Tuesday, December 22, 2009
Monday, December 21, 2009
Hooray...the Shopping is done....not
Well, this morning in checking on my last gift I have been patiently waiting for I was informed that my order had been cancelled because the item was back-ordered and they weren't sure they were going to get more. They said they emailed me? How can that be with all my electronic connections to get my email whenever, wherever I am? Well, Super Hubby jumped to the rescue and off to the mall he went! He said he's not coming home until he finds that item. I sure hope to see him for Christmas!
Anyway...we all spend way too much time in front of our computer screens, internet phone screens, TV screens, GPS screens, etc. I think you're getting the picture. It's time to disconnect for a few quality days with the loved ones. And if you want something funny to talk about check out this hilarious youtube video about our hectic lives. Enjoy...
Anyway...we all spend way too much time in front of our computer screens, internet phone screens, TV screens, GPS screens, etc. I think you're getting the picture. It's time to disconnect for a few quality days with the loved ones. And if you want something funny to talk about check out this hilarious youtube video about our hectic lives. Enjoy...
Thursday, November 5, 2009
Friday, October 16, 2009
Take control of your attitude
I am a control freak and when I feel out of control I do this and like magic...everything is ok again.
Sunday, June 28, 2009
Friday, June 5, 2009
$8000 CASH STIMULUS new monetization feature!
new "monetization" feature: As of June 1, FHA lenders can loan first-time buyers up to $8,000 on a short-term basis for use on closing and some downpayment costs.
When buyers get their tax credit checks from the IRS, they pay back the lender. FHA buyers will still need to make downpayments of at least three and a half percent of the purchase price of the house from their own resources or gifts from relatives.
But they can use the cash advances from lenders on closing costs, mortgage insurance premiums and to buy down their interest rates .
For more information on the monetization feature, check out HUD's website. Look for Mortgage Letter 09-15 at this link.
(see full article below)
May 29, 2009
MORTGAGEE LETTER 2009-15
TO: ALL APPROVED MORTGAGEES
SUBJECT: Using First-Time Homebuyer Tax Credits
The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to promote homeownership. This mortgagee letter provides:
• Basic information on the first-time homebuyer credit obtained from the Internal Revenue Service (IRS) website. Complete information on how the first time homebuyer tax credit works, including the eligibility requirements for the tax credit, the amount of the tax credit that a first-time homebuyer may be eligible to receive, and how a homebuyer may claim the tax credit is available on the IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet7.
• Guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.
I. About the First-Time Homebuyer Tax Credit
Please check the IRS website to ensure you have up-to-date information. A brief overview of the tax credit from the IRS website and a copy of IRS Form 5405 (including instructions) are attached for reference.
Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this credit cannot be assigned by a taxpayer to a third party.
II. FHA Tax Credit Guidance
Secondary Financing
Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.
Conditions:
• The tax credit advance, when combined with the FHA-insured first mortgage may not result in cash back to the borrower.
• The second lien may not exceed the total amount needed for the down payment, closing costs, and prepaid expenses.
• Secondary financing may be “soft” (silent) or require a monthly repayment.
• If payments are required, they must be included within the qualifying ratios and, when combined with the first mortgage, cannot exceed the borrower’s reasonable ability to pay.
• Payments must be deferred for at least 36 months to not be included in the qualifying ratios.
• If the tax credit advance loan has a short term for repayment, it must also provide that if the borrower fails to repay by the designated deadline, principal and interest payments begin automatically or the loan converts to a “soft” second.
• The secondary financing may not require a balloon payment before ten years.
Purchase of Tax Credit
FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local governmental agencies and instrumentalities thereof may purchase the tax credit anticipated by the homebuyer.
Conditions:
• The proceeds of the sale of the tax credit may not exceed the anticipated tax credit due the homebuyer based on the computations of form IRS 5405;
• The borrower must submit a signed certification that the tax credit is not subject to offset due to other indebtedness.
• A copy of the borrower’s tax refund and/or the IRS 5405 must be collected and retained in the FHA case binder.
• Any costs attendant to the purchase of the tax credit are to be nominal and discounting the anticipated credit to cover the costs and expenses of the transaction must be reasonable and disclosed to the homebuyer. In FHA’s view, fees and costs that total more than 2.5% of the anticipated credit are considered excessive. (Example: $6000 to be refunded, with all fees and costs discounted, borrower should receive not less than $5850.00 for sale of tax credit.)
• Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit) provided by the mortgagee, the seller, or any other person or entity that financially benefits from the transaction (or by any third party or entity that is reimbursed, directly or indirectly, by the financially benefiting person or entity). Accordingly, the proceeds of the sale of the tax credit to FHA approved mortgagees, the seller, or any other person or entity that financially benefits from the transaction (or any third party or entity that is reimbursed, directly or indirectly, by the financing benefiting person or entity), may not be used to meet the 3.5% minimum downpayment, but may be used as additional downpayment, buying down of interest rate, or other closing costs.
Due Diligence
FHA expects that entities purchasing tax credit assets will employ appropriate due diligence measures including, but not limited to:
• Require the homebuyer to draft and provide the IRS form 5405 “First-Time Homebuyer Credit.”
• Contact the borrower’s employer and review pay stubs to confirm there are no outstanding garnishments.
• Review the homebuyer’s credit report to ensure there are no unpaid student loans, or other obligations that could be offset against the credit.
• Validate that all of the eligibility requirements for the tax credit are fulfilled
• Review previous tax returns and IRS tax assessment letters, if any, to determine that the borrower does not have unsettled obligations to the IRS
III. Monitoring
In order to track the tax credit monetization activities, FHA will require FHA-approved mortgagees to input into FHA Connection the following data:
• Name and EIN of the party who purchased the tax credit,
• The amount of the anticipated credit, and
• The amount the homebuyer paid for the monetization services.
The lender must also collect and maintain in the FHA case file the documentation that validates all of the tax credit monetization data submitted via FHA Connection.
FHA will monitor the purchase of tax credit transactions closely. Charging of excessive fees or costs in the purchase of the tax credit or increasing other fees or charges in the transaction without FHA approval may result in referral to the Mortgagee Review Board, and particularly with respect to entities that are not FHA-approved mortgagees, referral to the Federal Trade Commission, or referral to the appropriate State Attorney General office, as may be applicable.
If you have any questions regarding this mortgagee letter, please call FHA’s Resource Center at 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing-
Federal Housing Commissioner
Attachments
IRS Form 5405
IRS Tax Credit Summary
When buyers get their tax credit checks from the IRS, they pay back the lender. FHA buyers will still need to make downpayments of at least three and a half percent of the purchase price of the house from their own resources or gifts from relatives.
But they can use the cash advances from lenders on closing costs, mortgage insurance premiums and to buy down their interest rates .
For more information on the monetization feature, check out HUD's website. Look for Mortgage Letter 09-15 at this link.
(see full article below)
May 29, 2009
MORTGAGEE LETTER 2009-15
TO: ALL APPROVED MORTGAGEES
SUBJECT: Using First-Time Homebuyer Tax Credits
The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to promote homeownership. This mortgagee letter provides:
• Basic information on the first-time homebuyer credit obtained from the Internal Revenue Service (IRS) website. Complete information on how the first time homebuyer tax credit works, including the eligibility requirements for the tax credit, the amount of the tax credit that a first-time homebuyer may be eligible to receive, and how a homebuyer may claim the tax credit is available on the IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet7.
• Guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.
I. About the First-Time Homebuyer Tax Credit
Please check the IRS website to ensure you have up-to-date information. A brief overview of the tax credit from the IRS website and a copy of IRS Form 5405 (including instructions) are attached for reference.
Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this credit cannot be assigned by a taxpayer to a third party.
II. FHA Tax Credit Guidance
Secondary Financing
Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.
Conditions:
• The tax credit advance, when combined with the FHA-insured first mortgage may not result in cash back to the borrower.
• The second lien may not exceed the total amount needed for the down payment, closing costs, and prepaid expenses.
• Secondary financing may be “soft” (silent) or require a monthly repayment.
• If payments are required, they must be included within the qualifying ratios and, when combined with the first mortgage, cannot exceed the borrower’s reasonable ability to pay.
• Payments must be deferred for at least 36 months to not be included in the qualifying ratios.
• If the tax credit advance loan has a short term for repayment, it must also provide that if the borrower fails to repay by the designated deadline, principal and interest payments begin automatically or the loan converts to a “soft” second.
• The secondary financing may not require a balloon payment before ten years.
Purchase of Tax Credit
FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local governmental agencies and instrumentalities thereof may purchase the tax credit anticipated by the homebuyer.
