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No More 2nd Apraisals on FHA!!!

by Darrell Isaacs Team Professionals

Today at NAR meetings, FHA Commissioner Dave Stevens made an announcement that will save homebuyers hundreds of dollars, days maybe weeks in the transaction, and certain frustration...

The following is an exerpt from SRCAR...

"It's amazing the difference it makes when you have somebody in a position of authority who actually knows what they’re doing as opposed to putting a bunch of bureaucrats and political hacks in charge. Commissioner and Under-Secretary of Housing Dave Stevens is one of us. Just like in the state of California we finally got Jeff Davi in place to help straighten out the Dept. of Real Estate.

After hearing the apologists and sycophants discuss HVCC yesterday, it was gratifying to have a discussion with somebody who listens and who, as Pres. McMillan said, ‘Gets It.’ According to Charlie Mac, the FHA & Stevens has been a ’solid partner’. "

Speaking before a packed house...

"He credited discussion with Charles McMillan with swaying FHA policy regarding HVCC implementation saying they realize the importance of the independent appraiser and are concerned about the proliferation of AMC’s, especially those owned by major lenders. He said they intend to apply the principles of HVCC as it was intended, not as it has actually been implemented. Along those lines he also announced that effective Monday there will be NO MORE 2nd appraisal requirements for FHA."

Welcome news, indeed!

Obama Signs NEW Tax Laws

by Darrell Isaacs Team Professionals

Obama Signs Homebuyer Tax Credit Expansion Into Law


President Obama today signed legislation to extend and expand the $8,000 first-time homebuyer tax credit that had been set to expire at the end of the month. These tax credit changes are included in the Worker, Homeownership and Business Assistance Act of 2009, which also extends unemployment benefits to people who have been jobless for more than one year.

The new legislation extends the deadline for the first-time homebuyer tax credit to include home purchase contracts entered into by April 30, 2010 and closed by June 30, 2010. The tax credit was also expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence — if they have lived in their current residence for at least five consecutive years of the past eight years.

Homebuyers looking to take advantage of either tax credit are subject to income eligibility limits of $125,000 for individuals and $225,000 for married couples, up from the limits of $75,000 and $150,000 included in the previous law. The home purchased must cost less than $800,000 to qualify the homebuyer for the tax credit. And to help guard against fraud, buyers are required to attach documentation of the home purchase to their tax return.

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and that approximately 2 million people will take advantage of the tax credit this year.

“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,”
says NAR President Charles McMillan. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”

Tax Credit Resources from NAR:

Details on Homebuyer Tax Credit Changes

Frequently Asked Questions on the Expanded Homebuyer Tax Credit
Fri, Nov 6, 2009

Should I Buy a Home Now?

by Darrell Isaacs Team Professionals

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 21-23 of 23

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Photo of Darrell R. Isaacs, CRB CRS Real Estate
Darrell R. Isaacs, CRB CRS
Genesis Real Estate Group
149 W Yokuts
Stockton CA 95207
Phone: 209 957-2929
Fax: 209 244-7171

   Genesis Real Estate Group     Darrell Isaacs Team Professionals
   BRE License # 01874804        BRE License #00556614