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Greetings neighbors,

Although most have heard by now that the federal First Time Home Buyer Tax Credit has expired, however there is one group who still has until next year to take advantage of the ever so popular tax credit.

Those who are members of the Armed Services now have a new deadline of April 30, 2011. This deadline is extended only to those who identify as "qualified service members" which are typically those who are members of: the uniformed services of the U.S. military, Foreign Service of the U.S., or an employee of the intelligence community.

One may ask the reasoning behind the extension for those in the Armed Services and it's a pretty simple one. Those who are a part of the armed services may have missed out on the tax credit due to being overseas serving our country.

In addition, another modification for those in the Armed Services include the waiving of the repayment of the tax credit if one moves out of their home within three years due to government order extended duty service. For those consumers who are not involved with the Armed Services, if a tax credit has been received and one decides to move out within three years, the tax credit would have to be repaid.


Hello neighbors,

It seems that one Southern state is picking up where the "First Time Home Buyer Tax Credit" left off.

The state of Florida has recently announced their "Home Buyer Mortgage Credit". That's right, days after the expiration of the federal government's "First Time Home Buyer Tax Credit", Prudential Florida Reality and Florida Home Finance Group will collaborate to produce a mortgage credit that will offer incentives to buyers with a desire to obtain homeownership in Florida.

The "Home Buyer Mortgage Credit" which began 3 days ago (May 1st), will offer qualifying home buyers a lender paid 1% interest rate reduction during the first year on fixed rate mortgages financed through Florida Home Finance Group, an affiliate of Wells Fargo Home Mortgage. In addition, these properties will need to be under contract by May 31, 2010. Those who are looking to purchase as well as those selling a home will have an opportunity for great customer service, security, and on time closings with Florida Title and Guarantee.

In addition, another incentive which started May 1st for participating Prudential Florida Reality home sellers will include an offer of up to 3% of the purchase price for buyers to utilize as a credit towards the closing cost or a concession on their mortgage rate for properties under contract on or by October 31, 2010.

Looking For a New Home? Find Out the Top Affordable Cities

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Looking for a new home this spring, wondering if you can afford one after the expiration of the tax credit?

Well according to a joint report by the National Association of Home Builders and Wells Fargo, over 70 percent of U.S. homes are affordable.

According to the Housing Opportunity Index (HOI) 70.8 percent of new and existing homes were affordable to those bringing in the national medium income of $64,000 last year during the final quarter. This number showed a small increase in comparison to the previous quarter, and very close to the record high number of 72.5 percent that was set during the first quarter of last year.

Decreased prices in housing and low mortgage rates have definitely contributed to a record year of affordable housing.

In addition, the report named Detroit-Livonia-Dearborn, Mich.; Dayton, Ohio; Youngstown-Warren-Boardman, Ohio-Pa.; and Akron, Ohio as the most affordable major metro housing markets.

The Time Has Come for the Expiration of the Home Buyers Tax Credit

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

As many may know, the Home Buyers Tax Credit expired at 12am this morning. With that being said will there be a decrease in home sales in the real estate market? This question is very much in debate.

Some real estate industry leaders feel the expiration of the tax credit will not have a tremendous impact on the real estate market. In addition, they feel buyer interest this spring has proven to be pretty strong.

According to an article on Housing Wire, REO broker Rick Foxx predicts a spike in contracts by 10-20% for this week following the expiration of the tax credit.

In contrast, there are some research firms who feel sales have not picked up as much as they should and feel that sales could actually go down making the actual effect of the tax credit unclear.

One thing that can be said for sure regarding the tax credit and its effects is, only time will tell.


Scams In Real Estate: Fannie Mae & Freddie Mac Join Forces to Fight Mortgage Modification Scams

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Some big names in the industry have decided to join forces to fight mortgage modification scams.

Fannie Mae and Freddie Mac have decided to launch a national campaign called the Loan Modification Scam Prevention Network to stop loan modification scams within the real estate industry.

This network will consist of community development and affordable housing organizations such as Lawyer's Committee for Civil Rights Under Law and NeighborWorks America. The chief purpose of the network will be to educate borrowers, receive complaint reports, and to communicate with local, state, and federal enforcement agencies.

The Loan Modification Scam Prevention Network will have a website available which will name both individuals and companies that have been recognized by law enforcement agencies to have allegedly committed scams within the loan modification process.

Note: Other partners of the Loan Modification Scam Prevention Network include:

Treasury Department, the Department of Housing and Urban Development, the Department of Justice, Federal Bureau of Investigations, the Federal Deposit Insurance Corp. and the Federal Trade Commission.

Displaying blog entries 21-25 of 25

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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