Conditions:
• The proceeds of the sale of the tax credit may not exceed the anticipated tax credit due the homebuyer based on the computations of form IRS 5405;
• The borrower must submit a signed certification that the tax credit is not subject to offset due to other indebtedness.
• A copy of the borrower’s tax refund and/or the IRS 5405 must be collected and retained in the FHA case binder.
• Any costs attendant to the purchase of the tax credit are to be nominal and discounting the anticipated credit to cover the costs and expenses of the transaction must be reasonable and disclosed to the homebuyer. In FHA’s view, fees and costs that total more than 2.5% of the anticipated credit are considered excessive. (Example: $6000 to be refunded, with all fees and costs discounted, borrower should receive not less than $5850.00 for sale of tax credit.)
• Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit) provided by the mortgagee, the seller, or any other person or entity that financially benefits from the transaction (or by any third party or entity that is reimbursed, directly or indirectly, by the financially benefiting person or entity). Accordingly, the proceeds of the sale of the tax credit to FHA approved mortgagees, the seller, or any other person or entity that financially benefits from the transaction (or any third party or entity that is reimbursed, directly or indirectly, by the financing benefiting person or entity), may not be used to meet the 3.5% minimum downpayment, but may be used as additional downpayment, buying down of interest rate, or other closing costs.
Due Diligence
FHA expects that entities purchasing tax credit assets will employ appropriate due diligence measures including, but not limited to:
• Require the homebuyer to draft and provide the IRS form 5405 “First-Time Homebuyer Credit.”
• Contact the borrower’s employer and review pay stubs to confirm there are no outstanding garnishments.
• Review the homebuyer’s credit report to ensure there are no unpaid student loans, or other obligations that could be offset against the credit.
• Validate that all of the eligibility requirements for the tax credit are fulfilled
• Review previous tax returns and IRS tax assessment letters, if any, to determine that the borrower does not have unsettled obligations to the IRS
III. Monitoring
In order to track the tax credit monetization activities, FHA will require FHA-approved mortgagees to input into FHA Connection the following data:
• Name and EIN of the party who purchased the tax credit,
• The amount of the anticipated credit, and
• The amount the homebuyer paid for the monetization services.
The lender must also collect and maintain in the FHA case file the documentation that validates all of the tax credit monetization data submitted via FHA Connection.
FHA will monitor the purchase of tax credit transactions closely. Charging of excessive fees or costs in the purchase of the tax credit or increasing other fees or charges in the transaction without FHA approval may result in referral to the Mortgagee Review Board, and particularly with respect to entities that are not FHA-approved mortgagees, referral to the Federal Trade Commission, or referral to the appropriate State Attorney General office, as may be applicable.
If you have any questions regarding this mortgagee letter, please call FHA’s Resource Center at 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing-
Federal Housing Commissioner
Attachments
IRS Form 5405
IRS Tax Credit Summary
Thursday, May 28, 2009
Bridgewater MA Market Stats-April 2009-Debra Cahill-RE/MAX Landmark Realtors
Bridgewater Massachusetts Market Stats-April 2009
There is nothing average about Bridgewater but everyone likes numbers so here we are....
To get a more detailed analysis on your Bridgewater Property--Give me a call. It would be my pleasure.
Debra Cahill-RE/MAX Landmark Realtors, 508-697-2480
Bridgewater, MA Market Stats-April 2009
In April of 2009 there were 11 homes that closed within the month for Bridgewater, MA. This is a decrease of 5 units as there were 16 homes that closed in April of 2008.
The Average list price for the homes that closed in Bridgewater for April of 2009 was $262,032
The Average list price for the homes that closed in Bridgewater for April of 2008 was $255,963
The Average sale price for the homes that closed in Bridgewater for April of 2009 was $249,414
The Average sale price for the homes that closed in Bridgewater for April of 2008 was $244,259
The Average Market time for the homes that closed in Bridgewater in April of 2009 was 102 days.
The Average Market time for the homes that closed in Bridgewater April of 2008 was 174 days.
16 homes went under agreement in Bridgewater, Massachusetts in the month of April. The average list price of the homes that went under agreement was $320,678. The average time on the market for these Bridgewater homes were 160 days
There is nothing average about Bridgewater but everyone likes numbers so here we are....
To get a more detailed analysis on your Bridgewater Property--Give me a call. It would be my pleasure.
