Tax Credit Deadline Fast Approaches….

February 18, 2010

Deadline  rapidly approaching for Tax Credits for first time home buyers and home sellers considering moving up. Should you make your move?

Call me for a free, no-obligation consultation to see if you can benefit by making your move now versus waiting until later this year.

The Worker, Homeownership, and Business Assistance Act of 2009’s tax credit of up to $6,500 for qualified move-up home buyers ends April 30, 2010. You can purchase by June 30, 2010 but must have a binding sales contract signed by April 30, 2010.

 The first time buyers tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence also ends April 30, 2010. A purchase completed by June 30, 2010 (with a binding sales contract signed by April 30, 2010) may qualify.

It usually takes 30 to 45 days from the moment we find the right home to the exciting day you get your keys. That means that we should start the home search process at this time. If you send me your basic criteria for your dream home (area, price, size, # of bedrooms/bathrooms, features, garage space, school requirements, etc.), I can create a complimentary client web page that will send you a list of properties that meet your criteria. You can then pick your favorites and we can schedule a private showing of these homes. Once we find your perfect home, we will run a market analysis of this property as it compares to recent sales to help you determine a fair offer price. We assist with all negotiations, attend your inspections, watch over and coordinate all aspects of the transaction (opening escrow, appraisal, survey, HOA documents, Title Commitment, etc.) to help ensure a smooth transaction.

Historically low interest rates, historically low housing prices in most areas and great values in the move up home market make this the perfect time to act. Call me for a free consultation to run the numbers for you. Don’t miss out on the great values!

Christi Borden, Realtor

832-368-5953

christi@christiborden.com

www.ChristiBorden.com


HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

May 16, 2009

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the

Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.

Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan said the Obama administration plans to further stabilize the housing market. “I do think we have some early signs hat the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, “As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. The 13 panelists and Realtors® in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

The list of distinguished panelists include Dr. Martin Feldstein, professor of Economics from Harvard University; Dr. Barry Bluestone, professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.

“Right now the Federal Reserve is the market,” said Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We must make sure FHA and the GSEs are supported,” added the Wharton School’s Susan Wachter.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” McMillan said. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the Realtors® Midyear Legislative Meetings & Trade Expo here through Saturday. During the week, more than 8,500 Realtors® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

National Association of Realtors