From The IRS : The First-Time Homebuyer Credit Form

March 4, 2009

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the First-Time Homebuyer Credit Form. True to tax code standards, the 10-field form is accompanied by 3 pages of instructions. Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit.

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Can You Guess What Percentage Of Mortgages Are Still Paid On-Time?

March 3, 2009

Mortgage delinquencies are on the rise nationwide, but the news may not be as bad as it appears at first glance. Using anonymous data from its national credit database, TransUnion reports that 4.58 percent of American homeowners were at least 60 days past due on mortgage payments last quarter

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How does Consumer Spending Affect Mortgage Rates?

March 2, 2009

Mortgage markets worsened last week, taking interest rates with them. A steady drip of sour economic news plus concerns about the banking system outmuscled Fed Chairman Ben Bernanke’s congressional testimony in which he said the recession would likely end later this year. Overall, mortgage rates have risen in 9 of the last 12 trading days.

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What Are The Country’s Best Affordable Suburbs?

February 27, 2009

Nationwide, home affordability has received a serious boost from the combination of falling home prices and falling mortgage rates. Today, because of the sagging economy, in most parts of the country, the cost of owning a home versus renting one is now very close to its historical average

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The Key Fact Missing From Today’s Existing Home Sales Headlines

February 26, 2009

In reading the headlines this morning, you’d think that last month’s Existing Home Sales figure signaled more trouble ahead for the housing market. Quite the contrary. Beyond the attention-grabbing headlines is the real story; the one that shows — once again — that housing market fundaments are coming back into balance

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The Relative Cost Of Owning Versus Renting Is Back At Historical Norms

February 25, 2009

One popular housing theory is that — before a bona fide housing recovery can begin — the cost of owning a home versus renting one must return to historical levels. If that belief is a truth, a national return to rising home prices may be in store for 2009

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County-By-County: The 2009 “High-Cost” Conforming Loan Limits

February 24, 2009

As part of the stimulus package passed last week, Congress authorized a temporary increase to conforming loan limits in certain high-cost parts of the country. “High cost” is defined by a regions’ median sales price

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How the Credit Crisis Works: A Video Walkthrough

February 23, 2009

My buddy Josh Dorkin over at BiggerPockets.com found these videos on how the credit crisis started and how the whole cycle works. VERY informative and accurate!

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How will the Uncertainty about the Stimulus Package Effect Mortgage Rates?

February 23, 2009

Traders brushed off Tuesday and Wednesday’s passage of the American Recovery and Reinvestment Act and the President’s mortgage relief plan, respectively. It showed how unsure markets remain about the stimulus package and its probable impact on the economy

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2009 Conforming Loan Limits Return To $729,750 In High-Cost Areas

February 20, 2009

Everything old is new again. Conforming mortgages are limited by loan size, based on “typical” housing costs around the country

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What The Homeowner Affordability and Stability Plan Doesn’t Mean To Homeowners

February 19, 2009

In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market. The story made the front page of nearly every newspaper in the country . The president’s plan is sweeping: Incent mortgage servicers to work with at-risk homeowners before delinquency starts Let homeowners with good credit but little equity refinance to today’s low rates Fund Fannie Mae and Freddie Mac to support mortgage markets It’s a broad plan with many positive angles, but for now, we can’t forget that it’s just a plan .

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How Does the Economic Stimulus Plan Help Homeowners?

February 19, 2009

Tax Credit for Homebuyers First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit […]

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How Twitter Changed My Life

February 19, 2009

I am an avid Twitter user. If any of you reading this are on Twitter, you can follow me here. Recently, I came across this presentation from slideshare. It does a great job of outlining the concept of microblogging and using twitter as a tool. How Twitter Changed My Life View more presentations from Minxuan […]

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Builder Financing & the Appraisal – Conflict of Interest?

February 18, 2009

It is recommended that an appraiser, not directly connected to the builder or the builder’s lending firm be used in order to avoid being another casualty of overpaying for a home.

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How The Stimulus Bill Indirectly Lowered Mortgage Rates

February 18, 2009

The American Recovery and Reinvestment Act of 2009 was signed into law Tuesday in Denver, Colorado.

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What’s Ahead For Mortgage Rates after the Stimulus Plan?

February 17, 2009

In anticipation of a strong, government-led stimulus plan, mortgage markets improved with fervor early last week only to fizzle with equal speed as efforts fell short of expectations. Neither the Fed, nor the Treasury nor Congress gave markets what they wanted. Between Monday and Friday, mortgage markets were essentially unchanged, ending a 4-week slide.

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Wouldn’t You Know It? As Consumer Confidence Falls, Home Sales Rise

February 16, 2009

Consumer Confidence fell this month for the first time in three months , reflecting Americans’ concern for the economy, housing, and the financial system. The reading isn’t much of a surprise given our collective exposure to a near-constant stream of negative news

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The Stimulus Package Helps More Than Just First-Time Home Buyers

February 12, 2009

With Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, the clock may be ticking for this year’s home buyers and homeowners. The package contains two benefits related to housing. The first provision is fairly well-known

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Forget The Dow Jones: How The Treasury’s Economy Revival Outline Helped Mortgage Rates

February 11, 2009

His speech was much anticipated, but it was what Treasury Secretary Tim Geithner didn’t say Tuesday that caused mortgage markets to improve. Mostly it was because of “safe-haven” buying. Safe-haven buying is when investors move cash to the safest investments possible for fear of losing their money elsewhere.

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What You Should Know When Buying A Short Sale or A Bank Owned Home (Part 2)

February 11, 2009

I will focus on the bank’s mindset when looking at or receiving your offer. Oh what a stubborn bunch! We have given them a ton of bailout money yet they are still being very rigid on the offers they are accepting from buyers. In my opinion this will drag out the housing crisis longer than […]

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