Hopefully, most of you know already know that TV as you know it today will end on February 17, 2009. On that date, only digital TV will be transmitted by TV stations. Your old TV set may no longer be useable.
The attached document put out by our government is a pretty good explanation for those that need it. If you have cable, satellite or other pay TV services, you are probably okay already.
If you use an antenna, as I do, read this brochure.
Do not rush out now to buy a box. Wait until converter boxes are more plentiful - and remember, government coupons are only good for 90 DAYS!
Additional information is at this website.
Wednesday, January 23, 2008
Tuesday, January 22, 2008
WHEN IS THE RIGHT TIME TO BUY?
This excellent article from Realty Times guides you on what to look for to know when the time is right:
WHEN IS THE RIGHT TIME TO BUY
You will find the inventory data both on this blog and the Days on Market information at my website HERE under BUYER HELP.
WHEN IS THE RIGHT TIME TO BUY
You will find the inventory data both on this blog and the Days on Market information at my website HERE under BUYER HELP.
Tuesday, January 15, 2008
Bill of Rights for Buyers and Renters
Last night the Arizona Governor announced a Arizona Home Buyers' and Renters' Bill of Rights (A resource for all real estate consumers).
You will find the document here:
BILL_OF_RIGHTS
Looks good on paper, please be sure you read it before buying a home and heed the guidance offered. A copy will be available at my website www.denismarque.com under "Great Links - For The Parents".
You will find the document here:
BILL_OF_RIGHTS
Looks good on paper, please be sure you read it before buying a home and heed the guidance offered. A copy will be available at my website www.denismarque.com under "Great Links - For The Parents".
Subprime Borrowers Get Hope Now
If you are a homeowner with a subprime mortgage, chances are, you could use a little hope, right about now. The following from Realty Times:
HOPENOW
If you are able to re-finance, and there are a few that can, on an 85% of appraised value, the interest rate on 30 year fixed is now 5.75%.
Do call HOPENOW, they do appear to be helping folks.
HOPENOW
If you are able to re-finance, and there are a few that can, on an 85% of appraised value, the interest rate on 30 year fixed is now 5.75%.
Do call HOPENOW, they do appear to be helping folks.
Thursday, January 10, 2008
1ST 2008 REPORT FOR SOUTHEAST VALLEY SALES & INVENTORY
his is the 1st 2008 weekly "last 30 day" report for the Southeast Phoenix Valley market.
This data is provided weekly courtesy of First American Title.
Please use the BACK arrow to return to this Blog:
MLS INVENTORY - 01/02 - SOUTHEAST VALLEY
Comparing this data with the last December report (12/12/07), the combined PENDING (under contract) and SOLD totals show an increase of over 300 homes. Current ACTIVE inventory is just over 14 months.
We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.
This data is provided weekly courtesy of First American Title.
Please use the BACK arrow to return to this Blog:
MLS INVENTORY - 01/02 - SOUTHEAST VALLEY
Comparing this data with the last December report (12/12/07), the combined PENDING (under contract) and SOLD totals show an increase of over 300 homes. Current ACTIVE inventory is just over 14 months.
We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.
Tuesday, January 8, 2008
MORTGAGE RELIEF UPDATE & TAX CHANGES
The following is provided courtesy of Bob Martin, Artisan Mortgage:
Update # 1 - Mortgage Relief Passed by Congress & Signed Into Law by the President!
On Thursday, December 20th, President Bush signed into law a bill passed by Congress: HR 3648 –Mortgage Forgiveness Debt Relief Act of 2007. The three major points are:
· Elimination of the “phantom tax” on foreclosures, short sales or other discharges of debt on a primary residence. Consider this scenario: A property is worth $250,000, and the mortgage balance is $300,000. Under the old rules, if a lender forgave the $50k difference as part of a foreclosure, short sale, refinance or loan modification, the borrower had to claim the $50k as income and pay federal income taxes on that amount. The new law eliminates this “phantom tax”, and the forgiven debt is no longer treated as taxable income to the borrower, as long as certain requirements are met, such as the discharged mortgage balance must be on the taxpayer’s principal residence (no investors or 2nd homes).
· The tax deduction for mortgage insurance premiums is now extended until December 31, 2010 instead of expiring at the end of 2007. The same rules apply as before in terms of the income limitations, etc. If you have questions about these rules please contact Artisan Mortgage for more information.
· The capital gains exclusion is now $500,000 instead of $250,000 for an unmarried individual who sells their primary residence within 2 years of the time their spouse has died. This new guideline applies to sales after December 31, 2007, and provides relief for widows and widowers by giving them a 2 year window from the time their spouse has died to sell their home and receive the $500,000 exclusion. Of course, the same rules apply as before, where the individual(s) need to have lived in the home as their primary residence for 2 out of the last 5 years.
Update # 2 – AMT (Alternative Minimum Tax) Relief Passed by Congress
Congress passed AMT relief on Wednesday, December 19. The President has indicated a strong willingness to sign this bill into law, and it is currently awaiting his signature. Under this one year patch, approx. 20 million taxpayers have escaped the clutches of the AMT. However, approx. 3.5 million taxpayers are still expected to be subject to the AMT.
Bob Martin
Artisan Mortgage
Certified Mortgage Planning Specialist
(623) 518-4401
bmartin@artisanloans.com
Update # 1 - Mortgage Relief Passed by Congress & Signed Into Law by the President!
