Monday, November 30, 2009
Low Interest Rates
If you purchased a home a year ago a refinance today could save you hundreds of dollars a month. Or, if you are in the market to buy a home, interest rates will make for a more affordable deal. Freddie Mac's Primary Mortgage Market Survey for Nov. 12 put the average fixed interest rate for 30-year conforming mortgages at 4.91 percent. Last year at the same time, the 30-year fixed rate mortgage (FRM) averaged 6.14 percent. On a $300,000 mortgage the principle and interest payment at today's average rate would be about $1,594, compared to $1,825 a year ago, according to Erate's calculators.
Monday, November 23, 2009
Finally Home Homebuyer Education Class
Would you like to learn more about the home buying process and whether home ownership is right for you? Sign up to take the Finally Home Homebuyer Education class offered statewide or online. This class will walk you through the home-buying process step-by-step and you may be eligible for incentives when you successfully complete the class.
Tuesday, November 17, 2009
The Tax Credit 2nd Loan Program has been Extended
The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is now available to qualified homebuyers who purchase a home by April 30, 2010, and close the transaction no later than June 30, 2010.
IdaMortgage will continue to assist buyers by monetizing this tax credit for down payment and closing costs when they purchase a home through its IdaMortgage lending program, with the special short-term Tax Credit 2nd Loan to qualified buyers.
An additional tax credit has been approved by Congress for NON-first-time homebuyers who have lived in their primary residence for 5 of the last 8 years. This tax credit is up to $6,500, and IdaMortgage will offer the Tax Credit Second loan for down payments and closing cost assistance for qualified buyers up to $6,000.
A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date in one year. The Tax Credit 2nd Loan is expected to be paid off from the borrower's tax refund obtained through the application of the federal tax credit.
If the homebuyer cannot repay at that time, IHFA will modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
IdaMortgage will continue to assist buyers by monetizing this tax credit for down payment and closing costs when they purchase a home through its IdaMortgage lending program, with the special short-term Tax Credit 2nd Loan to qualified buyers.
An additional tax credit has been approved by Congress for NON-first-time homebuyers who have lived in their primary residence for 5 of the last 8 years. This tax credit is up to $6,500, and IdaMortgage will offer the Tax Credit Second loan for down payments and closing cost assistance for qualified buyers up to $6,000.
A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date in one year. The Tax Credit 2nd Loan is expected to be paid off from the borrower's tax refund obtained through the application of the federal tax credit.
If the homebuyer cannot repay at that time, IHFA will modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
Monday, November 16, 2009
Hello Friends
Hello. Thank you for visiting my blog. Now is a great time to purchase a home. The $8,000 stimulus package expires November 30, 2009, so we still have time. Let's find out if you qualify. There are a lot of really great homes on the market. There is sure to be that special one out there that fits your family. Let me help you find it.
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