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.

The Lund Team received this property to sell approximately two weeks ago and is not in the process of listing the property for sale. The home is not yet listed in the MLS.

Large single family home on the border of Carlsbad and Sal Elijo Hills in the newer development Old Creek Ranch. Nicely upgraded residence: granite counters, dark wood cabinetry, wood and tile flooring, tile bathroom counters, custom stair railing and recessed lighting. Rear yard is large with a built in fire pit.

5 Bedroom, 3 Bath, and Approx. 3,152 Sq. Ft.

For more information contact The Lund Team

Call: (760) 438-0800 or Email: REO@LundTeam.com

1314 Ward Place Escondido, CA 92026

5 Bedroom, 4 Bath, and approx. 3,309 square feet

For pricing and more information contact The Lund Team:

REO@lundteam.com or call (760) 438-0800

Awesome investment opportunity for an investor or anyone looking to purchase a steady income property:

1. 11.8% monthly return for cash buyers
2. Approximately $500 – $700 per month cash flow for credit buyer with 30% down

5 Bedrooms + 2 Optional, 3.5 Bath, and approx. 4,612 Square Feet

Large spacious executive style residence, custom marble flooring in the foyer, downstairs office, dining room with designer chandelier, dual staircase off entry and family room, bonus room with view balcony. Oversized gourmet kitchen: granite counters, stainless steel GE Monogram appliances, two sinks, dual ovens, and eat in bar. The large family room offers a built in entertainment center and custom stone fireplace and mantle. Master suite: separate retreat/study area, private balcony with ocean and golf course views. Master bath: Jacuzzi tub, marble enclosed shower, bronze fixtures, walk-in-closet and dual vanities. The inviting rear yard has mature landscape, covered patio, outdoor kitchen, and built in spa.

For pricing and more information contact The Lund Team:

REO@lundteam.com or call (760) 438-0800

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WASHINGTON (MarketWatch) – Sales of U.S. existing homes plunged 16.7% in December to a seasonally adjusted annual rate of 5.45 million from 6.54 million in November as a popular tax credit was set to expire, a national real estate trade group estimated Monday. The 16.7% percentage decline from November to December was the largest on record, the National Association of Realtors reported. The decline was larger than the 11% drop to 5.80 million that was expected by economists surveyed by MarketWatch. Sales in December were up 15% compared with December 2008. The median sales price rose to $178,300 in December, up 1.5% compared with a year earlier. It’s the first year-over-year increase in prices since August 2007. Link To Article

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