Waiver for 90-day resales extended through 2012
By Inman News, Wednesday, December 28, 2011.
Inman News®
For the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning homebuyers relying on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days.
The waiver is a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers to include those relying on FHA-backed loans, popular with first-time homebuyers and others who lack the cash to make large down payments.
In extending the waiver through 2012, FHA said all transactions must continue to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender can document the justification for the increase in value, FHA said.
FHA instituted the anti-flipping rule in 2003 to protect its mutual mortgage insurance program from losses on homes that were merely flipped, rather than rehabbed. Homes repossessed by Fannie Mae, Freddie Mac, and state- and federally chartered financial institutions were exempt from the rule.
In February 2010, the Obama administration waived the waiting period for resales -- including homes purchased and rehabbed by private investors -- in the hopes of stabilizing home prices and revitalizing communities hit by foreclosures.
It often takes less than 90 days to acquire, rehabilitate and sell properties, the Department of Housing and Urban Development said at the time. Some sellers of rehabbed properties had been reluctant to enter into contracts with FHA buyers because of the cost of holding a property for 90 days, HUD said
Thinking of buying or selling?
Call CLARA - 856-264-1058
Showing posts with label home sales. Show all posts
Showing posts with label home sales. Show all posts
Monday, January 2, 2012
Sunday, November 1, 2009
California Association of Realtors Calls for the Extension of the Tax Credit
C.A.R. calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit LOS ANGELES (Oct. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.
“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.
“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.
“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.
Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
SOURCE: CAR newlsletter: Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.
“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.
“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.
Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
SOURCE: CAR newlsletter: Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Looking to Buy or Sell real estate - CALL CLARA 856-264-1058
Thursday, October 1, 2009
320 Chestnut Ave - Woodlynne NJ
This home is the perfect opportunity to become a homeowner/invester. Open House Sunday 10-11-2009 1-4pm.
10 Reasons to BUY THIS Home:
1. As a homeowner you get a mortgage less than what you might pay for rent.
2. You get to write off the interest on your loan each year...money back that you wouldn't get as a renter.
3. If this is your first home, you are eligible for the first time homebuyer tax credit.
4. You can decorate it any way you choose.
5. You will live on a quiet street with great neighbors.
6. You will have your own front and back yard for entertaining
7. You will be near transportation for easy commutes to Philadelphia, North Jersey, AC or NY.
8. You will have a home to call your own and have a legacy to leave your family.
9. When you decide to purchase your next home, you can rent it out for positive cash flow...or
10. You can sell it in the future and make a profit.
PS. The first phase clean out is complete and the interior painting is in progress.
10 Reasons to BUY THIS Home:
1. As a homeowner you get a mortgage less than what you might pay for rent.
2. You get to write off the interest on your loan each year...money back that you wouldn't get as a renter.
3. If this is your first home, you are eligible for the first time homebuyer tax credit.
4. You can decorate it any way you choose.
5. You will live on a quiet street with great neighbors.
6. You will have your own front and back yard for entertaining
7. You will be near transportation for easy commutes to Philadelphia, North Jersey, AC or NY.
8. You will have a home to call your own and have a legacy to leave your family.
9. When you decide to purchase your next home, you can rent it out for positive cash flow...or
10. You can sell it in the future and make a profit.
320 Chestnut Ave OPEN HOUSE
Sunday, OCTOBER 11, 2009
1pm - 4pm
(2BR Row Town Home w/Hard wood floors/Formal DR/Basement/front & back yards)
If this date does not work for you, Call Clara for an appointment -
856-264-1058
PS. The first phase clean out is complete and the interior painting is in progress.
Thursday, September 24, 2009
Funds Available to Buy Your First Home
New $8,000* Tax Credit
For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference.
Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.
Keep in mind that, due to mortgage approvals, inspections and other steps in the buying process, you’ll need to be under contract to purchase soon in order to meet the tax credit closing date deadline. For detailed information about the tax credit, click on, First Time Home Buyers Tax Credit.
Call Clara to assist you with your next home purchase 856-264-1058
For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference.
Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.
Keep in mind that, due to mortgage approvals, inspections and other steps in the buying process, you’ll need to be under contract to purchase soon in order to meet the tax credit closing date deadline. For detailed information about the tax credit, click on, First Time Home Buyers Tax Credit.
Call Clara to assist you with your next home purchase 856-264-1058
Tuesday, September 15, 2009
Weekend Open House Bargains
WHY RENT WHEN YOU CAN OWN?
320 Chestnut Woodlynne, NJ
Sat September 19, 2009
11am - 1pm
2 Bedrooms/ 2 level Colonial style RTC w/basement
Formal Dining Room
Partially Finished Basement/Unfinished portion utility room
Hardwood floors
Fenced Front and Back Yards
ONLY $85,000
206 Mercer Ave - Gloucester City, NJ
Sat September 19, 2009
2pm - 4pm
4 Bedrooms/1 Bath
3 level Colonial SFR
Double lot
Views of bridge
Walking distance to waterfront
Seller open to ALL OFFERS - Make one!
If you can not make these dates and times,
Call Clara 856-264-1058 for an appointment
Monday, September 14, 2009
Tax Credit Deadline Fast Approaching
The combination of the $8,000 tax credit and affordable home prices has created one of the best times in recent memory for first-time buyers to purchase a home. Yet, those who want to take advantage of the tax credit have virtually no time left to spare.
It's now-or-never for first-time buyers, who must get under contract quickly in order to close in time to meet the Nov. 30 deadline for the $8,000 tax credit.
It's now-or-never for first-time buyers, who must get under contract quickly in order to close in time to meet the Nov. 30 deadline for the $8,000 tax credit.
Call Clara today at 856-264-1058 for more information.
Also be sure to check the value of homes in your area...
Click on the link to your right.
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