NORTH Idaho Real Estate Pro

Just announced! 

Oct. 29--A Senate committee reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

• The compromise measure expands the tax credit to non first-time buyers and also raises income ceilings, while also extending the deadline to to April 30, 2010.
• Under the new proposal, people who have lived in a primary residence for five consecutive years would be eligible for a $6,500 credit when purchasing a new property.
• Incomes limits will be raised to $125,000 for individuals and $225,000 for couples, vs. $75,000 and $150,000 previously.
• The maximum house value rises to $800,000.

There are a lot of details not yet released.  However, it is my understanding that:

• Home buyers would not have to repay the credit, provided the home remains their principal residence for at least 36 months.
• The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.
  
• The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.

Click here for the CNBC News Article

Click here for the The Philadelphia Inquirer

Please contact me to find your next home.  Use my free MLS home search "Portal."  I would love to help you find your North Idaho Dream!

Your North Idaho Real Estate Pro:

Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS
Previews Property Specialist
Web:  Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID  838315 

Many banks have tightened up standards on their mortgage loans in the current lending enviorment.   Many Homebuyers are being turned away becasue their Bank does not offer FHA financing options.

FHA  is a great way to go if the borrower is putting down less than 20%, even if the borrower has an excellent credit score.   Today, many banks are not offering conventional loans with private mortgage insurance for borrowers under 740 with less than 20% available for the down payment.  This makes FHA Insured loans loans the only alternative for a homebuyer to obtain financing.

APR based on 3.50% down payment on a $300,000 sale price

 FHA Rate Updates for: 
10/21/2009 

An FHA loan can be obtained with a credit score as low as 640.  Many banks are not lending borrowers with a credit score under 680 and some even require a 740 credit score, certainly for the best terms.  FHA offers great rates with reduced monthly mortgage insurance, more liberal debt to income allowance, only a 3.50% down payment requirement and up to a 6.0% seller contribution toward your buyers closing costs.

Below is a comparison of FHA and Conventional financing requirements for a $300,000 sale price on a single family residence in Orange County, California. 

All of the the above information is deemed reliable but not guaranteed.  Please verify through your local FHA Lender.

See my earlier Blog regarding USDA 102% Financing Loans. Click on the following Link:

USDA Guaranteed Rural Housing Program - 102% Financing - No Mortgage Insurance

Please feel free to contact me to find a local FHA lender.   I would also love to help you find your North Idaho Dream home!

Your North Idaho Real Estate Pro:

Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS
Previews Property Specialist
Web:  Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID  838315 

House Extends Tax Credit to Active Military for One More Year

Yesterday the House of Representatives unanimously voted to extend the $8,000 first-time home buyer tax credit to active military personnel, foreign service and intelligence officers.  HR 3590 extends the existing tax credit to this group until November 30th, 2010.  The bill now goes to the Senate, and is expected to pass with the same ease.

The bill was introduced by Rep. Charles Rangel (D-NY) because it was thought that military personel serving oversees this year did not have the same opportunity to take advantage of the tax credit.  If the original qualifications are met, the extension applies to military personnel who spent at least 90 days of the current calendar year oversees.  It also does not require borrowers to payback the tax credit if they are deployed after receiving it.  The current tax credit requires borrowers payback the tax credit if they do not occupy the home within three years of receiving the tax credit.

No word yet on whether the $8,000 tax credit will be extended for all eligible borrowers.

Your North Idaho Real Estate Pro:

Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS
Previews Property Specialist
Web:  Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID  838315