San Diego & Riverside Counties| Real Estate Blog

Fannie Mae extends seller assistance program to 6/30/2010

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home by June 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

· Closing costs;

· The purchase of new Whirlpool® appliances by Fannie Mae; or

· A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

· Property sales must close by June 30, 2010

· Buyers must be owner-occupants, investors are excluded

Contact a Fannie Mae listing broker for more information.

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

 

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SEVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.shortsalerealtors4u.com/  or www.CountyProperties.net

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net  and I’ll be happy to follow up and take great care of them.

IRS to host open house for small businesses & individuals

Two hundred IRS Taxpayer Assistance Centers across the country will open on Saturday, May 15, to provide help to small business owners and individual taxpayers dealing with notices and payments, return preparation and a variety of other tax issues. Each office will be open from 9:00 a.m. until 2:00 p.m. local time. The May 15 open house is the first of three events scheduled through the end of June. The next two are planned for Saturday, June 5, and Saturday, June 26. Details regarding those events will be available soon.  Below is the address for our local San Diego office:

880 Front St.
San Diego, CA 92101

 

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SEVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.shortsalerealtors4u.com/  or www.CountyProperties.net

 

California home buyer tax credit takes effect

As the federal homebuyer tax credit ends , a CA state homebuyer tax credit begins. The homebuyer tax credit signed into law in March by Gov. Arnold Schwarzenegger is available effective today.

Assembly Bill 183 established a tax credit of $10,000 or 5 percent of the purchase price of a newly built home and a $10,000 tax credit for first-time purchasers of existing homes. The credit is good through Dec. 31, 2010 or until the money runs out, whichever comes first. The $200 million allocated for the program is split evenly, with $100 million going to purchasers of new homes and $100 million to first-time buyers of existing homes. More information on the state tax credit is available at  www.ftb.ca.gov/individuals/new_home_credit.shtml.

The federal government offered buyers who haven't owned a home for three years a tax credit of 10 percent of the purchase price, up to $8,000, as well as a credit of 10 percent, up to a maximum of $6,500, for buyers who already owned a home for at least five years. Single buyers with incomes above $145,000 and couples making more than $245,000 were not eligible. Homebuyers who had signed contracts in hand by Friday's, 4/30/2010, deadline have until June 30 to complete their deals to receive the federal tax credit, and according to CA state officials, they can also take advantage of the CA state tax credit as well.

Nearly 1.8 million households had used the federal tax credits as of mid-February at a cost of $12.6 billion, according to the most recent records released by the Internal Revenue Service.

Some analysts said the first-time buyers credit helped new-home sales surge 27 percent last month compared with a record low in February. That was the biggest monthly increase in 47 years.

 

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SEVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.shortsalerealtors4u.com/  or www.CountyProperties.net

Fed leaves key rate unchanged

The Federal Reserve announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and continues to expect economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time. “Information ? suggests that economic activity has continued to strengthen and that the labor market is beginning to improve," the Fed said in a prepared statement.

"Growth in economic household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit," the Fed said.  "Housing starts have edged up but remain at a depressed level.  While bank lending continues to contract, financial market conditions remain supportive of economic growth.  Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability."

In light of improved functioning of financial markets, the Federal Reserve has closed all but one of the special liquidity facilities that it created to support markets during the crisis.  The only remaining such program, the Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities; it closed on March 31 for loans backed by all other types of collateral.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.countyproperties.net/

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to http://www.countyproperties.net/  and I’ll be happy to follow up and take great care of them.

Private mortgage insurance companies return to housing market

 Generally, private lenders require borrowers with down payments of less than 20 percent to purchase private mortgage insurance. It is typically paid for by the borrower and protects lenders against default. However, mortgage insurance does not protect the borrower. The Federal Housing Administration (FHA) insures lenders against losses incurred when borrowers default on their home loans. However, because the FHA insured nearly 30 percent of all single-family loans—higher than the 10 percent share considered optimal by government officials—the FHA is tightening its requirements for borrowers with small down payments. This has resulted in private companies that provide lenders with similar protection against defaults entering the market.

KEEP THIS IN MIND

• Traditionally, the FHA enabled low- to moderate-income borrowers to put down as little as 3.5 percent as a down payment on a home. Beginning this month, down-payment requirements on loans insured by the FHA have increased to 10 percent for borrowers with credit scores below 580. Borrowers with credit scores of 580 or above still will be able to put down the traditional 3.5 percent.

 • Other changes to the FHA mortgage program include increasing the upfront mortgage insurance premium from 1.75 percent to 2.25 percent and reducing permissible seller concessions from 6 percent of the loan amount to 3 percent. The FHA also has asked Congress for authority to increase the maximum monthly insurance fee from the current 0.5 percent level to 1.55 percent.

• Resulting from the more-stringent FHA policies, fewer borrowers qualify for government-insured mortgages and are turning to private mortgage insurers, who also have made changes to their borrower requirements. For example, one private mortgage insurance company now will insure five-percent down-payment loans to borrowers nationwide. Previously, such mortgages were not available to borrowers in markets with declining home prices, which included California.

