Jun
15
2009
It’s been 13 years since the FHA changed its approval process for insured mortgage financing on individual condo units. But late last week the FHA transferred authority directly to the lenders who can now determine if a condominium project, after meeting FHA-HUD regulations, is eligible for the insured financing. If the building has not yet completed all the requirements, the lender can offer “spot approval,” financing that can be funded on a limited basis and which takes the burden off the buyer. Buyers can now put down a lowest-ever 3.5 percent on approved condo buildings –– incredible in the condo market of today, where even buyers with good credit ratings are having a hard time obtaining a loan. An extra bonus is Continue Reading »
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Jun
02
2009
From the National Association of Realtors’ (NAR) Pending Home Sales Index, and based on contracts signed in April, pending house sales are up 6.7% – the highest monthly jump in seven years. Between the first-time homebuyer’s tax credit and low mortgage rates, home sales are on the rise for the third straight month, and up nearly 3.2% since a year ago.
Because of the date limitations of the tax credit (December 1, 2009), the NAR expects a flurry of buying activity over the next six months, both by first-time buyers and, as a result, repeat buyers. Nationally, the present median price for a single-family home sits right about at $170,000. The Northeast saw the highest jump on pending sales (33%); The West (the third highest on the list) saw a 1.8% increase.
The 30-year fixed mortgage rate rose yesterday; April 28 saw the lowest level since 1998 (when the first records appeared).
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May
29
2009
The Federal Housing Administration (FHA) announced on Friday May 29, 2009 that they will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. More information about the details of this plan may be found on Dept of Housing and Urban Developments website
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May
15
2009
The 780 billion-dollar economic stimulus plan – the American Recovery and Reinvestment Act of 2009 – includes an $8,000 first-time home buyer tax credit. Though we were all hoping for the originally proposed $15,000 tax credit, the 8K is still reason to celebrate.
Here are the top 10 things you need to know if you hope to take advantage of the tax credit:
1. The $8,000 tax credit is for first-time home buyers only. (“First time” means you cannot have owned a home for three years before your current purchase)
2. It can be applied to 2009 home purchases closing before December 1, 2009.
3. The tax credit does NOT have to be repaid (unlike the Continue Reading »
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Mar
18
2008
Seattle condo buyers don’t get too excited yet, because even though the fed cut the rates it does not mean the mortgage rates will go down the same amount to buy that Seattle condo. Investors don’t want to get locked into long term investments with low interest rates if we have high inflation. Despite a reduction of 2.25 points since September in interest rates we have seen little fluctuation in l Continue Reading »
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Mar
13
2008
Spring is approaching for Seattle condo buyers and its seems as though more first time buyers are starting to search for Seattle condos. Tracking how many buyers are requesting showing appointments is a good metric to see which way the Seattle market is heading. In my opinion buyers who were waiting for long term interest rates to come down drastically don’t see this happening and realize we have some of the lowest rates since 1983. With the dollar declining versus other currencies you have to ask yourself Continue Reading »
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Mar
06
2008
The Department of Housing and Urban Development released loan limits for the Seattle and surrounding areas today. That makes the new FHA, Fannie Mae and Freddie Mac loan limit $567,500 (125% of the median home price). This is part of the economic stimulus package signed by President Bush earlier at the end of Feb this year. The bill currently increases the home loan limits and ends December of 2008.
The loan limit for other dwellings in the areea are as follows: Continue Reading »
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Jan
28
2008
The senate decided to hold up a bill to increase mortgage - ——————
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