National Night Out Tinley Park Illinois 0
Attended National Night out in Tinley Park, Illinois and a lot of people got to see Thor the police K9 take on a bad guy.
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HR 600 House Bill 0
Word to our government;
Please before making laws and regulations, consult with a panel of experts from the industry and listen to the actual feed back before making laws and regulations. I know our representatives have tons of people telling them what to do……..but please seek out experts first……and not just a few, have a panel of them. Perfect example is the new GFE that went from 1 page to 3 pages. The GOOD thing is this form makes the fees stay within reason from the time of application to closing so no surprise fees for borrowers. The BAD thing is you forgot to check how different states collect certain fees and the buyers actually get a credit for lets say taxes for the time the seller was living in the property. Also don’t forget FHA collects an upfront mortgage insurance fee up front that gets financed back into the mortgage amount if borrower chooses that option. Last thing, what if the seller was giving a credit on the sales contract? These credits do not show up on the GFE, so please fix it!
Well, here is a video the great guys at Thinkbigworksmall did about HR 600 House bill that is taking us right back to where we were doing loans before. Please make up your mind……seller to help the buyer out for down payment and closing costs or not help the buyer……..let us know please Mr. Government. 
Tax Credit Extension To September 30th……President To Sign 0
Finally, after the long journey, home buyers that had a sales contract signed by April 30th now have until September 30th to close on their transaction. It came down to the wire as this was an amendment on HR 4213 “The Unemployment Bill”, then after a couple of political maneuvers had separate bills created for just unemployment benefits extension and tax credit extension. Last night looks like the Senate did a unanimous vote to send this bill to the presidents desk for signing into law before going on break until July 12th. The unemployment bill however got tabled and nothing will happen on that until the Senate comes back.
So, now everyone who still has a signed sales contract before April 30th, I would suggest getting your deals closed before September 30th! Hope this helps, and below is another article from the Wall Street Journal.
Homebuyer Tax Credit Extension Hits a Hurdle 0
Since the Homebuyer Tax Credit Extension is attached to bill HR 4213 which is the unemployment bill, there are several hurdles along the way. Currently one of the hurdles is coming from Sen. Tom Coburn (R, OK) and he is using a procedure known as a “Clay Pigeon” which would split the amendments of the bill into 20 separate pieces and would cause voting to take place 20 different times. This slows down the process for approval and could open the door for losing supporting votes. Here is a good website to see updated status of this bill. Hope this helps
Senate Approves Home Tax Credit Extension 0
Yes, the Senate has moved the tax credit extension on to the next steps allowing borrowers until September 30th to get financing on their sales contracts they got before the April 30th date. If anyone has already closed though, they can go to the direct links at Tax Forms to print them out and follow the instructions to get your tax credit. Below is a good article explaining what is taking place, hope this helps!
Just wanted to highlight this part of the article though:
“Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation’s highest foreclosure rate, and Reid is facing a tough re-election campaign.
Tax Credit for Homebuyers Maybe Extended for Lending 2
That’s right, their was a bill introduced Thursday that could extend out the cut off date for the loan to close from June 30th to September 30th 2010. Also from this Wall Street Journal article you can see why the extension would be needed for making sure the closing date is met. The caution I put on this is still treat your closing as it MUST get closed by June 30th because this option proposed to extend the date is attached to a bill that is getting a lot of push back for getting the votes to move through congress. The article below is a good one from WSJ and here is another link to CNNMoney about the same subject. Hope you Enjoy Don’t forget to print out those IRS forms……just head over to TAX CREDIT FORMS with direct links to the forms on the IRS website.
http://money.cnn.com/2010/06/10/real_estate/housing_credit_extension/index.htm
Google PAC-MAN Game 0
What a wonderful way to honor the 30th birthday of the most addictive arcade game there is…..PAC-MAN. For all you fans, Google has their logo changed and given the ability to play the game. Just wait on the screen for about 10 seconds and the game will start up. Just use the arrows on your key board to control the game. Hope you guys enjoy the game and remember……….don’t get drawn into the game and get back to work
Of coarse I think everyone knows the link but if you don’t, just go to: www.google.com
This will only last for today!
Homebuyer Tax Credit Extended to April 30, 2011 3
Yes this is true that this special benefit was extended……..for members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence on or before April 30, 2011. Basically it will be the same set up as it currently is for all home-buyers, sales contract by April 30, 2011 and close by June 30, 2011. Just so you guys know about the current home-buyer tax credit just out these summary’s below and strongly encourage you go double check the main guidelines from the IRS and get the forms. I have all this summarized for you at the previous post about updated tax forms.
Summary on Current Home-buyer Tax Credit:
1. First-Time Homebuyer claim up to $8,000 credit or 10% of sales price which ever is the lower of the two. A first-time homebuyer is an individual (and that individual’s spouse if married) who has not owned another main home during the 3-year period ending on the purchase date and meets other requirements discussed in the Form 5405 instructions.
2. Long-time resident can claim up to $6500 credit or 10% of sales price which ever is the lower of the two. A long-time resident is an individual (and that individuals spouse if married) who has owned and used the same home as that individuals main home for any 5-consecutive-year period during the 8-year period ending on the purchase date of the new main home and meets other requirements discussed in the Form 5405 instructions.
Below is the direct wording from the IRS.gov site talking about the home-buyer tax credit extension for military and certain other federal employees. Hope this helps
Fed Lower Mortgage Rates Continue 0
After the Fed’s two day meeting it is expected that they will continue with the language for keeping the rates low for “an extended period”. This is the over night rate that the banks get charged for using money and that are at near zero rates. What does this mean for mortgage rates? Well, there are many different factors that make up the movement of the mortgage rates just like the treasury note auction and any other items like employment and general markets. The Fed will give their announcement at 1:15pm CST. Below is an article that talks a little bit more about Fed’s meeting and the market. Hope this helps
Fed Set to Renew Promise of Continued Low Rates
Treasury Note Auction Schedule and Mortgage Rates 0
Here we go again, with the 10 year treasury note auction coming up May 5th is the announcement and May 12th is the auction date and it will be interesting to see where the mortgage rates go. So far the 10 year treasury notes have found demand but how long will this last for………who knows. You also have another factor which is the government now has a bunch of mortgage backed securities and will want to start selling them off soon. It will be interesting to see how the pricing goes for mortgage backed securities and what it will cause the mortgage rates to do. Now for the answer to the always asked question, “What are the rates going to be?” or “When are the rates going up?” ……….the answer………… don’t know. The reason for not know is because we just don’t know how everyone’s demand is going to be for the items that tie into the mortgage rates. Best way to look at it, rates are truly at an ALL TIME LOW and you will never be able to get the EXACT lowest mortgage rate, so instead of trying to shoot for the lowest, just lock in and pay an extra $50 to $100 a month towards principal and it will all work out. Since my previous post about the treasury note auctions had the dates for the auctions, thought I would give the link for the schedule again……….here is the treasury note auction schedule. Hope this helps Love to hear your comments and what you think as well.
