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Update to Tax credit as downpayment approved by HUD for Naperville home buyers

Buyers Information, Financing, Government Housing Programs, Mortgage No Responses »
Jun 022009

Update 06/02/09:

The following paragraph is excerpted from an Illinois Association of Realtors bulletin published June 2, 2009. It addresses what is being done in light of the lack public funded programs in Illinois. FHA approved lenders may come off the sidelines in the near future but for now, they are still examining and evaluating the program.

FHA’s rules allow state housing finance agencies and certain nonprofits to ‘monetize’ the tax credit (depending on the amount of the mortgage). While a short-term bridge loan to monetize the tax credit is not a product immediately available from FHA lenders in Illinois, the IAR is currently working with the Illinois Housing Development Authority to determine the feasibility of developing such a program that can be used in conjunction with an FHA mortgage loan. The tax credit applies to qualifying home purchases made by first-time homebuyers on or after Jan. 1, 2009 and before Dec. 1, 2009. For more details on the tax credit see www.realtor.org. Read theMortgagee Letter 2009-15 regarding the monetization program released by HUD last week.

Posted by Tony Lazzari at 10:32 pm Tagged with: , ,

Update: OMB has asked FHA to hold off on tax credit bridge loan program

Buyers Information, Financing, General, Government Housing Programs, Mortgage No Responses »
May 142009

Tuesday evening I blogged about the FHA program that would have allowed first time home buyers to use the expected tax credit as a down payment. Apparently, at the request of OMB, FHA has withdrawn Mortgagee Letter 09-15. Hopefully this action is only temporary.

The text of the withdrawn letter can be viewed here. As more info becomes available I will keep this updated. 

(Thanks to my friends at Virginia Association of Realtors for being a great source of information.)

Posted by Tony Lazzari at 10:31 am Tagged with: , ,

1st Time Home Buyers Seminar

Buyers Information, Government Housing Programs 3 Responses »
Apr 092009

house2Do you currently rent? have you thought about buying a home/condo/townhome for the first time? Maybe have a few questions about the process, credit scores, financing, etc? Can you afford a couple hours to learn these answers and more? What are you doing on Wednesday May 13, 2009 @ 6:30 pm?

Ryan Hill Realty will be sponsoring a 1st Time Home Buyers Seminar from 6:30 – 9:00 pm that evening at the Naperville Municipal Center, 400 S. Eagle St, Naperville, IL. Topics that will be addressed by guest speakers will include:

  • Learn about the home buying process, terms, details and review the various real/estate home options
  • Find out about the 1st time home buyer tax incentive and what the qualifications are.
  • Review the latest mortgage and lending programs available.

Attendees can sign up for various sponsor raffles as well as a drawing for a 5 day, 4 night Cruise For Two* donated by Ryan Hill Realty. (Winners must be present at time of drawing.)

Contact me for free tickets!

For reservations, you can call 630.897.2165 x258. Or email me. 

$10/person | $15/couple. No Refunds.

All proceeds are for the benefit of Hesed House, Aurora, IL.

Click here for event flyer.

Posted by Tony Lazzari at 9:51 pm Tagged with: , , , , ,

US Treasury Announces Making Home Affordable Guidelines

General, Making Home Affordable, Mortgage modification, Refinance 1 Response »
Mar 052009

Making Home Affordable is a new program designed to offer assistance to as many as 9 million homeowners, making their mortgages more affordable and helping to prevent the impact of foreclosure. There are 2 main parts to the program:

  • The Home Affordable Refinance program will be available to 4-5 million homeowners with a solid payment history on an existing Freddie or Fannie owned mortgage. This program ends June 2010.
  • The Home Affordable Modification will help up to 3-4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.

Summary guidelines from the US Dept of the Treasury provide more detailed information.  A new website has been set up http://www.financialstability.gov/ for these programs. If you think you might be eligible to participate there is a step-thru questionnaire at the above link to guide you thru the process. Also you may call your lender to discuss their participation and your eligibility.

Posted by Tony Lazzari at 4:42 am Tagged with: , , , ,

Easter Food Drive to benefit Loaves & Fishes

Around Naperville, Giving Back No Responses »
Mar 032009

Kelley Schwartz of Ryan Hill Realty announced today that from now thru April 6, 2009, they will be collecting food items to help resupply Loaves & Fishes, the local food pantry in Naperville. The following is excerpted from Loaves & Fishes home page to give you an idea of what they do and how many lives they impact. Please download, print and distribute the easter-food-drive-flyer.

