It's finally here! Check it out and let me know what you think. It includes some fabulous properties at great prices. Enjoy!
Sunday, May 31, 2009
Wednesday, May 20, 2009
Buyer Tax Credit Loan Guidance Coming Soon
Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit is expected to be out shortly, but a spokesperson from the U.S. Department of Housing and Urban Development, which is writing the guidance, couldn't give a firm release date.
HUD policy staff are "still working out the details on it," HUD spokesperson Lamar Wooley told REALTOR® Magazine today. "So we expect it to be published shortly."
The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected tax credit, was announced by HUD Secretary Shaun Donovan at the Real Estate Summit NAR hosted on the opening day of its 2009 Midyear Legislative Meetings in Washington last week. At the summit, Donovan said the loans would enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash could be used as a downpayment.
"FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to 'monetize' the tax credit through short-term bridge loans," Donovan said. "We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."
It's unclear at this point what shape the guidance will take and whether authorization for the loans will be available across the board or only in states in which the state housing finance agency already has a tax credit bridge-loan program in place. There are 10 states today that have such a loan program, according to the National Council of State Housing Agencies: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. You can access details of these loan programs on the NCSHA's Web site, "First-Time Homebuyer Tax Credit Loan Programs."
When it's released, the guidance is expected to be issued as a HUD Mortgagee Letter and will likely discuss which federal, state, and local governmental agencies and nonprofit organizations will be permitted to make the loans, and whether lenders such as FHA-approved mortgagees will be permitted to make the loans. The guidance could also cover how loan amounts will be limited, what happens if repayment problems occur, and what repayment terms would look like. REALTOR® Magazine will be checking with HUD regularly on the status of the guidance and will report its availability as soon as it's issued.
—By Robert Freedman for REALTOR® Magazine
HUD policy staff are "still working out the details on it," HUD spokesperson Lamar Wooley told REALTOR® Magazine today. "So we expect it to be published shortly."
The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected tax credit, was announced by HUD Secretary Shaun Donovan at the Real Estate Summit NAR hosted on the opening day of its 2009 Midyear Legislative Meetings in Washington last week. At the summit, Donovan said the loans would enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash could be used as a downpayment.
"FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to 'monetize' the tax credit through short-term bridge loans," Donovan said. "We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."
It's unclear at this point what shape the guidance will take and whether authorization for the loans will be available across the board or only in states in which the state housing finance agency already has a tax credit bridge-loan program in place. There are 10 states today that have such a loan program, according to the National Council of State Housing Agencies: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. You can access details of these loan programs on the NCSHA's Web site, "First-Time Homebuyer Tax Credit Loan Programs."
When it's released, the guidance is expected to be issued as a HUD Mortgagee Letter and will likely discuss which federal, state, and local governmental agencies and nonprofit organizations will be permitted to make the loans, and whether lenders such as FHA-approved mortgagees will be permitted to make the loans. The guidance could also cover how loan amounts will be limited, what happens if repayment problems occur, and what repayment terms would look like. REALTOR® Magazine will be checking with HUD regularly on the status of the guidance and will report its availability as soon as it's issued.
—By Robert Freedman for REALTOR® Magazine
Wednesday, May 13, 2009
Luxury Estate in Cactus Acres - New to Market
Experience this home at http://www.tourfactory.com/512374Saturday, May 9, 2009
Gorgeous New Listing - Cactus Acres, N. Scottsdale
This beautiful residence is now available for sale. Gorgeous interiors, casual and formal entertainment areas, large chef's kitchen, master suite with spa bath and dual "everything", home theater, lighting automation and so much more. The charming guest casita offers one room with fireplace and a full bath. The backyard is a playground for adults and kids alike offering a freeform pool with rock waterfalls, putting green, grass, sport court, built-in BBQ and plenty of covered patio space. Offered at $2,150,000 Check back for the complete Photo Gallery & Virtual Tour - Will be posted next week!
Gorgeous New Listing - FireRock Country Club
BEST BUY in FireRock Country Club, this gorgeous home offers privacy and an array of amenities. The greatroom offers a large stone fireplace and retractable glass doors that open to an upper patio area. The chef's kitchen is filled with Wolf and Sub-Zero appliances and is adjacent to an intimate dining room. All bedrooms are oversized with private baths and french doors to outside areas. Downstairs, a greatroom with wet bar is perfect for entertaining with a private home theater, fitness/flex room and access to the lower patio. The spa overflows down a rock waterfall into the resort pool below. Click above for the virtual tour.
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