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Posts Tagged ‘first-time home buyer’

New Program Reduces Federal Income Tax a Homebuyer Pays!

Monday, August 9th, 2010

New money is now available for the SHRA MCC program. This program blows away the $8,000 First-time Homebuyer Tax Credit, if the borrower keeps the loan in place for more than five years as an owner occupant.

The Sacramento Mortgage Credit Certificate (MCC) Program is designed to provide homeownership assistance on home purchases within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the County of Sacramento. The MCC reduces the amount of Federal income tax a homebuyer pays, thus giving more available income to qualify for a mortgage loan and to make monthly mortgage payments. This new allocation won’t last very long, so take advantage of it while you can. Below are a few keep points on the MCC loan program.

Program Features:

      • 20% Mortgage Credit Certificate – a tax credit of 20% of the annual mortgage interest paid (amount of the credit cannot be more than the annual federal income tax liability after all other credits and deductions have been taken into account)
      • MCC will be in effect for the life of the original mortgage loan provided property remains owner occupied
      • MCC may be reissued one time, upon the first refinance of the original mortgage loan
      • MCCs may be used with conventional loans, fixed-rate or adjustable loans, FHA and VA loans (MCCs are not available with bond-backed loans such as CHFA or Cal-Vet)
      • 40 percent of an MCC allocation is reserved for households whose income does not exceed 80 percent of the area median adjusted for family size

Eligible Applicants Include Homebuyers:

      • Who are first-time homebuyers (have not owned and occupied a home as a principal residence within the preceding three years) (in federally designated target areas, you do not have to be a first-time homebuyer)
      • Able to qualify for a loan to purchase the home
      • Who will live in the home being purchased
      Who do not exceed the following income limitation:
        • 1 or 2 person household $73,100 (non-target areas) $87,720 (target areas)
        • 3 or more person household $84,065 (non-target areas) $102,340 (target areas)

Eligible Properties Include:

      • Single family homes that are located within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the unincorporated areas of the County of Sacramento.

        Maximum purchase price limits:
            • New and Existing Homes $506,795 (non-target areas) $619,417 (target areas)

Contact me for more information or a list of federally designated target areas.

Photo of John Easterbrook

John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com


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Posted in Uncategorized, VITEK Mortgage Group, first time homebuyer | No Comments »

Removing Disputed Credit Accounts

Friday, July 23rd, 2010

With home prices and interest rates at historic lows, many people are looking to take their first step into homeownership. In today’s challenging economy, many first-time homebuyers struggle with credit challenges. One often-seen challenge is accounts on credit reports that have already been rectified. These are accounts that have been settled by the homebuyer, but have not been removed from their credit report by the creditor. If you, or someone you know, are struggling with this same problem, below are a few of our mortgage loan originators who see these issues on a consistent basis, and their suggestions on how you can work to have these items removed from your credit report.

These outstanding accounts on your credit report can cause roadblocks in purchasing your dream home. If you have any questions on home financing, and how VITEK can help you purchase your dream home, contact one of our mortgage loan originators today.

Photo of Jessica Robinson I have a client who states that he contacted the bureaus directly (yes, the bureaus) and relentlessly. When we started he had two disputed accounts and now, zero!
Photo of John Easterbrook Get on the phone with the creditors. Demand a letter stating that the accounts are no longer in dispute. Its not easy. Insist on talking with a manager if they won’t do it for you. One other thing, you must have the borrower on the phone with you initially. They can usually authorize you for 24 hours.
Photo of Vicki Fargo Are they disputed accounts? If so, my client called her creditor and asked them to remove the disputed status of the account. The creditor wrote a letter to the bureaus taking the account out of dispute, and they sent a copy of their letter to the borrower, which she received about 3 days later. I sent that in to score plus, they contacted the creditors to verify status and another 3-4 days after that we had a new credit report with no disputed accounts!
Photo of Jonathan Hudak Pray to the man above that those creditors will write you a letter stating that the accounts are current and that they are no longer being disputed. A creditor wouldn’t give my client a letter and it prevented them from getting a home loan.
Photo of Mary Westphal Unfortunately, get ready to hurry up and wait. The credit bureau requires a letter from the creditor that the account is no longer in dispute and that these words will be removed from all three bureau’s. The letter works well with Equifax and Experian but Trans Union puts the account under investigation. This process took me three tries and six weeks. Equifax and Experian rescore can be accomplished in 7-10 days, maybe sooner by CBC, but the Trans Union process is a waiting game.I believe the reason it took so long is because my borrower kept calling the creditor and disputing the dispute. Just do it once and wait. CBC will keep checking for you. Seriously a pain, but we finally closed yesterday. Good luck!

