Archive for Homebuyer Tips
Market Update Message From Central City Atlanta Condos
Central City Atlanta Condos gives us a market update for February 2010. Based on the recently approved FHA changes and current improving market conditions, now is the time to buy at Central City for multiple reasons.
FHA Changes – Details Explained
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Last week, we posted a very breif article about the upcoming FHA loan changes that have been approved. The new measures will help the FHA better manage risk, while maintaining the support for the current housing market conditions. The most significant change is the reduction of seller concessions from 6% to 3%. It will take a couple of months or so for the changes to take affect therefore, all potential homebuyers are encouraged to act quickly to take advantage of the current guidelines.
Here are the specifics of all changes and how it will affect you. Read More→
Upcoming FHA Loan Changes
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As of today, January 20, 2009, the Federal Housing Administration (FHA) has announced some upcoming changes in their policies. The seller concession maximum has been been reduced from 6% to 3%. The FHA will continue to allow the upfront premium to be financed but the upfront mortgage insurance premium has been increased to 2.25%. The down payment of 3.5% will remain the same. Although these changes have been announced by the FHA, it will take the a few months for these changes to take affect.
Mortgage Rates Are So Low!
| CommentsMortgage rates continue in the historic lows, with most fixed rate products in the 4% range and five year adjustable rates as low as 3.625%. It was stated in this week’s economic report that mortgage rates should remain below 5% in the near term. With low mortgage rates and the extended Federal tax credit for first time homebuyers and a new tax credit for repeat home buyers, this really is a the time to buy a home! Read More→
The Federal Tax Credit Has Been Extended
| CommentsIt’s official. President Obama has signed the billed to extend the federal $8,000 Homebuyer Tax Credit and added a $6500 tax credit for repeat home buyers. The $8,000 tax credit stipulations remain the same. The $6500 repeat home buyer tax credit is for homeowners who have lived in their home for 5 years. There is no minimum salary requirement but there is a maximum salary of $125,000 per year for a single person or $250,000 per year for married couples. The credit is applicable for homes priced under $800,000. New homebuyers and repeat home buyers now have until April 30, 2010 to write a contract on a new home and until July 1, 2009 to close on the new home.
Homebuyer Tax Credit Extended?
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With the November 1, 2009 expiration of the $8,000 home buyer tax credit fast approaching, there has been question of whether this tax credit could possibly be extended. According to CNN News, it seems that Senate Democrats have reached an agreement to extend the $8,000 homebuyer tax credit to the end of April 2010. However, this new agreement proposal would also include an additional benefit for repeat buyers.
