The media is constantly telling us that the lending world is frozen and money is not availalbe. This simply is not true. There are still many, many programs that go beyond the realms of typical lending guidelines. Today I’m going to touch on one of my favories, the non-occupant co-borrower. It’s a mouthful to say, but the loan is very simple in design. A parent or grandparent can co-sign with a person intending to occupy the property as his/her primary residence. As long as the co-borrower is financial sound, the buyer need not even have employment. The buyer must meet certain credit requirements, but FHA is lienent in this regard as well. The icing on the cake is this type of trasaction is still eligible for the $8,000 tax credit that has received so much press lately. This is ideal for college students who would spend thousands of dollars in rent over the course of their education and want to take advantage of extremely low real estate prices. Please don’t hesitate to contact me directly with questions or specific scenarios. My cell is 208-371-4766 or email me Conklin.Jennifer@gmail.com.
- null
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
Ada County Association of Realtors has a new president, Russ Dane of Keller Williams Realty. He replaced Dan Hernandez, who has been president of the board.
Russ Dane is conservatively optimistic about the housing situation in Ada County right now. With the supply of new homes down from December 2008 and incentives being offered to Buyers, agents and board members alike are hopeful that 2009 will be a year of building back up our community. It is expected that we have reached the bottom of housing prices, and nationally Boise is not in the worst of the states.
Rates are still at historic lows, hovering around 5%, the $7500.00 tax credit is still being offered(and word on the street is that the Obama administration is fighting to open the credit to ALL buyers, and make it a gift rather than a loan), and sellers are motivated.
All good reasons to get out there and buy.
This doesn't have to be your starter home
There has been significant confusion regarding current incentives for First Time Home Buyers. This is the best article around for spelling out the conditions and answering questions. The time frame is April 9, 2008 to July 1, 2009 to qualify. A first time home buyer is defined as someone who has not owned in the past three years. Please read the article for more information or contact any member of the Conklin Team!
http://www.federalhousingtaxcredit.com/print.php?page=faq.php