On Thursday, December 20th, President Bush signed into law a bill passed by Congress: HR 3648 –Mortgage Forgiveness Debt Relief Act of 2007. The three major points are:
· Elimination of the “phantom tax” on foreclosures, short sales or other discharges of debt on a primary residence. Consider this scenario: A property is worth $250,000, and the mortgage balance is $300,000. Under the old rules, if a lender forgave the $50k difference as part of a foreclosure, short sale, refinance or loan modification, the borrower had to claim the $50k as income and pay federal income taxes on that amount. The new law eliminates this “phantom tax”, and the forgiven debt is no longer treated as taxable income to the borrower, as long as certain requirements are met, such as the discharged mortgage balance must be on the taxpayer’s principal residence (no investors or 2nd homes).
· The tax deduction for mortgage insurance premiums is now extended until December 31, 2010 instead of expiring at the end of 2007. The same rules apply as before in terms of the income limitations, etc. If you have questions about these rules please contact Artisan Mortgage for more information.
· The capital gains exclusion is now $500,000 instead of $250,000 for an unmarried individual who sells their primary residence within 2 years of the time their spouse has died. This new guideline applies to sales after December 31, 2007, and provides relief for widows and widowers by giving them a 2 year window from the time their spouse has died to sell their home and receive the $500,000 exclusion. Of course, the same rules apply as before, where the individual(s) need to have lived in the home as their primary residence for 2 out of the last 5 years.
Update # 2 – AMT (Alternative Minimum Tax) Relief Passed by Congress
Congress passed AMT relief on Wednesday, December 19. The President has indicated a strong willingness to sign this bill into law, and it is currently awaiting his signature. Under this one year patch, approx. 20 million taxpayers have escaped the clutches of the AMT. However, approx. 3.5 million taxpayers are still expected to be subject to the AMT.
Artisan Mortgage
Certified Mortgage Planning Specialist
(623) 518-4401
bmartin@artisanloans.com
ALWAYS SOME GOOD NEWS
The following provided courtesy of Craig Bohall at www.submort.com:
1) The Senate approved legislation that would cut in half the down-payment requirement for loans obtained from the Federal Housing Administration. The bill also raises the maximum loan size to $417,000. - change your paradigms! This isn’t your parents FHA loan!
417K limit with 1.5% down!!
There are millions of your renters out there with 1.5% for a down payment!
2) First time home buyers - add this tool to your browser:
http://www.pmi-us.com/media/pdf/em/pmi_successhomeownerbk.pdf
to preview and/or download the Becoming a Successful Homeowner book. Available in English or Spanish.
3) Fannie Mae revised yet another guideline on 12-05-07 (announcement 07-23) regarding sales concessions VS financing concessions. Financing concessions like origination, discount, are acceptable as far as concessions paid by the seller or Realtor because they are normal and customary.
SALES concessions however are NOT normal and customary to the financing transaction and are treated as follows and I quote… “Sales concessions that take the form of non-realty items such as cash, furniture, automobiles, decorator allowances (paint and carpet), moving costs, or other giveaways, pre paid HOA dues are considered sales concessions and the value of such concessions MUST BE DEDUCTED FORM THE SALES PRICE WHEN CALCULATING THE LTV RATIOS”
In plain English = carpet allowances or any such NON typical item needed for the financing of the home will be valued and deducted from the sales price to determine the new loan amount….
Translation =
OLD RULE = 100K home, 5% down = 95K loan
NEW RULE = With a 5K “sales” concession, you deduct 5K from sales price = 100K – 5K = 95K
Buyer gets a 95% loan from 95,000 which means the loan amount now is 90,250.
HOWEVER, you are buying a 100K home so that means more money down.
Payment abatements are no longer eligible to be delivered to Fannie Mae effective immediately! (seller pays for first few months of payments for buyer)
Craig Bohall
"Striving to be...your lender for life!"
480-619-4411 - office
1910 S Stapley Dr #107
NW corner of Stapley & Baseline
480-540-3596 - cell
480-344-7968 - e-fax
cbohall@submort.com
www.submort.com/
1) The Senate approved legislation that would cut in half the down-payment requirement for loans obtained from the Federal Housing Administration. The bill also raises the maximum loan size to $417,000. - change your paradigms! This isn’t your parents FHA loan!
There are millions of your renters out there with 1.5% for a down payment!
2) First time home buyers - add this tool to your browser:
to preview and/or download the Becoming a Successful Homeowner book. Available in English or Spanish.
3) Fannie Mae revised yet another guideline on 12-05-07 (announcement 07-23) regarding sales concessions VS financing concessions. Financing concessions like origination, discount, are acceptable as far as concessions paid by the seller or Realtor because they are normal and customary.
SALES concessions however are NOT normal and customary to the financing transaction and are treated as follows and I quote… “Sales concessions that take the form of non-realty items such as cash, furniture, automobiles, decorator allowances (paint and carpet), moving costs, or other giveaways, pre paid HOA dues are considered sales concessions and the value of such concessions MUST BE DEDUCTED FORM THE SALES PRICE WHEN CALCULATING THE LTV RATIOS”
In plain English = carpet allowances or any such NON typical item needed for the financing of the home will be valued and deducted from the sales price to determine the new loan amount….
Translation =
OLD RULE = 100K home, 5% down = 95K loan
NEW RULE = With a 5K “sales” concession, you deduct 5K from sales price = 100K – 5K = 95K
Buyer gets a 95% loan from 95,000 which means the loan amount now is 90,250.
HOWEVER, you are buying a 100K home so that means more money down.
Payment abatements are no longer eligible to be delivered to Fannie Mae effective immediately! (seller pays for first few months of payments for buyer)
"Striving to be...your lender for life!"
480-619-4411 - office
1910 S Stapley Dr #107
NW corner of Stapley & Baseline
480-540-3596 - cell
480-344-7968 - e-fax
cbohall@submort.com
www.submort.com/
Subscribe to:
Posts (Atom)
