Posts Tagged ‘Tax Credit’
5 Reasons to Buy a Home Now
The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy: 1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction. 2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures. 3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties. 4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market. 5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates. Source: ForSaleByOwner.com (07/29/2010) © Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
Congress extends homebuyer tax credit and flood insurance
The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly. Homebuyer tax credit The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida. National Flood Insurance Program Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
Home Tax Credit Closing Extension Dead
The proposal was simple and necessary: Extend the closing date for the home buyer tax credit from June 30th to September 30th — not the tax credit itself, which required buyers to sign a contract by April 30th, just the closing date.
Housing’s Double Dip: Numbers Tell How Bad It Is
We've been reporting a lot of anecdotal information about life after the home buyer tax credit, but now we're starting to get some numbers.
Home Buyer Tax Credit Snafu: No USDA Loans
In 2006, the USDA program backed about 31,000 loans or $3 billion worth. In 2009, that had grown to 133,000 loans worth $16.2 billion. The good news is the standards are tight and the default rates far better than the FHA. The bad news is the program wasn't meant to handle that many loans, and it ran out of money.
Bye Bye Home Buyer Tax Credit
It's the last day of the home buyer tax credit…for the second time. Of course given all the hype on the home builder web sites, you'd think this was the last day of the housing market as we know it. They're all offering deals deals deals…
What’s Really Behind the Surge in New Home Sales
This is real proof of the tax credit boost, because this data series is based on contracts signed, unlike the Existing Home Sales series we got Thursday from the Realtors, which is based on closings.
