
In addition, in order for new borrowers to qualify for the 3.5 percent down payment program, they will now be required to have a minimum FICO score of 580. Borrowers with a lower score will be required to put down at least 10 percent.
The FHA will also reduce allowable seller concessions, or how much the seller can help the buyer, from 6 percent to 3 percent. The change will give borrowers a greater financial stake in their home purchases.
Commissioner Stevens, with the FHA, said he wanted borrowers to have more "skin in the game," and this is clearly a means to that end.
As of today, the date that these changes will take place has not been announced. I would encourage my Realtor Partners to inform any prospects they may be working with to consider a move now if they have little cash for down payments and closing cost.
As a direct endorsed lender, I would be happy to assist any potential buyers with the best possible financing terms.
Richard WoodwardBanker / Senior Branch ManagerWhen Trusted Advice CountsEnvoy Mortgage
Office: (972) 661-5136 Fax: (972) 314-9647
Richard WoodwardBanker / Branch ManagerWhen Trusted Advice CountsEnvoy Mortgage
Visit Us Online - www.EnvoyMortgage.us
Now is a great time to either Refinance or Purchase a new home. The current market conditions are perfect for the right mind set to take advantage of either. In the last 2 week the interest rates for both Refinancing and Purchasing a property have drop to a 2 ½ year low, but they are now on the rise again. This will not last long, with the prime Real Estate market coming up in the spring, rates will most likely increase and the housing inventory will drop.
In the National Media there are many reports of how property values have decreased. This is true, but locally they have not decreased as much as other area of the nation. If you are selling a home and making a move to a larger home you can find some great buys. If you have out grown your current home or your lifestyle and income dictates an up-word housing move you need to act now!
For example: Mr. and Mrs. Jones are selling their home that was worth $225,000 last year. In today’s market they have accepted an offer for $203,000. They lost $22,000 this year. The house they are buying was on the market last year for $425,000 but they were able to purchase it for $385,000. They saved $40,000 from what they would have paid last year. Over all they saved $18,000 in today’s market. They are also saving in the long run because rates are approximately 1% less this year than the average last year.
If you add the $6500 tax credit for Step Up Buyers, you savings increase to $24,500. Keep in mind the conditions apply for the tax credit. Visit www.envoymortgage.us for details or call me directly.
For those Refinancing, it is simple, Interest Rates are lower! If you either purchased a home in the last 3 years or missed out on the low rates when they were available now may be a perfect time to Refinance. You may be able to alleviate Private Mortgage Insurance, get off an Adjustable Interest rate, consolidate debts, or just get a better rate and term for your home. Equity is the key!
I know I advocate the importance of Equity a lot, but it gives a person the ability to act when the time is right. Protecting your homes equity is very important! There are many ways of building equity. I take great pride in educating my clients on credit and equity building principles. If you are in the market to make a move in Purchasing or Refinancing a home, please take the time and call me. I will sit down and explain the options available.
Envoy Mortgage
This Saturday Fannie Mae will be implementing some important changes to their automated underwriting system called “Desktop Underwriter or DU”. If you are a buyer or person that wants to refinance who might have an issue with any of the items listed below it is very important that you make loan application and your file run through Fannie Mae’s Desktop Underwriter by tomorrow, Friday December 11th .
All of the changes are important but a couple that will have the greatest impact are:
· DTI expense ratio capped at 45% - can go up to 50% with strong compensating factors such as high credit scores, large down payment, reserves
· Length of time eligible for financing after Foreclosure or Bankruptcy changes
Should you have any questions or you would like me to speak with, feel free to call or email anytime!
During the weekend of December 12, Fannie Mae will be implementing a new version of DU – (Fannie Mae’s automated underwriting program which is required for all loans sold to them) Changes will include a new credit risk assessment and eligibility guidelines. These changes will only impact new loans submitted to DU on or after December 12.
Highlights of the changes include;
· Expense Ratio – max 45%
· Flexibilities to 50% for strong compensating factors.
· Will not impact DU RefiPlus, VA or FHA loans.
· Min Credit Score – 620.
