Alaska Home Loans for you, – Residential Mortgage LLC

Hilde's Mortgage Blog

Great news for first time home buyers

August 16th, 2008 11:25 PM

The recently passed HR 3221 provides for a one time tax credit of up to $7,500. As always, restrictions do apply. You have to be a first time home buyer, meaning you can't have owned your primary residence in the past 3 years. There are income limits, $75,000 for a single person and $150,000 for a married couple. This opportunity is time limited and is available for home purchases from April 9th 2008 to July 1st 2009. If your loan is funded via a tax exempt bond (mortgage revenue bonds) you are NOT eligible for the tax credit. The tax credit needs to be repaid at $500 per year over 15 years unless certain exemptions apply. Before making any decisions based on above information, consult with your tax accountant for the full scope and impact for you.

Posted by Hilde Stapgens, CMB (AK193345) on August 16th, 2008 11:25 PMPost a Comment (0)

Subscribe to this blog

Fannie Mae and Freddie Mae

August 20th, 2008 8:51 AM

I just found this snipped of summary.

"Charleston Post and Courier (08/20/08); Zibel, Alan
The turmoil surrounding Fannie Mae and Freddie Mac's decline has had four consequences for borrowers: limited loan choices, steeper interest rates, larger down payments and more fees and closing costs. Lenders that must satisfy the increasingly tighter requirements of the two government-sponsored enterprises are now demanding everything from bank statements to large cash reserves to second appraisals before approving a loan to refinance a house. Borrowers are paying higher rates and fees because both GSEs are attempting to boost revenue and stem losses. Earlier this month, for instance, Fannie Mae vowed to double the fee it charges lenders and brokers to 0.5 percent from 0.25 percent, starting on Oct. 1."

Risk based pricing seems to continue to intesify.

Posted by Hilde Stapgens, CMB (AK193345) on August 20th, 2008 8:51 AMPost a Comment (0)

Subscribe to this blog