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Posted in Uncategorized, VITEK Mortgage Group, first time homebuyer | No Comments »

$8000 Tax Credit Extended for Members of Uniformed Services

Friday, July 2nd, 2010

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com

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Posted in Streamline(k), Uncategorized, VITEK Mortgage Group, Veteran, first time homebuyer, reverse mortgage, tax credit | No Comments »

Homepath – Special Financing for Fannie Mae REO’s!

Tuesday, June 22nd, 2010

With mortgage rates still at their lowest in decades, and home prices now more accessible, many renters are finding the dream of owning a home possible. As a first-time homebuyer though, it can often be hard to build up the savings necessary for the down payment and closing costs needed to purchase a home. There are several programs though, aimed to help first-time buyers cross the bridge into homeownership. The Homepath loan program for Fannie Mae REO’s is one such loan program. Homepath only requires a 3% down payment, and if the home will be your primary residence, the down payment can be funded through a gift. Because the Homepath loan program is only available on Fannie Mae REO’s, no appraisal will be required, saving you additional money! Below are some basic points to the Homepath home loan program:

    • Available on Fannie Mae REO properties with following symbol: Homepath Mortgage Logo

    • Less than perfect credit is okay

    • With Flex program (must be primary residence and owner occupied):

      • Only 3% down payment required

      • Down payment can be funded by savings; a gift; a grant; or a loan from a nonprofit

      organization, state or local government, or employer


      • Seller contribution acceptable


    • Available for purchase of primary residence, secondary homes and investment properties

    • No mortgage insurance required (restrictions apply, ask me for details)

    • No appraisal required

    • For a list of available properties, visit www.HomePath.com

If you, or someone you know is looking to purchase a home, Homepath may be a great option. Contact me today for further details on the program, or to get a home loan preapproval and one step closer to your dream of homeownership!

Nick Loris
Nick Loris
(916) 486-6932
nloris@teamvitek.com

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Posted in Homepath, Uncategorized, VITEK Mortgage Group, first time homebuyer | No Comments »

34% Sales Spike in March

Thursday, April 15th, 2010

TRENDGRAPHIX’s latest report shows that closed sales increased 34% during the month of March for the Tri-County region of Sacramento, Placer and El Dorado Counties; representing a 6% decrease in sales compared to March 2009. The recent surge was accompanied by a 51% increase in pending-sales since last month. “This abnormal spike in sales can be credited directly to three basic factors: a shortage of inventory, a rush to utilize the soon-to-expire federal home purchase tax deduction and interest rates remaining in the low 5% range,” stated Michael Lyon, CEO, Lyon Real Estate. “In addition, the State of California is launching its new 2010 New Home Credit and First-Time Buyer Credit beginning May 1st of this year. With inventory remaining low and interest rates holding, expect April to be as hot as March was.”

March 2010 inventory of 6,551 homes for sale is 31 percent lower than March 2009 inventory. This is a 57% decrease for the regional inventory record high of 15,302 set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales increased 34 percent from February to March 2010. Inventory increased 6 percent during the month of March. Pending sales increased by 53 percent in the month of March. 57 percent of the homes sold for under $200,000; 37 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot increased 2 percent during the month of March to $122.

Placer County sales increased by 32 percent and inventory increased by 9 percent during the month of March 2010. Pending sales increased by 44 percent from February to March. 5 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 46 percent of the homes sold for over $400,000. The average price per square foot increased by 1 percent during the month of March to $147.

El Dorado County showed a 31 percent increase in sales from February to March, and the inventory increased by 5 percent from February to March. Pending sales have increased 64 percent during the month of March. 25 percent of the homes sold for under $200,000; 45 percent of the homes sold for between $200,000 and $400,000; and 30 percent of the homes sold for over $400,000. The average price per square foot increased 5 percent during the month of March to $152.

Yolo County sales increased by 69 percent for March 2010 and the inventory increased by 14 percent. Pending sales increased 57 percent during the month of March. 26 percent of the homes sold for under $200,000; 56 percent of the homes sold for between $200,000 and $400,000; and 18 percent of the homes sold for over $400,000. The average price per square foot increased 7 percent during the month of March to $155.

Nevada County sales have increased by 28 percent during the month of March, and inventory increased 8 percent. Pending sales increased by 7 percent. 54 percent of the homes sold for between $200,000 and $400,000; and 46 percent of the homes sold for over $400,000. The average price per square foot increased by 10 percent during the month of March to $186.

San Joaquin County sales have increased by 30 percent during the month of March, and inventory increased 4 percent from February to March. Pending sales increased 41 percent. 40 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 11 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of March to $99.

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Posted in FHA, VITEK Mortgage Group, tax credit | 1 Comment »

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