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1) More Money Down

2) Stay For a Decade

3) Prepare For Competition

Without a house to sell, first-time buyers have had a field day in the depressed housing market.  Until recently, anyway.  A series of new rules, regulations, and policies have changed the landscape, making buying that new home harder and more expensive. Read Full Story At SmartMoney

First-Time Homebuyer Tax Credit Extended for Veterans
If you or your spouse is a member of the armed forces and has recently served active duty outside of the US for at least 90 days between January 1, 2009 and April 30, 2010, you could still qualify for a first-time homebuyer tax credit of up to $8,000. Furthermore, if you receive a VA loan, you may be eligible for more savings.

	VA loans are available to active military personnel, veterans, and spouses. They do not require a down payment, interest rates are cheaper than other home loans, and do not require mortgage protection insurance.
	Tax credit qualifications include: - Your income cannot exceed $125,000 if you are single.* - Your combined income cannot exceed $225,000 if you are married.* - A purchase agreement must be signed by April 30, 2011. - The home purchased cannot exceed $800,000. *If your income exceeds these levels, you may be eligible for a partial tax credit.
	For more details, please visit: www.militaryunited.com.

]]> http://www.lundreo.com/2011/03/04/first-time-homebuyer-tax-credit-extended-for-veterans/feed/ 0 http://www.lundreo.com/2011/03/03/banks-new-rules-for-buying-after-bankruptcy-and-foreclosure/ http://www.lundreo.com/2011/03/03/banks-new-rules-for-buying-after-bankruptcy-and-foreclosure/#comments Thu, 03 Mar 2011 17:52:51 +0000 admin http://www.lundreo.com/?p=697 We have updated rules for those who want to buy a home, but have recently been through a bankruptcy or foreclosure.

Previous Mortgage Foreclosure

A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for an insured mortgage.

However, if the foreclosure of the borrower’s principal residence was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit, an exception may be granted. Extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

Bankruptcy

A bankruptcy (Chapter 7 liquidation) will not disqualify the borrower if :

·         At least two years have passed since the bankruptcy was discharged, and

·         The borrower has re-established good credit (or has chosen not to incur new credit obligations), and

·         The borrower has demonstrated an ability to manage financial affairs

We hear many times that potential buyers think “its a good time” in the real estate market.  Others will agree, but are still convinced of further price decline.  The showings are great evidence of the buyer’s willingness to ‘look’ at real estate.

I feel this is good ’Ju-Ju’ for the next 3 months in North County.  Buyers will often shop in today’s market between 3-6 months.  This high number of showings tells us that we should have a brisk April-June selling season.

A summary of the details:

The primary goal to help families remain in their homes. The programs, under the umbrella title of Keep Your Home California, are federally funded as part of the U.S. Treasury Dept.’s Hardest Hit fund, and are aimed at helping low and moderate income homeowners struggling to pay their mortgages amid the worst real estate crisis in decades.  California received a total of nearly $2 billion through the Hardest Hit fund. After consulting with community leaders throughout the state, four programs were created to assist California families.
Specifically, the Keep Your Home California programs provide:
1)  Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in
imminent danger of defaulting on their home loans.

2) Funds to help homeowners who have fallen behind on their mortgage payments due to a
temporary change in a household circumstance. The program will provide up to $15,000
per household to reinstate mortgages to prevent foreclosures.

3) Money to reduce the principal owed on a mortgage (WOW!) for a home where the low or moderate income homeowner is facing a serious financial hardship and owes
significantly more than the home is worth. The program requires lenders to match any
assistance provided by the Keep Your Home California program.
To apply for the assistance, homeowners should contact the Keep Your Home California call center toll-free at (888) 954-KEEP(5337) or their mortgage servicer – the company to which the borrower sends monthly mortgage payments. Each of the mortgage assistance programs requires the participation of the mortgage servicer.
As of Feb. 9, the following servicers are participating in all four Keep Your Home California programs:
GMAC
Guild Mortgage
California Housing Finance Agency
California Department of Veterans Affairs
Other servicers, including Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo are currently participating in some, but not all programs at this time. The list of participating servicers is expected to expand in the coming weeks.

372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period.

Overall foreclosure filings edged up to 930,437 in the third quarter, a 4% increase from the previous quarter. One in every 139 homeowners received a foreclosure filing during those three months.

Bank repossessions, or REOs, also are on the rise. In September, a record 102,134 homes were taken back by banks. It’s the first time repos have topped 100,000 in a single month.

Read Full Article Here

In the height of the market of 04’ and 05’ when property values were increasing every month, flipping a property had few risks. Not only were you adding value with every dollar you spent, but time was on your side. As soon as property values started to sharply decline the money flippers were putting into homes was to keep the value from falling below the original purchase price. Needless to say, flippers left the scene.

Well, they’re back!

Here is an example of a flip in South Oceanside that could mean a substantial profit for the sellers if it sells close to the list price. 815 Whaley St., Oceanside was listed on 1/30/09 for $299K. It was advertised in the MLS with the following remarks, “BANK OWNED!! PROPERTY NEEDS MAJOR WORK. MISSING FLOORING, BATHROOMS INCOMPLETE, ETC. MOLD REMEDIATION HAS BEEN COMPLETED.” It closed escrow on 09/04/2009 for $280K and came back on the market this previous weekend for $550K. Judging by the pictures, the property has gone through a major renovation. Depending on the amount of cash put into the renovation it appears the flippers may stand to make a sizable profit.

The moral of the story: If you have the cash to put into a renovation and the heart to deal with contractors for an intense few months, it may be your time to get back into the market!