Hey, this could be good for some people! Glad they're still thinking of ways to help homebuyers...
"Daily Real Estate News | April 13, 2011 | Share
Fannie Offers Closing Cost Help for REOs
Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales."
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041301?OpenDocument
Showing posts with label fha loans. Show all posts
Showing posts with label fha loans. Show all posts
Wednesday, April 13, 2011
Sunday, November 29, 2009
TAX CREDITS FOR REPEAT HOME BUYERS :)
Do check this out, especially if you are thinking of buying another primary residence before the end of April 2010!!
"Frequently Asked Questions
About the Move-Up/Repeat Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation."
http://www.federalhousingtaxcredit.com/faq2.php
"Frequently Asked Questions
About the Move-Up/Repeat Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation."
http://www.federalhousingtaxcredit.com/faq2.php
Tuesday, July 21, 2009
Next wave of foreclosures coming while Investors dive in...
What a crazy world we live in right now!! Here we are, with prices the best in years, and multiple offers on the lower priced homes right now... and the next wave of foreclosures looming at us. My hope is that we all learn something from these times, so that we are not doomed to repeat in 20 years or so!!
"Investors Drive Foreclose Prices Up Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.
Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.
When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.
Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Source: The Associated Press, Jonathan J. Cooper (07/20/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009072102?OpenDocument
Take care, and talk to you next time,
Karena Jolley of the MendoGroup team
at Coldwell Banker Mendo Realty, Inc.
707 354 2999
faxwww.MendoGroup.com
dre# 01482063
"Investors Drive Foreclose Prices Up Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.
Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.
When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.
Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Source: The Associated Press, Jonathan J. Cooper (07/20/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009072102?OpenDocument
Take care, and talk to you next time,
Karena Jolley of the MendoGroup team
at Coldwell Banker Mendo Realty, Inc.
707 354 2999
faxwww.MendoGroup.com
dre# 01482063
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