09.18.09
Posted in First Time Homebuyers, Mortgage News at 9:11 pm by Administrator
The clock is ticking on the tax credit that is due to expire on November 30, 2009. There may be some good news for first time home buyers who are searching but haven’t found a house yet and are worried about not being able to close in time to take advantage of the tax credit. Apparently, there is about a 60% chance that the first time home buyer tax credit may be extended as per the article below to keep first time home buyers in the market to help reduce the massive oversupply of inventory. Read more about it below…..
http://www.msnbc.msn.com/id/32902573/ns/business-real_estate//
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05.05.09
Posted in First Time Homebuyers, Mortgage News at 6:04 pm by Administrator
We have seen a big increase in applications for first time home buyers. When asked what made them take the first step, almost everyone of the applicants brought up the $8,000 Tax Credit for First Time home buyers. We have detailed information through our website on this tax credit by clicking here.
We see this as great news because that was the whole intention of the tax credit in the first place. The 2008 Tax Credit didn’t move first time home buyers like the 2009 Tax Credit has mainly because this year’s tax credit does not have to be repaid. Also, interest rates have remained low and home prices have been reduced substantially. First time home buyers are recognizing that for the price they are paying in rent, they can be owning a property. This is the best news for young adults ages 20 to 35 who were taken out of the market a couple years back due to the huge increase in prices. This is also good for older adults who have never owned a home or haven’t in a while to get back into the market.
If you would like to take the first step to own a home, contact Lissette Cancio at 866-790-7883 x101. If you have any comments or questions, please do so by blogging with us or giving us a call.
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03.30.09
Posted in Foreclosures, Mortgage News at 12:56 pm by Administrator
Many homeowners have lost their homes or are on the verge of losing their homes due to job loss, illness, etc. The new trend though is homeowners that can afford their mortgages walking away because they may owe more than the home is worth. Not only is this irresponsible but will wreak havoc on your credit file for 7 years. Below is a story that covers this trend.
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03.24.09
Posted in First Time Homebuyers, Mortgage News at 8:05 pm by Administrator
There is a new tax credit for First Time Home buyers purchasing in 2009 which is a much improved version of the 2008 tax credit. The biggest and most significant difference is that the tax credit does not have to be repaid like the 2008 tax credit as long as the property remains your primary residence for 3 years. Also, it allows a tax credit up to $8,000 versus the $7,500 for the 2008 tax credit. This tax credit might just be what First Time home buyers that are sitting on the sidelines needed to pull the trigger and purchase their very first home. Read all the details on the 2009 tax credit at http://approvedteamlending.com/1st-buyers/2009taxcredit.html.
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Posted in Mortgage News at 7:15 pm by Administrator
Wow, how things have changed. What we used to think was normal is now completely different. I came across an article that I thought was fitting for this time that takes on different parts of having financial security. Read below.
The 7 New Rules of Financial Security
by Carolyn Bigda and Paul J. Lim
Tuesday, March 17, 2009 provided by CNNMoney.com
In a world turned upside down, you must re-examine some basic assumptions. A good place to start: understanding the true nature of risk.
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03.04.09
Posted in Mortgage News at 4:57 pm by Administrator
Starting today March 4th, the Obama Administration came out with the Homeowner Affordability and Stability Plan to help homeowners stay in their homes. Their hopes are that by helping homeowners that are current or on the verge of becoming delinquent Refinance into a more affordable payment. This in turn will hopefully slow down the decline in Real estate values and foreclosures. We have the Executive Summary of the plan as well as questions and answers to your pressing questions. There are also 3 cases on our website to show examples of the plan in action. Visit now at approvedteamlending.com/obamaplan.html.
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Posted in Mortgage News at 4:51 pm by Administrator
WASHINGTON – The Obama administration kicked off a new program Wednesday that’s designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
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02.12.09
Posted in Mortgage News at 9:32 pm by Administrator
ORLANDO, Fla. – Feb. 12, 2009 – Sales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 30,163 existing homes sold statewide in 4Q 2008; during the same period the year before, a total of 26,635 existing homes sold statewide. It marks the second consecutive quarter that Florida has reported higher existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year, according to FAR.
Florida Realtors also reported a 3 percent gain in statewide sales of existing condominiums in the fourth quarter compared to the same time the previous year. This marks the first three-month period that has noted increased statewide sales in both the existing home and condo markets compared to year-ago levels.
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Posted in Mortgage News at 9:20 pm by Administrator
Changes are going on within the mortgage and lending business. Although many companies are trying to improve the standards and guidelines to protect the consumers, banks, and mortgage companies, their actions may actually hurt the Consumers. Read below.
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers.
By Les Christie, CNNMoney.com staff writer
Last Updated: February 12, 2009: 1:49 PM ET
NEW YORK (CNNMoney.com) — Some big banks have cut back on doing business with mortgage brokers – and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
“The banks want to get rid of mortgage professionals to reduce competition,” said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. “It’s not good for consumers.”
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12.18.08
Posted in First Time Homebuyers, Mortgage News at 8:55 pm by Administrator
First Time Home Buyers are Thriving in this current market. Homes prices have come down substantially and they are now affordable to first time home buyers. Most consumers think that you need perfect credit and a huge down payment in order to obtain financing for a loan. Although this may be the case if you are a current homeowner, the same does not hold true for a first time home buyer. There are FHA loans that only require a minimum down payment of 3.5% in order to buy your very own home. FHA loans do require certain credit qualification and the ability to prove your income with pay stubs, W2s, or tax returns but typically are more lenient than traditional loans. FHA loans were put in place to help consumers who didn’t have access to a huge down payment in order to boost homeownership. Not only are FHA loans bringing more and more First Time Home buyers in the market, but the tax incentive that was just signed into law has also brought in many inquiries. You can read more about this tax incentive at approvedteamlending.com/frontpagenews-firsttimehomebuyer.html.
Approved Team Lending specializes in helping First Time home buyers from application to closing and walks you through every single step answering any question along the way. We work with professionals in our industry such as Appraisers, Realtors, Insurance Agents, etc that we can recommend as well. If you have any questions, please feel free to contact one of our First Time Home Buyer Specialists at 866-790-7883.
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