· Impacts Conventional, FHA and VA Loans
· Revised Mortgage Insurance requirements – (Lower MI with LLPA must
be priced and sold directly to Fannie Mae)
· High-Balance Loans – DU will include the 2009 high cost area loan limits
· Foreclosures – 5 year time period from completion date
· After 5 years up to 7 years from completion date
§ Principal residence purchase transaction - 90% LTV and min 680 FICO Score
§ Rate/Term refinances eligible (all occupancy types)
§ Cash out not allowed
· Deed in Lieu of Foreclosure – 4 years from completion date
· After 4 years up to 7 years from completion date
§ 90% LTV (all occupancy types)
§ Limited Cash out and cash out allowed (all occupancy types)
· Bankruptcies – Chapter 13
· 2 years from discharge date
· 4 years from dismissal date
· 4 years from filed when neither discharge or dismissed
· Bankruptcies –(All except Chapter 13) – 4 years from dismissal or discharge date
· Reserves for Investment Properties and Second Homes – DU will calculate the min 2 months reserves for second homes and six month reserves for investment property
· Two Unit Eligibility
First Time Homebuyer Tax Credit Extended Into 2010! Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
Richard Woodward
Branch Manager Office 866-430-7767
First Time Homebuyer and Seller Alert!Tax Credit Expires 11/30/09 – Don't Get Left Behind
Unless you have either been under a rock for the past 12 months or you never work with first time homebuyers (FTHBs), you are no doubt aware the clock is ticking on the IRS tax credit for FTHBs. My purpose here is to give you some additional information on what you can do to move listings, motivate buyers, and more importantly close deals.General Points to Consider – Buyer and SellerThe expiration date of the tax credit is November 30, 2009. Close December 1, as of now, and any qualifying buyer will not receive the tax credit. With the 30th falling on the Monday following Thanksgiving, where possible work towards a closing date of November 24th. This will provide some cushion if anything pops up in the closing process that could delay a closing.Recent legislation mandates that if the Annual Percentage Rate or APR changes outside acceptable tolerances from the initial application, some documentation needs to be re-disclosed and time needs to pass before the closing can occur. Items that can impact APR can include a change in interest rate or fees required to close. If a buyer delays locking the application and interest rates increase during the loan process, this could delay the closing. This is just one reason to plan accordingly and schedule an earlier closing date than the last possible day.Protect your clients on both sides with extended closing dates of 45-60 days. Expectations are high that more FTHBs will be going under contract in the next month. Interest rates have fallen to levels not seen since May. The result is that many lenders' pipelines will be swelling with people seeking to take advantage of lower rates and the tax credit. Where feasible, work to get people under contract soon and plan accordingly to allow for any processing delays that could result.Seller Points to ConsiderMany FTHBs are motivated to purchase but may lack the necessary funds to close or may fall short in qualifying income. One way to assist with either or both situations and make the property more attractive is to promote that the seller will pay to reduce the borrower's interest rate and/or closing costs. In many cases, this will not only cost the seller less than a price reduction but also bring additional prospects to consider the house.Most FTHBs today are choosing to obtain loans that are guaranteed by the FHA, VA, or USDA. In the case of both FHA and USDA loans, the seller can pay up to 6% of the sales price or appraised value. For VA loans, the maximum seller concession is capped at 4%.Consider approaching all sellers today with homes that would appeal to FTHBs and get them to commit to paying closing costs and/or reducing the buyer's interest rate. This has often worked for builders in generating sales and it can work for your sellers, too.Sellers who do not move homes before the end of November may find themselves waiting until the spring buying season kicks in to find their buyer. Make sure sellers know they need to promote their property now or risk waiting months while potentially seeing their property's value decline in the process.Buyer Points to ConsiderIn the same light as just mentioned, many buyers may feel they lack the funds required to close. When buyers are interested in a property, encourage them to submit an offer with the concessions needed to get the mortgage approved. They may just find that the seller is willing to negotiate.Get all potential buyers pre-approved. As the time to close will be at a premium during the months of October and November, any work that can be done to expedite the application process will be golden. Prepare your buyers by advising them not to wait until they have a home under contract. Any documentation submitted today for pre-approval should be good through the end of November. Also, with a pre-approval in hand, both you and they will know exactly what they can qualify and shop for.If you want to help with the application process and prevent the need to possibly re-disclose loan documents, encourage your buyers to lock their interest rate early in the loan process. This will be helpful for all parties and help the buyer focus on closing and providing any additional documentation that may be needed.Some Questions on Who May QualifyI have received many questions regarding who may and who may not qualify for the FTHB tax credit. I am attaching to this letter some FAQs on examples I have either dealt with or read about. As always, I encourage anyone with specific questions to consult with an accountant for final clarification.Let's Move Some Property!If you have any questions from either a seller or buyer side as to what someone can or can not offer where financing is concerned, pick up the phone and call me. I'm here to help you and look forward to making this year's November holiday a very Happy Thanksgiving for everyone.Sincerely,Richard WoodwardEnvoy Mortgage Pros972-661-5136Rwoodward@Envoymtg.com
First-Time Homebuyer Tax Credit – Frequently Asked Questions
What is a tax credit?A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed.Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.What is the tax credit for first-time homebuyers (FTHBs)?An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.Who is eligible for the FTHB tax credit?Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples.In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.How do I claim the credit?You may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).Is there a deadline for purchasing the home?Yes. You must close on or before November 30, 2009.Are there income limitations for the credit?Yes. The credit is reduced or eliminated for higher income tax filers. The credit is phased out based on modified adjusted gross income. For a married couple filing a joint return, the range for a reduced credit is $150,000 to $170,000. For single taxpayers, the range is $75,000 to $95,000. So, the full credit is available for single taxpayers earning $75,000 or less and married taxpayers earning $150,000 or less.Can you claim the tax credit in advance of purchasing a property?No. The IRS has recently begun prosecuting people that have claimed credits where a purchase had not taken place.Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc.According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.Are there other restrictions to taking the credit?Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
Can you buy a home from a step-relative and be eligible for the credit?Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?Yes.Can a separated spouse who has not owned a home for four years qualify if the spouse has owned a property anytime in the last three years?No.The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA. If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
I would like to share with you a comment made by the Mortgage Market Guide and Barry Habib, a frequent guest on CNN and mortgage bond expert. As a mortgage professional I strive to gather the most relevant and reliable information for my clients.
