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minnesota home mortgage

admin — Sun, 22 Feb 2009 07:19:49 +0000

Amid the economic upheaval, there is good news for first-time home buyers – a tax credit of up to $7,500. Even better – the definition of first-time home buyers includes those who have not owned a principal residence in the three year period prior to purchasing a qualifying home.

The tax credit, established through the Housing and Economic Recovery Act of 2008, is available only to first-time home buyers and only for homes purchased on or before April 9, 2008 and before July 1, 2009. Any home that will be used as a principal residence qualifies, including single family detached homes, townhomes, condominiums, mobile homes, and houseboats. New construction is also eligible, as long as possession or occupancy occurs within the parameters defined by the law.

For the purposes of this law, a first-time home buyer is defined as someone who has not owned a principal residence during the three years prior to the purchase of the qualified property. For married taxpayers, neither individual may have owned a principal residence in the previous years. A buyer will not be disqualified from the tax credit if they own a vacation home or rental property not used as their principal residence.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Eligibility is determined based on modified adjusted gross income. Partial credit may be available for those with higher incomes; however, individuals with a modified adjusted gross income exceeding $95,000, (or $170,000 for married couples filing jointly), will be ineligible for the tax credit.

The tax credit is equal to 10% of the qualified home purchase price, but is capped at $7,500; for homes purchased for less than $75,000, the credit will be 10% of the purchase price.
There are no special forms to fill out and no pre-approval necessary. The credit is easily claimed on the federal income tax return. Plus, the credit can be claimed on the 2008 return for a home purchased in 2009. If the tax credit exceeds the taxpayer’s outstanding liability for the year, the taxpayer will receive a check from the government.

The credit is like an interest-free loan, and it must be repaid to the government over a 15-year period. Payments do not have to begin until two years after the credit is claimed. If the home is sold before the credit is repaid, the outstanding amount will be paid from profits on the sale. If there is insufficient profit to repay the credit, the remaining amount will be forgiven.

For first-time home buyers (those who are truly new to the market and those who have not owned a principal residence in at least three years), this tax credit can make it easier to transition into home ownership. Combined with housing inventories increasing, prices decreasing, and mortgage rates dropping even lower, this tax credit may just make the difference in making home ownership a reality.

This article is informative only, based on information available at time of publication, and is not intended to provide tax or legal advice. Please be sure to consult with a tax advisor or legal professional about your particular situation prior to making any decisions or taking any action.

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Article Source: ArticlesBase.com – Tax Credit Available For First Time Home Buyers

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refinancing home loans

admin — Fri, 20 Feb 2009 20:59:14 +0000

FHA Home Mortgage Loans

Since the 1930s, the Federal Housing Administration (FHA) has been helping Florida families become homeowners with a set of loan programs commonly known as FHA mortgage loans. Despite the longevity and popularity of these FHA loan programs, many would-be Florida homeowners really don’t understand the advantages to the FHA home loan.

The FHA is an agency of the Federal government that insures private FHA mortgage lenders against loss. FHA was Formed by congress in 1934. and FHA became part of the Department of Housing and Urban Development’s Office of Housing (HUD) in 1965. Today FHA acts as a buffer between FHA mortgage lenders by reducing their risk in issuing FHA loans as well as helping Florida mortgage applicants get FHA loan amounts they wouldn’t qualify for with traditional financing terms.

FHA loans are not just for Florida first time buyers and are available to everyone in Florida looking to purchase or refinance a Florida home. If refinancing a Florida home the current FHA loan Does NOT have to be an FHA loan.

The most popular FHA mortgage loan program nationwide is the FHA 203(b). The FHA home loan that only requires Florida homebuyers come up with a minimum of 3.5% down payment from the Florida buyer and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.

Today, FHA home loans play a critical role in financing for Florida minority mortgage applicants and Florida first time home buyers, borrowers who have troubled credit history, and Florida first time homebuyers who have little money to put down on a home. Other advantages to FHA home loans include:

Florida FHA Mortgage Loan

Providing mortgage solutions for those looking for an FHA loan in Florida!

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed
Seller can credit up to 6% of sales price towards closing and prepaid costs.
100% Financing available
No reserves required.
FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements.
FHA will allow a home purchase 1 year after a Bankruptcy.
FHA will allow a home purchase2 years after a Foreclosure.

Apply now for an FHA Home loan at http://www.fhamortgagefhaloan.com/

About the Author:

Article Source: ArticlesBase.com – FHA home loans Create opportunity for FLorida Home buyers-

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mortgage refinancing no closing cost

admin — Fri, 20 Feb 2009 15:49:01 +0000

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Can I refinance my mortgage with no closing costs if I owe more than it is worth?

I already have a 30 year fixed (6.38%) but would like to take advantage of the lower rates now. My mortgage is through SunTrust and (unfortunately) I have never been late with payments and am not in any financial distress. The main problem is that because of the current market, I owe more than what it is worth.

