Real Estate News
Only 58 Days Left for Home Buyers!
March 2nd, 2010 categories: Real Estate News
Yes, you read that right. There are only 58 days left for all of you Sacramento home buyers to qualify for the home buyer tax credit. You must be in contract meaning accepted by a seller and have opened escrow otherwise you’ll be kissing $8,000 goodbye!
It is very difficult to get loans these days. As a Sacramento Realtor ® I have qualified home buyers with excellent credit who have had many obstacles to overcome during their loan process. And at the same time, received many calls from new home buyers who continue to tell me that getting a loan will be no problem.
Folks, it is a problem and you need to be PreApproved BEFORE looking at homes. The banks are not feeling fuzzy warm no matter how great your credit score is so get in there and get yourself approved by a qualified lender. Loans are hard to get these days and as an experienced Realtor ® I can’t stress enough how you must meet with your lender if you want to buy a house or condo.
There are many condo complexes that are new and not fully finished within the complex which makes getting a loan impossible. If you are interested in buying a condo be sure to check with your lender and see if the condo complex is one that your lender will loan money on.
If you are interested in seeing the hottest newest foreclosures just make a click and check out Sacramento Real Estate Neighborhoods for all of the latest homes for sale. Check out the other homes for sale in Sacramento and the surrounding areas as well.
Remember, the days are counting and you don’t have much time to qualify for the home buyer tax credit.
Other Related Articles:
Important Message for All Home Buyers…A MUST Read!
Is Your Condominium FHA Approved?
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Important Message for All Home Buyers…A MUST Read!
February 22nd, 2010 categories: Real Estate News
Have you been on the fence and thinking about buying a house? Times are a changing…interest rate will be going up which translates to less of a house you can qualify for.
Homes for sale in the Sacramento and surrounding areas continue to go into multiple offers and the tax credit for the first time home buyer and moving up or down home buyers who have lived in their homes the past 5 years will be ending shortly.
If you want to take advantage of the home buyer tax credit you MUST have an accepted offer and escrow open no later than April 30, 2010.
I hope you haven’t been on the fence waiting for the BEST Time to Buy real estate, otherwise you may find that you missed the bulls eye!
The Federal Reserve raised the discount interest rate charged to banks which means, it’s only a matter of time before the banks trickle this down to the consumer with higher interest rates paid on mortgage home loans and car loans. The New York Times article stated, ” it is a clear sign to the markets, politicians in Washington and the country as a whole that the era of extraordinarily cheap money necessitated by the crisis is drawing gradually to a close.” Based on this information, it is wise to get a 30 year fixed rate loan. No telling where the interest rates will peak once it starts rising.
Are you still waiting for the bottom of the real estate market? Best to call a Realtor ®, now…Wait no longer!!!
UPDATE: Just heard at the National Association of Mortgage Brokers in Washington D.C. that FHA has put the 5% downpayment on ice so it looks like FHA home buyers got a break and can continue to use 3.5% as their downpayment.
Other Related Articles:
A Sacramento Valentine Message for Home Buyers
Sacramento Home Buyers Find Homes in Multiple Offers
Kitchen Tip That Can Save You Money
| Discussion: 1 Comment »
90 Day Flip FHA Rule Changed Feb. 1 2010
January 27th, 2010 categories: Real Estate News
Starting February 1, 2010, FHA will be lifting their 90 day ruling on the purchase of a flipped house. If a home buyer was trying to purchase a home that had been flipped, the buyer was not able to get an FHA loan unless and until they waited for a period of at least 90 days from the time the investor purchased the house.
Now, You CAN’T Buy That House may just NOT apply at least for 1 year!
HUD has agreed to waive the 90 day flip rule temporarily for one year.
There are a few conditions, though:
- All transactions must be at least arms length
- If the seller’s sales price is 20% or more above what they paid for the property, additional appraisals/home inspections will be required.
Interpretive policies of lenders are yet to be implemented so I’m sure there will be more as time develops and lenders determine if they want to accept HUDs new ruing.
Some agents think this only applies to FHA loans but it also applied to many conventional loans, as well.
Click to read the original HUD Ruling on Buying Flipped Property.
Related Articles:
Sacramento Will Become Real Estate Flippers
If You Are A Home buyer, Do You Know the 90 Day Rule?
| Discussion: 4 Comments »
What's Happening With Bank Owned Homes?
November 27th, 2009 categories: Foreclosure, Real Estate News
Have you noticed the decline in bank owned homes for sale in Sacramento? It seems the banks must go through some hoops before they can foreclose on a house or condo if they accepted Tarp funds. Each homeowner must be given an opportunity to apply for a loan modification and not everyone qualifies. This does slow down the process of the foreclosure since the banks are not known for their speedy process.
The banks have what is referred to as Shadow Inventory, 7 million nationwide according to DSnews.com article New Housing Crash…
Did you know that 1 out 4 homes are worth less than the outstanding mortgage?
Bank owned homes will continue to trickle in slowly. You can always look at bank owned homes for sale, choosing the county and city you are interested in and then selecting bank owned or short sale or traditional sale at Search for Homes
Be sure to check back here for more holiday fun added as we go into December.
If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.
If you have a real estate question that you would like an answer to by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice | Discussion: Comments »
New Facts About Home Buyer Tax Credit
November 11th, 2009 categories: Home Buyer, Real Estate News
Sacramento, CA
It’s Veteran’s Day and I want to thank all those who sacrificed their lives for us each of us and those that continue to help make this Country free. Give a Veteran a hug today and thank them.
Until the President signed the bill to extend the Home Buyer tax credit, it was merely speculation and wishful thinking on our part. Friday, November 6th, President Obama signed the bill extending the current $8,000 home buyer tax credit until April 30, 2010.
The caveat to this date is that if you have a ratified contract in place on April 30, 2010, then you will have until July 1, 2010 to actually close and be eligible for the tax credit. Also, if you file your income tax separately then, there is a $4.000 tax credit.
Also, any home buyer who is a current homeowner and lived in their home ( used as their primary residence) for 5 years of the past 8 years can also get $6,500 tax credit.
Many of the home buyers worked with did not qualify for the tax credit due to their income, however this too has changed. Now, a home buyer’s income can be as high as $125,000 per person and $225,000 for couples.
There is a cap on how much the house or condo the home buyer is purchasing and that cap is $800,000
Remember to attach the HUD statement to your tax return as this will serve as proof of your home purchase.
Click for chart explaining the Home buyer Tax Credit showing the difference in the previous tax credit and what is part of the new tax credit bill provided by the National Association of Realtors.
So, don’t delay…get your PreApproval letter from your Lender and let’s get started. If you’ve talked to any home buyer in the past year, then you know it takes an incredible amount of time to get a house these days. Now, is your time to become a homeowner.
If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.
If you have a real estate question that you would like an answer to by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email.
| Discussion: 3 Comments »
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