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June 9, 2009 Open House this Saturday June 13 from 1-4pmAddress: 13316 SE 57th Street, Belleuve, WA 98006
Price: $550,000
Bed/Bath: 4 / 2.50
Sq. ft.: 2,210
Yr Built: 1977(more details)
May 31, 2009Open House this Sunday May 31st from 1-4pm
Address: 1925 NE 35th Place, Renton, WA 98056
Price: $495,000
Bed/Bath: 4/2.75
Sq. ft.: 2,750
Yr Built: 2001
(more details)
May 18, 2009Buyer Tax Credit Loan Guidance Coming Soon
Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit is expected to be out shortly, but a spokesperson from the U.S. Department of Housing and Urban Development, which is writing the guidance, couldn't give a firm release date.
HUD policy staff are "still working out the details on it," HUD spokesperson Lamar Wooley told REALTOR® Magazine today. "So we expect it to be published shortly."
The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected tax credit, was announced by HUD Secretary Shaun Donovan at the Real Estate Summit NAR hosted on the opening day of its 2009 Midyear Legislative Meetings in Washington last week.
At the summit, Donovan said the loans would enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash could be used as a downpayment.
"FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to 'monetize' the tax credit through short-term bridge loans," Donovan said. "We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."
It's unclear at this point what shape the guidance will take and whether authorization for the loans will be available across the board or only in states in which the state housing finance agency already has a tax credit bridge-loan program in place.
There are 10 states today that have such a loan program, according to the National Council of State Housing Agencies: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee.
You can access details of these loan programs on the NCSHA's Web site, "First-Time Homebuyer Tax Credit Loan Programs."
When it's released, the guidance is expected to be issued as a HUD Mortgagee Letter and will likely discuss which federal, state, and local governmental agencies and nonprofit organizations will be permitted to make the loans, and whether lenders such as FHA-approved mortgagees will be permitted to make the loans.
The guidance could also cover how loan amounts will be limited, what happens if repayment problems occur, and what repayment terms would look like. —By Robert Freedman for REALTOR® Magazine
Wondering how to get started? Please feel free to contact me with your question.
May 17, 2009Rates Below 5% for Ninth Week Straight
Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.
Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.
The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
Source: Freddie Mac
| |  Ricky Chan
Realtor®
Tel: 425.445.6992
Fax: 425.947.9908
560 Naches Avenue SW,
Suite 100, Renton,
WA 98057
email: rickyhomes@gmail.com懂流利國、粵語、
及英語Fluent in Chinese
and English
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