Is this possible without bringing any money to the table for closing?

Not a chance. You will always have to pay processing fees when you refinance, and because you are up-side-down in the loan, it will be hard to get approved. You will need to bring money.

Why No Closing Cost – Lenox Financial

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refinancing home morgage

admin — Thu, 19 Feb 2009 20:31:19 +0000

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Can I buy a home in florida with Land Contract or quit claims deed.?

I am taking over the house from my mother in law. She has a mortgage on it. We want to do a quit claims deed to make sure that after I pay the morgage off she doesn’t want the house back. Is a Quit claims deed enough. We are doing this because I don’t have any credit and after i show that I am the one paying on it I can refinance.

If you are already concerned about her wanting the house back, don’t do a land contract (AKA contract for deed). On these, when you do get your financing together, you need her to sign it over to you. If she refuses, if you can’t find her, if she’s died, you’ve got trouble… you called her your mother in law….. if you get divorced from her son… probably trouble too.

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refinancing my home mortgage

admin — Thu, 19 Feb 2009 10:18:03 +0000

the bill president bush just signed for home mortgage refinancing?

if so how and when can we refinance using this gov. bill

Nothing benefits the consumer in this bill. Sure you will be able to stay in your home at a reduced monthly payment and have your mortgage at 40 or even 50 years. Banks win on this one. If you sell after 10 years you will still owe a substantial amount of money for your loan.

Refinance to a Low Mortgage Rate in Spring, The Woodlands, Tomball, Conroe, and Houston, Texas

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refinancing a mortgage

admin — Wed, 18 Feb 2009 02:38:30 +0000

Would Dave Ramsey approve of refinancing my mortgage?

I owe about 20% of the value on an investment property. Should I refinance the house to get equity out and pay off everything I owe and be debt free other than my primary residence mortgage and this investment property mortgage? Its pretty tempting to only have two house payments and attack them aggressively. FYI – I have a good history of keeping the house rented for well above what the mortgage payment is.

Only Dave Ramsey listeners/smart financial debt free people respond please.

He would say no. Moving money is not changing your behavior. Plus the cost of refinance would be expensive and that money could instead be used to pay down the other debt. He would say good job on getting the investment property down but now concentrate on your lowest debt and knock it out.

Set up your debts smallest to largest and start the attack. Then build your emergency fund then invest and then attack your two mortgages.

Keep listening to Dave and follow his advice.

Real Estate Tips : How to Refinance a Mortgage

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mortgage refinance no closing cost

admin — Sun, 15 Feb 2009 09:08:41 +0000

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Why doesn’t there seem to be any company that will refinance my mortgage with no closing costs?

My husband and I bought a house last year at 6.5% interest rate. I am thinking that the thousands of dollars our mortgage company will get each year would be enough for them to want our loan. Our original closing costs were about $3000 and I hear if we refi that it will be ANOTHER $3000 and that it’s not worth it…just pay a little more with each payment.

Now regarding my question, I would think a bank would want to take my loan from another company just to get the thousands in interest we pay each year. From what I can see, it seems the only “no closing costs” refi opportunities wrap up the “fees” into the loan.

I would like to get my interest rate under 6% and not pay closing costs to refi. I suppose I am just dreaming?
I’m not talking about getting credit I don’t deserve. I’m no bogue. These bills are paid.

Yes, you are pretty much dreaming – while some parts of the closing costs are negotiable (courier fees, etc.),, some are not (recordation fees). You can probably knock about $500 off the closing with some good negotiations, but the fixed costs are yours and the bank is not going to eat your costs for you.

Also, in case you haven’t noticed, average 30 year fixed rates are now up over 6.1%, so about the only way to get a rate below 6% will be to pay points, which will just add to your closing costs.

Finally, those thousands pf dollars of interest don’t just go into the coffers of the banks, they are used to pay interest on savings accounts (which is where the money to lend comes from), overhead, salaries, etc. Then, as in any business, losses have to come from your interest (the good payers always end up paying for the bankrupts, etc., much like those of us who go through the checkout line pay for the shoplifters).

$300,000 Mortgage No Closing Cost

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refinancing a home mortgage

admin — Sun, 15 Feb 2009 07:09:14 +0000

questions about refinancing home mortgage? ?

with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about $95,000 on it. my husband and i have excellent credit, and we’ve been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance?
oh weve also paid our mortgage through march, so how would that work if we did decide to refinance?

Quit thinking “Monthly Payments”. The banks want you to think that way. It is only a 6.25% interest rate if you pay it off in the first year of the loan. Sure your payment would lower but your balence on the house would not. Instead of paying the bill early, pay extra money on the principle. Your paying 90% interest on the monthy statements. Dont pay early, pay extra only to the principle. This wont lower your payments but it will lower the amount that you owe on the home.

A Bad Credit Home Mortgage Refinance Loan Can Help Your Family

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