If you have not purchased or refinanced, and you are in the position to do so, now is the time. Below is the quote:
Federal Reserve Chairman Ben Bernanke spoke on Capitol Hill last night and said that the low interest rate environment will likely be needed for a while. However, he went on to say that as the economy heals, the Fed will hike rates quickly to ward off inflation. This is exactly what we have been concerned about, and writing of and explaining those concerns to you for some time. We certainly agree with Mr. Bernanke’s comments – and while inflation is not an immediate issue, it will become a problem down the road. And the ending will not be pretty for rates. There is no doubt that rates are going higher, and clients are simply foolish to not take advantage of the current environment, as it is highly unlikely that rates will ever be lower or even potentially equal to where prices have been over the past week.
The New York Federal Reserve purchased $20B in Mortgage backed securities in the latest week, bringing the year-to-date total to $924B out of the $1.25T allotted for the program. Here’s a key point…let’s do some math. The Fed will purchase $301B more through the end of March 2010, which is 25 weeks from now. Simple math tells us that 301 divided by 25 equals about $12B per week in purchases, which the Fed may elect to do so as $24B every other week. This is obviously a significantly lower amount of buying of MBS, which in turn, will lead to softer Bond prices and higher mortgage rates. There’s no disputing the math.
Get started today and I will donate $100 to the charity of your choice when you fund your new mortgage with me.
Banker / Senior Branch Manager
When Trusted Advice Matters
Visit Us Online - www.Envoy-Mtg.com
The Importance of Acting Now - Waiting Really Could Cost You
Low interest rates this year have lulled many people into believing that home loan rates in the 5.00% and lower range are "normal". This is not the case and if you are in the position where you could refinance or are considering buying a home, complacency is not your friend. Stimulus provided by the Obama administration has been instrumental in creating the environment that has lowered rates, increased home sales and assisted distressed homeowners.
Uncle Sam Lends a Temporary HandTick tock, tick tock. Just as summer turned to fall on September 22nd, deadlines await two programs that supplied the heat directed at the housing markets. Government programs in the housing and interest rate arenas are slated to end in coming months. The time to take advantage of these programs is now. Stimulus programs from Washington have led to incentives for first time home buyers (FTHB), artificially low interest rates, and typically unallowable refinance transactions. Infinite stimulus for the housing sector is not in the cards nor is it reasonable to expect. Deadlines are approaching. Whether you want to buy a home or need to refinance one, do not procrastinate. The best path is to investigate options now before you may find that none are available to you.
First Time Home buyer AlertIf you are a FTHB who wants to take advantage of the tax credit, think two words. GET BUSY. The tax credit of up to $8,000 is set to expire November 30th. While there is talk that this program may be extended, nothing is certain and millions of FTHBs have already taken advantage of the credit. With real estate closings taking at least 30 days, you need to get under contract shortly if you want to take advantage of the tax credit. Home prices are down significantly across the country from their high points the past few years. However, median home prices in August were up 7.8% from their low point earlier this year. If you have been waiting for home prices to decline further, perhaps you should not. Great opportunities are available but many real estate agents report multiple contracts being offered on hot properties. If you wait, you may be disappointed.
Rates Are Great – NOW!Interest rates dipped in late September to near the lowest points ever recorded. As reported by Freddie Mac, rates for conforming loans approached 5.00% for a 30 year fixed rate and below 4.50% for a 15 year fixed rate with additional fees paid to obtain these rates. Rates for FHA, VA, and USDA Guaranteed loans typically offer slightly higher rates. There is one reason that home loan rates are as low as they are. Last November the Federal Reserve announced a program to purchase up to $1.25 Trillion in mortgage backed securities. This effort lowered rates to the lowest level of all time and has kept rates, according to Freddie Mac, below 5.50% this year compared to rates as high as 6.48% last year for a 30 year fixed rate. This program was slated to end December 31st of this year but in September's Federal Open Market Committee meeting, it was announced that the program will be extended to the end of the first quarter of 2010. However, the amount the Fed will purchase will not change. Peter Hooper, chief economist at Deutsche Bank, told Bloomberg that a sudden end to the Fed purchases could cause rates to rise by a half to one percentage point. If you delay your financing, you could well see rates that are significantly higher than what is available today.
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