From July 1 through December 31, 2008:

∙ 8,085 on-site and home delivery visits assisted 18,243 individuals, a 17% increase over last year.

∙ 598 families visited Loaves & Fishes for the first time, compared with 701 in the entire previous year, representing a 60% increase.

How does Loaves & Fishes meet these escalating needs?

∙ Our community business partners, like Casey’s, Costco, Dominick’s, Great Harvest Bread, Jewel, Trader Joe’s, and Whole Foods, regularly donate perishable goods for our distributions and host food drives.

∙ Our donors contribute money, food, toiletries, and cleaning supplies.

∙ Our network of more than 300 volunteers picks up, sorts, stocks, delivers and distributes food and personal care essentials to our neighbors in need.

∙ Our Client Choice distribution format empowers recipients by allowing them to choose the foods they will take home, dramatically reducing waste and ensuring everyone gets the full complement of usable products intended to assist them for two weeks.

In Fiscal Year ‘08, Loaves & Fishes:

∙ Supplied 1,200,000 pounds of groceries to 1,800 unique struggling families in 14,000 distributions.

∙ Provided over 2,500 deliveries to the homebound elderly and disabled, ensuring this fragile population regular access to nutritious food.

Approximately 50% of the hungry we serve are children under the age of 18.
Loaves & Fishes:

∙ Prepares 1,900 students in grades 1 through 12 for learning by supplying breakfast assistance during the school year and a special nutrition program in the summer.

∙ Furnishes baby food, formula or diapers to more than 500 infants.

You Can Make a Difference!

∙ Your financial support, combined with our cooperative buying power and tax-exempt status, turns $5 into $50 worth of food for a hungry family!

∙ Your donation of food helps of feed your neighbors.

∙ Your donation of time means we have enough people to perform all the tasks needed to get food into the hands of the people who need it.

Hunger knows no season. Please help Loaves & Fishes all year.

Donation boxes will be set up @ Casa Bella on W Jefferson and Buikema Ace Hardware on N Washington. More locations will follow. Thanks for your generous consideration.

Posted by Tony Lazzari at 7:19 pm Tagged with: , , , ,

Homebuyer Tax Credit Details

Buyers Information, General 3 Responses »
Feb 232009

The stimulus bill passed by Congress and signed by President Obama offers an incredible opportunity to home buyers. Here are the more of the details:

  1. It is a true tax credit. First time buyers who purchase and close on a home between Jan 1, 2009 and Dec 1, 2009 will receive a credit against their 2009 Federal Income Tax of $8,000. (10% of purchase price up to a max of $8000). This is a dollar for dollar reduction in the tax you owe. If your tax bill is less than the credit, you will receive a check for the balance.
  2. If the home is sold within the first 3 years after purchase, the entire amount is recaptured on sale.
  3. First time buyers are defined as those who have not owned a principal residence in the last 3 years.

Consider this scenario – A first time buyer using FHA financing puts down the required 3.5% on a $200,000 property. The tax credit more than covers the $7,000 down. In addtion, property tax and mortgage interest deductions in the next year would  provide income tax deductions in excess of $10,000! Monthly payments may be even less than rental payments today.

I believe this is an incredible opportunity. If you know of family members or friends who may qualify, contact me and we can explore together.

Posted by Tony Lazzari at 6:31 pm Tagged with: , , ,

Stimulus Bill Passes!

Buyers Information, General No Responses »
Feb 142009

Late Friday night Congress passed the $787 billion Stimulus package and sent it to the White House for signature. While all the details are still being sorted out I think we know the plan for Housing. The details on the 2 elements that may garner the most press are quoted from the National Association of Realtors (NAR) (full description here):

  1. – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. Here is a Home Buyer Tax Credit Chart that compares the new provisions to that which was on the books.
  2. -The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.  These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of  $729,750.  For the few areas where the 2009 limits were higher, the higher limits will apply.  In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary’s discretion is again limited.

These provisions are not as agressive as many hoped for, but they are very good, especially for first time home buyers. An $8,000 tax credit if you are a first time buyer and purchase a home in 2009! If this could apply to you, visit my website and start your free home search or give me a call.

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