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Senate Approves Higher Conforming Loan Limits: What Will
The House Do?
October 23, 2011
Higher conforming loan limits passed another hurdle. Now it's up to the House to made the
proposal law. This amendment will reinstate the high conforming loan limits for mortgages
backed by Freddie Mac, Fannie Mae and the FHA.
The amendment passed easily with a vote of 60 to 38. Considering the depressed condition of
the housing market, a loan limit of $729,750 should not be an issue. The amendment allows the
loan limit to stay in place until December 2013.
Some experts who opposed the $729,750 loan limit fear that the Government is crowding out
private investors since the GSEs guarantee about 90% of all residential mortgages in the USA.
The House Do?
October 23, 2011
Higher conforming loan limits passed another hurdle. Now it's up to the House to made the
proposal law. This amendment will reinstate the high conforming loan limits for mortgages
backed by Freddie Mac, Fannie Mae and the FHA.
The amendment passed easily with a vote of 60 to 38. Considering the depressed condition of
the housing market, a loan limit of $729,750 should not be an issue. The amendment allows the
loan limit to stay in place until December 2013.
Some experts who opposed the $729,750 loan limit fear that the Government is crowding out
private investors since the GSEs guarantee about 90% of all residential mortgages in the USA.
HUD Offers REO Homes For Only $100 Down Payment
October 23, 2011
In select states, a homeowner can buy a house with only $100 down payment under HUD's new
homeownership program. The program also works with the 203K plan, where buyer can roll the
costs of house repairs into the total financing amount. To make the deal even sweeter, HUD will
cover up to 3% of the closing costs in some cases.
This is an exciting program and it should get more government properties into the hands of
buyers, especially first time homebuyers. The property must be owner occupied and should
meet FHA standards since the financing it will be FHA insured. The downside to this program is
that the potential buyer has to pay the listed price. There is no bargaining allowed. Perhaps a
larger down payment will allow you to negotiate a better price.
The two national regions that the program is available are Denver Homeownership Center's
Jurisdiction and Atlanta Homeownership Center's Jurisdiction.
The Denver Homeownership Center's Jurisdiction covers:
Arkansas, Iowa, Colorado, Kansas, Louisiana, Missouri, Minnesota, Montana, Nebraska, New
Mexico and North Dakota.
The Atlanta Homeownership Center's Jurisdiction covers:
Alabama, Georgia, Florida, Kentucky, Illinois, Indiana, Mississippi, North Carolina, South
Carolina, Tennessee and the Caribbean.
October 23, 2011
In select states, a homeowner can buy a house with only $100 down payment under HUD's new
homeownership program. The program also works with the 203K plan, where buyer can roll the
costs of house repairs into the total financing amount. To make the deal even sweeter, HUD will
cover up to 3% of the closing costs in some cases.
This is an exciting program and it should get more government properties into the hands of
buyers, especially first time homebuyers. The property must be owner occupied and should
meet FHA standards since the financing it will be FHA insured. The downside to this program is
that the potential buyer has to pay the listed price. There is no bargaining allowed. Perhaps a
larger down payment will allow you to negotiate a better price.
The two national regions that the program is available are Denver Homeownership Center's
Jurisdiction and Atlanta Homeownership Center's Jurisdiction.
The Denver Homeownership Center's Jurisdiction covers:
Arkansas, Iowa, Colorado, Kansas, Louisiana, Missouri, Minnesota, Montana, Nebraska, New
Mexico and North Dakota.
The Atlanta Homeownership Center's Jurisdiction covers:
Alabama, Georgia, Florida, Kentucky, Illinois, Indiana, Mississippi, North Carolina, South
Carolina, Tennessee and the Caribbean.
FHFA Removes Hurdles So That More Borrowers Can
Refinance
October 24, 2011
For the eleven million homeowners who are underwater with their mortgages, refinancing just
got easier. The FHFA has removed some major barriers. The following are the major highlights.
The 125% Loan-To-Value ceiling has been removed.
A new appraisal is not required if the GSE already has one. An Automated Valuation Model is
acceptable.
HARP will be extended to December 31, 2013 for loans sold to the GSEs before May 31,
2009.
Refinance
October 24, 2011
For the eleven million homeowners who are underwater with their mortgages, refinancing just
got easier. The FHFA has removed some major barriers. The following are the major highlights.
The 125% Loan-To-Value ceiling has been removed.
A new appraisal is not required if the GSE already has one. An Automated Valuation Model is
acceptable.
HARP will be extended to December 31, 2013 for loans sold to the GSEs before May 31,
2009.
IRS Reminder: Start Repaying 2008 Homebuyer Tax Credit
March 28,2011
Less we forget the tax credit in 2008 to help you buy a home has to be paid back over 15 years. The
first payment starts in 2011 and will be on your 2010 income tax return. If you sold the house you have
to pay back the full amount. If you moved out of the house and rented it, you have to repay the full
amount.
This is not a credit in the true sense. It is a loan. The interest rate is zero. So there are definitely
benefits to the homebuyer/taxpayer. Where else can you get money for free?
March 28,2011
Less we forget the tax credit in 2008 to help you buy a home has to be paid back over 15 years. The
first payment starts in 2011 and will be on your 2010 income tax return. If you sold the house you have
to pay back the full amount. If you moved out of the house and rented it, you have to repay the full
amount.
This is not a credit in the true sense. It is a loan. The interest rate is zero. So there are definitely
benefits to the homebuyer/taxpayer. Where else can you get money for free?