• Premiums for both private mortgage insurance and government-insured FHA loans may be tax deductible. Additionally, in most instances, coverage can be canceled when the borrower’s equity reaches 20 percent of the original loan amount. Borrowers are advised to review both options to decide which one works best for their situation.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.countyproperties.net/

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to http://www.countyproperties.net/  and I’ll be happy to follow up and take great care of them.

Federal & State Housing Government Loan Programs

FHA (Federal Housing Administration) : Administered through the federal Housing and Urban Development (HUD) department, these loans are available from approved lenders. For more information, view the HUD website at www.hud.govor contact a lender of your choice. The current loan limits in San Diego County: 1 Family Unit 2 Family Unit 3 Family Unit 4 Family Unit $697,500 $892,950 $1,079,350 $1,341,350     VA (Veterans Affairs): Insured by the Veterans Affairs Department of the federal government. VA loans are available through lending institutions; however, only eligible military veterans may apply. For more information, call (619) 641-5840. CAL-VET: Only those veterans purchasing property in California and who were released honorably from active duty, having served at least 90 consecutive days during periods of war, are eligible for these loans. For more information, call (800) 952-5626. CHFA (California Housing Finance Agency): These loans are available through many of the established mortgage banking firms for first-time homebuyers. Interested parties should call (877) 922-5432. FANNIE MAE (Federal National Mortgage Association): The Community Home Buyers Program (CHBP) is a mortgage program that was created by Fannie Mae in partnership with mortgage lenders and mortgage insurance companies. These companies work closely with state and local governments, as well as community groups, to provide affordable homeownership opportunities. Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.countyproperties.net/ By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to http://www.countyproperties.net/  and I’ll be happy to follow up and take great care of them.

Should you buy or rent a home? Cost gap narrows

Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at homeownership confirms it. The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.

KEEP THIS IN MIND

1.    The analysis of 45 metro areas found the difference between the monthly mortgage payment on a median-priced home and the median rent has declined to $256. In some areas, the difference is as low as $100, according to the study. The last time the price gap was that close was in 1993, when it decreased to $264.

2.    The study, conducted by Marcus & Milichap Real Estate Investment Services, used median prices for the last three months of 2009 and calculated mortgage payments by assuming a 10-percent down payment and a 30-year fixed loan at 5.07 percent. It also assumed borrowers paid for private mortgage insurance and didn’t include repair costs and tax benefits.

3.    Although the difference between monthly rent and monthly mortgage payments is at its lowest level in nearly 20 years, more stringent lending standards have made the home-buying process more challenging. Home buyers can prepare by ensuring their credit reports are up to date and saving for a down payment of at least 20 percent. Borrowers putting down less than 20 percent likely will have to purchase private mortgage insurance.

4.     Owning a home has significant tax benefits, including deductions for property taxes and loan interest. Homeowners also can enjoy building equity and creating a means of forced savings as they pay down the principal on the home.

5.     Although home buyers should not focus solely on future home price appreciation, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® over the last 40 years, homeowners who purchase a median-priced house, live in it for at least five years, and sell it at the then-current median price, have averaged an annual rate of return of more than 11 percent.

 Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.countyproperties.net/

Military veteran homebuyers earn one-year federal tax credit extension

Military personnel, members of the Foreign Service, and employees of the intelligence community have an extra year, through June 2011, to buy a principal residence in the U.S. and claim the federal tax credit.  The deadline for entering a binding contract is April 30, 2011; the deadline to close a purchase is June 30, 2011. The extension applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.  All other home buyers must be under contract by April 30, 2010 and close by June 30, 2010 to qualify for the federal tax credit.

 

Click here to get loan informationbefore the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click http://www.countyproperties.net/

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to http://www.countyproperties.net/  and I’ll be happy to follow up and take great care of them.

Homeowners with World Savings, Golden West or World FSB are eligible for Wachovia FAST TRACK Mortgage Forgiveness Debt Relief Program

County Properties announcing our new website WachoviaFastShortSale.com  dedicated to San Diego & Riverside Homeowners with Loans from Wachovia, World Savings, Golden West or World FSB are eligible for Mortgage Forgiveness Debt Relief Program called Wachovia FAST TRACK.

 Get started now

FREE - No Cost to You.

1. Real Mortgage Debt Relief.
2. Restore Your Credit.
3. Cash Back Bank Incentives.
4. Confidential and Dignified Solution.
5. Top Short Sale Service in San Diego & Riverside County.
6. Shorter Closing Time.
7. 95% plus Success Rate.

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.CountyProperties.net. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click www.ShortSaleRealtors4U.com  or www.CountyProperties.net

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net  and I’ll be happy to follow up and take great care of them.

NO MORE CA STATE TAX ON FORGIVEN DEBT

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
 
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.  The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

 

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.CountyProperties.net. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click www.ShortSaleRealtors4U.com  or www.CountyProperties.net

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net  and I’ll be happy to follow up and take great care of them.