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Customer Login - Coming soon!

You will be able to log in for up-to-the-minute updates on your loan in process and easily submit needed documentation to us to help ensure a faster transaction for you. This new state-of- the-art communication system will also support our efforts toward complete paperless transactions and helps us further our Think Green initiatives!

Team VITEK Blog

Posts Tagged ‘homebuyer’

STAY INFORMED OF YOUR ESCROW’S LOAN STATUS
VITEK GIVES YOU ‘LOAN STATUS UPDATES’ IN ‘REAL TIME’!

Tuesday, July 27th, 2010

Whether you are a homebuyer, Realtor®, or Escrow Officer, chances are you have endured a frustrating transaction by not knowing what is happening with your loan. Now with VITEK’s ‘Real-time Loan Status Updates’ (LSU), you will always know where your loan is in the process! We believe communication is vital to ensuring a smooth and successful transaction for our clients. Along with our new Loan Origination Software (LOS) we recently launched, we have programmed ‘Loan Status Updates’ into the loan process to keep you informed of important milestones in the transaction, as they happen.

When VITEK is your lender, in addition to phone calls from your mortgage loan originator, you can expect to receive email notification of important events in the loan process, triggered by the actions of our different loan departments.

A few important LSU’s that you can expect to receive include:

    • Preliminary Title Report Received
    • Loan Assigned an Underwriter
    • Loan Approved with (or without) Conditions
    • Loan Documents Ordered
    • Loan Funded!

To help ensure your loan closes quickly, in addition to communicating with you on the status of your loan, we also keep you informed on important information you will need to take note of throughout the transaction.

If you want to stay fully informed throughout your loan transaction, allow VITEK to walk you through the home loan process. You won’t be disappointed!

Photo of Philip Duncan

Philip Duncan
Executive Vice President


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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 »

Questions, Questions, Questions…

Monday, April 5th, 2010

Below are questions often asked of me and answers to them, as found on the IRS web site. As always, since I am not a tax advisor, I will not be held liable to the accuracy of the below information, and I strongly encourage you to seek council from a tax professional.

Q. Does previously inheriting a home and living in it automatically disqualify me as a first-time homebuyer if I buy a different home on or before Nov. 6, 2009?

A. Yes, an ownership interest in a prior principal residence would bar you from being considered a first-time homebuyer. As long as you owned and used the prior home as your principal residence, you are not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (11/19/09)

Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09)

Q. If a person does not actually make the payments on a home that’s their principal residence, but the deed and mortgage documents are in their name, can they be considered a first-time homebuyer?

A. Yes. If a taxpayer purchases a home to be used as a principal residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09

For more information please visit the IRS website.


Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com

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Posted in VITEK Mortgage Group, tax credit | 4 Comments »

Tips About the First-Time Homebuyer Tax Credit Documentation Requirements For IRS

Wednesday, March 10th, 2010

Without the proper documentation your IRS First-time Buyer Tax Credit will be delayed. Below are tips on what you need to gather before you make your claim. It is important that you provide them appropriately for your transaction. Since I am not a tax advisor though, I will not be held liable to the accuracy of the below information, and I strongly encourage you to seek council from a tax professional.

Settlement Statement: Your closing agent will send you a certified copy of your final settlement statement a from called HUD-1.

1. Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties’ names and signatures, property address, sales price and date of purchase. However, settlement documents, including the Form HUD-1, can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.

2. Mobile Homes: Purchasers of mobile homes who are unable to get a settlement statement must attach a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.

3. New Construction: For a newly constructed home, where a settlement statement is not available, attach a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

4. Long-Time Residents: If you are a longtime resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.

For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.


Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com

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Posted in FHA, VITEK Mortgage Group, tax credit | 6 Comments »

Buyer’s Choice Act
Makes REO Purchases More Manageable

Wednesday, November 18th, 2009

Buyers and Realtors®, say goodbye to Southern California Title and Escrow companies and their frustratingly slow and poor service when handling foreclosures. Assembly Bill 957 known as the ‘Buyers Choice Act’ is now law. It prohibits a seller (lender) of foreclosed homes from requiring a buyer to purchase title insurance and escrow from their preferred service provider. REO sellers can no longer make it a condition of receiving offers or selling their homes!

The law went into effect on October 12, 2009 and will remain in effect until January 1, 2015. The seller/lender must now provide written notice of independent selection rights and applies only to residential property improved by 1-4 dwelling units. Sellers who violate this act are considered in violation of their licensing law and are liable to the buyer for three times all the charges made for title and escrow services.

Philip Duncan
Executive Vice President

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Posted in VITEK Mortgage Group | 9 Comments »

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