Boise’s Best Realtors

IHFA just released news that they will now offer a 2nd loan to cover the $8k tax credit available to first time buyers.  This would allow buyers to get the money up front(sooner than the check that comes from the IRS) and use it for closing costs, down payment, etc.  Call Jennifer Conklin)208-371-4766) at Guild Mortgage for more information:

The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time home buyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified home buyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.

In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first time home buyers in 5% of the sales price up to $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loanis expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. Borrower must be a first-time home buyer and qualify for an IdaMortgage loan.

Home Buyer Education is required.

null

Come out and see us this weekend at the Spring Home Show.  If you missed the fall Parade of Homes, don’t miss out on this opportunity to preview homes, get decorating ideas, and enter for the many prizes being given away.  With over 25 houses on tour from Eagle to the N. End, you’re sure to be entertained.

Visit our home at 3892 Basilica in Tuscany Lakes:  from I-84/S Eagle Rd/W Victory/S Locust Grove/E Palermo/S Basilica.

The lending portion of the Conklin Team has recently moved offices.  Jennifer has become a mortgage banker with Guild Mortgage in Boise.  While the move will have little impact on clients, she’s thrilled about the streamlined process that the new office will provide.  There are still plenty of opportunities for lending available.  95% conventional purhases, 96.5% FHA transactions and even cash out refinances are all very possible in today’s lending market.  Please don’t hesitate to contact her at her new email (conklin.jennifer@gmail.com) or always on her cell phone 208-371-4766.

null

Effective December 31, 2009, by Federal mandate, heating and cooling manufacturers will no longer produce air-conditioners or heat pumps with R-22 refrigerant. All new equipment after that date will need to be R-410A.

 How can this affect you?  As a property manager or home owner, the cost savings on replacing your current cooling system on your investment properties with an R-22 unit over an R-410A can be dramatic.

 Manufacturers will be reducing pricing on their R-22, 13SEER equipment as they phase out production (in many cases production is ceasing as you read this).

 Typical replacement costs for a new R-410A, 13SEER air conditioner, new coil and line set can average between $2500 and $3500 depending on the size needed.

Manufacturers will have a limited number of R-22 units available and will want to sell these before the end of the year.  Savings on these units can be around $500 or more depending on the size of the air conditioner being replaced.  Pricing on these units of course is based on stock on hand. So if you think your equipment might need replacing soon now would be the time to act.  Compressor replacement costs can run as high as $1800 with only a one year warranty as opposed to five year warranty on a new R-22 unit.

 There is more to this change out than stated here. If you have any questions or would like to discuss your situation in more detail, please give Dennis Vranich at Western Heating and Air a call. He can be reached at 208-375-6101 or 208-631-7710.

null

This is a website that has information about Idaho winery locations, maps, hours, and information about local wines.  Please visit the website and schedule a tour today! 

http://www.idahowines.org/

null

I attended a wonderful class about loan modification yesterday, in conjunction with the latest Making Homes Affordable Plan, put in action by President Obama.  Here are some helpful Do’s and Don’ts that you should consider if you are seeking a workout with your lender.  Remember to always do our research and seek validation or anything that a third party is promising they can provide or accomplish for you.  ALWAYS check with your state agency to make sure your company is licensed and bonded.

What you DON’T want to do…

Don’t stop making your mortgage payments on the advice of anyone excepted a retained real estate attorney.  Withholding mortgage payments as a negotiation tactic is very risky and can result in you loosing your home to foreclosure.

Don’t pay an upfront fee to anyone if your lender has recorded a notice of default.  These are usually scans that promise they can save your home, and can’t.

Don’t get “sold” on a workout solution.  making the choice to pursue a workout with your lender should be an educated decision.  If a sales person is pressuring you, especially a commission based sales person, you should be leery of their true interests.

Don’t hire a Loan Modification company that is not a Licensed Brokerage or a Law Firm.  Most states govern Loan Modification companies through State Finance, Real Estate, or State Bar.  Making payments to anyone other than licensed professionals can result in you loosing your money without any recourse. 

Don’t avoid calls from your lender.  It is important that your lender know your intentions to keep your home.  Think about it, why would a lender want to work with you if they get the impression you ultimately do not want to stay in your home?  Make a point to call your lender or take one of their calls every couple of weeks or so.

Don’t do business with a Virtual “online” company.  All legitimate businesses have a physical address and clearly post it on the contact pages of their websites.  Protect yourself by never giving out your information on one of these sites.

What you DO want to do…

Do keep in contact with you lender even if you are not able to make a payment.  Homeowners that “go dark” on their lenders are less likely to receive any help and may speed up the lenders desire to foreclose on the property.

Do get legal advice before you do anything that could have permanent repercussions including waiving any of your legal rights in exchange for an agreement with your lender.

Do educate yourself on the process. 

Resources:

www.financialstability.gov

www.whitehouse.gov

www.hud.gov

Call a member of the Conklin Team today to learn more about modifying your existing loan, negotiating a short sale with your lender, or the ramifications of foreclosure.

Today was a highly anticipated day in the clarification of loan modifications.  CNBC released the following article giving hope to people who are in danger of falling into foreclosure.  There are some specific guidelines and it does not appear that servicers are required to participate.  However, the move is still one in the right direction.  Read the following article for more information. http://www.cnbc.com/id/29508073/

null

Calling all real estate investors…as you’ve heard in the media, it’s a great time to buy investments around the US.  Boise, Idaho is no exception.  If motivated Sellers and low interest rates weren’t enough, the prices in our market would surely attract some people.  Homes in Ada County have dropped to a staggering $80/square foot in some areas, and rent prices are holding firm.  Buyer confidence is not at a place where Renters(even with the assortment of incentivesand credits) are comfortable making that leap from rentership to ownership, making it a perfect time to provide housing for those people. 

People continue to flock to Boise from around the globe, attracted to the 4 seasons, low cost of living, and close recreational opportunities.  It continues to be a haven for people looking for a “slower pace” of life. 

Our team specializes in working with investors both in and out-of-state.  Contact a member of the Conklin Team today to learn more about what makes the City of Trees a great place to own an investment.