A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.
Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its Read the rest of this entry »
Spoken by Julie Q. Fuelling |
According to CNN News, the homebuyers tax credit has been extended; the bill now goes to President Obama for signature:
“The legislation would extend the $8,000 homebuyer tax credit to contracts signed by April 30, 2010 and closed by June 30, 2010. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.”
I am a Katy Specialist having sold many houses in Katy over the last 20 years, both new construction and resale. This includes both working as a listing and selling agent. Call me for more information and for outstanding professional representation.
Spoken by Julie Q. Fuelling |
While at this time it is only available to Fort Bend buyers, there is a new loan program that makes financing a first home much more affordable and easier. It saves the homeowner up to $2000 off their taxes each year for the life of the loan.
The Mortgage Credit Certificate allows the lender to qualify for more home or to get approved if they have been denied in the past. The Mortgage Credit Certificate Program can be used to gross up income or ratios to enable the borrower to qualify for a mortgage loan.
The Mortgage Credit Certificate Program is available to first-time homebuyers, defined as a person who has not owned a home as a primary residence in the last three years.
One of the most exciting features of this program is that it can be combined with the current first-time homebuyer’s $8000 tax credit resulting in a credit savings of $10,000 in 2009! However, the $8,000 tax credit program expires on November 30, 2009 so it is important to buy your home prior to that date. If you act quickly, there is still time to shop for and close on a home.
The Mortgage Credit Certificate allows the homebuyer, if there is a tax liability, the benefit of a dollar-for-dollar reduction of their tax bill. The program enables the homeowner to claim a tax credit of 30% of annual interest paid, not to exceed $2000 per-year, for the life of the loan.
This program is not for investors but for those who will purchase and occupy a home for at least nine years. If the Mortgage Credit Certificate borrower sells his house within nine years, Read the rest of this entry »
Spoken by Julie Q. Fuelling |
According to The Washington Post, “Two Dallas-area congressmen - one a Democrat, the other a Republican – have introduced bills that not only would broaden the reach of the current housing tax credits to almost everybody, but would keep the program going until either mid-2010 or the end of that year.”
The current credit program expires on the last day of November 2009. H.R. Bill 2619, sponsored by Republican Kenny Marchant, would expand the current $8,000 federal tax credit to all homebuyers–not just first-time buyers. The bill would also extend the federal program through June 2010.
“The bill would also create an unprecedented $3,000 credit to help offset Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Many Katy Realtors still do not understand the process of a Short Sale even though there are many such properties in Katy. What does it take to get a get a Short Sale written and closed? Acquaint yourself with the basics by reading this article and call me at 713-818-2404; I am an expert in the field of Short Sales!
Let’s start at the beginning, what is a “Short Sale”. A Short Sale is where the net proceeds from the sale of a property are less than what is owed to mortgage companies and other lienholders. The seller receives no funds from the sale and all lienholders must agree to the transaction.
The seller’s best interest is served by having any sale approved by the mortgage company. Although the seller’s credit is adversely affected, Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Want an extra $8,000? If you’re a first-time homebuyer, you’re in for a nice gift.
Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers, an income tax credit of up to $7,500. The rules were simple: You must have been a first-time homebuyer, (as defined by not owning a home in the previous three years), and you met certain income restrictions.
The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Say we are working together to purchase your next home. (Thanks for your confidence in me!) What’s the very first thing you should do in the home buying process? I, like most Realtors, will tell you to get a Pre-Approval letter. You ask me, “Julie, what is that and why do I need one?”. You might say, “I already have a Pre-Certification letter. What’s the difference?”
So, what’s a Pre-Approval letter? Unlike a Pre-Certification letter, the lender will not just take your word for your financial status, the lender will verify the information you provide. Instead of receiving your letter that same day via fax, the lender will confirm your employment, check on the source of Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Mortgage loans are getting harder and harder to get. The reins have just tightened again with the government takeover of the secondary loan market known as Fannie Mae. The failure yesterday, September 29, to pass the massive bailout legislation only adds to this troubling situation in the home lending sector.
Partially Reprinted from Wikipedia
The Federal National Mortgage Association (FNMA) , commonly known as Fannie Mae, is a publicly traded government sponsored enterprise (GSE). It is a stockholder-owned corporation authorized to make loans and loan guarantees.
Fannie Mae is the leading participant in the U.S. secondary mortgage market, which serves to provide liquidity to the primary mortgage market to ensure that mortgage companies, savings and loans, commercial banks, credit unions, and state and local housing finance agencies have enough funds to lend to home buyers.
As of 2008, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) own or guarantee Read the rest of this entry »
Spoken by Julie Q. Fuelling |
I started writing this two-part series pre Hurricane Ike. With yesterday’s mega-bailout of AIG Insurance, it almost seems like old news. All this government intervention will affect the home industry both short-term and long-term.
Considering the complexity of the federal take over of Freddie Mac and Fannie Mae and it’s huge ramifications for Katy home buyers and our economy in general, I am reprinting articles from Wikipedia that explain these events as an understanding is critical.
This is a development that will impact all of us here in Katy, even if we are not buyers or sellers. Today, we will address Freddie Mac and next week I will publish an article on Fannie Mae. I hope these articles help you understand as they were helpful to me.
Reprinted from Wikipedia
“The Federal Home Loan Mortgage Corporation (FHLMC) (NYSE: FRE), commonly known as Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Reprinted from Wikipedia
In real estate, a “short sale” is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.
For example, if the unpaid balance of a loan is, say $100,000, and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full. In such instances, the lender would have the right Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Copyright © 2007 The Katy Texas Blog That Never Runs Dry 