Debra Cahill-RE/MAX Landmark Realtors, 508-697-2480
Bridgewater, MA Market Stats-April 2009
In April of 2009 there were 11 homes that closed within the month for Bridgewater, MA. This is a decrease of 5 units as there were 16 homes that closed in April of 2008.
The Average list price for the homes that closed in Bridgewater for April of 2009 was $262,032
The Average list price for the homes that closed in Bridgewater for April of 2008 was $255,963
The Average sale price for the homes that closed in Bridgewater for April of 2009 was $249,414
The Average sale price for the homes that closed in Bridgewater for April of 2008 was $244,259
The Average Market time for the homes that closed in Bridgewater in April of 2009 was 102 days.
The Average Market time for the homes that closed in Bridgewater April of 2008 was 174 days.
16 homes went under agreement in Bridgewater, Massachusetts in the month of April. The average list price of the homes that went under agreement was $320,678. The average time on the market for these Bridgewater homes were 160 days
Tuesday, April 21, 2009
$8000.00 Cash to buy a House!!!
Don't miss out! First Time Buyer's there's no better time to buy. Interest rates are at historic lows! There is a CASH INCENTIVE from the government to help you out. Check out all the details at
http://debracahill.topproducerwebsite.com/8000cash-stimulus.asp
Hurry! The $8000.00 Cash Stimulus expires 12/1/09
Thursday, February 26, 2009
107 So. Main St. Middleboro, MA real estate-Debra Cahill-RE/MAX Landmark
Majestically presiding on a large in town lot minutes to commuter rail & center this Grand COlonial has many original period details including lighting, with upgrades that include state of the art gas heat, new roof, refinished oak & fir floors. Fireplaced living & dining rooms, butlers pantry, screened porch, 4 season sun room, leaded glass bookcases, french doors. Enchanting 3rd floor offers more guest rooms, Family room. Maid's quarters on 2nd floor have private stairs to kitchen...View this beautiful home here then call for your private showing!
Monday, February 23, 2009
Lots of Good Reasons To Buy A Home...
It’s the Golden Age of Buying!
There are Lots of Good Reasons to Buy a Home….
1. Low Interest Rates
• Mortgage rates have continued to fall and are
now at historic lows.
2. High Inventory
• Supply is greater than the demand which means
there are more homes for sale and more to
choose from.
3. Low Prices
• The market is flooded with inventory so prices
are at an all time low and sellers are more eager
to sell which means you get the best deal for
your money.
4. First-Time Home Buyers Tax Credit
• The Federal Government has instituted an
$8,000 tax credit for first-time home buyers.
Unlike the previous first-time homebuyer taxcredit,
this is a gift (free money)—not a loan.
5. Lenders are Lending
• Lenders are lending to qualified buyers. A high
credit score and proof of employment will assist
you in obtaining a mortgage.
Find a Property You Like Today!
It’s a GREAT Time to Buy!
.....Provided by RE/MAX International
Get Pre-Approved today and buy your dream home tomorrow, call me...I'll help you every step of the way.
Debra Cahill
508-697-2480
www.DebraCahill.comWho Doesn't Like Free Stuff? Visit http://www.realtyreports.biz/1072 for your free gifts!
There are Lots of Good Reasons to Buy a Home….
1. Low Interest Rates
• Mortgage rates have continued to fall and are
now at historic lows.
2. High Inventory
• Supply is greater than the demand which means
there are more homes for sale and more to
choose from.
3. Low Prices
• The market is flooded with inventory so prices
are at an all time low and sellers are more eager
to sell which means you get the best deal for
your money.
4. First-Time Home Buyers Tax Credit
• The Federal Government has instituted an
$8,000 tax credit for first-time home buyers.
Unlike the previous first-time homebuyer taxcredit,
this is a gift (free money)—not a loan.
5. Lenders are Lending
• Lenders are lending to qualified buyers. A high
credit score and proof of employment will assist
you in obtaining a mortgage.
Find a Property You Like Today!
It’s a GREAT Time to Buy!
.....Provided by RE/MAX International
Get Pre-Approved today and buy your dream home tomorrow, call me...I'll help you every step of the way.
Debra Cahill
508-697-2480
www.DebraCahill.comWho Doesn't Like Free Stuff? Visit http://www.realtyreports.biz/1072 for your free gifts!
Tuesday, February 17, 2009
It's finally time to dive into the housing market.
The signs are there. Housing is on the upswing. Sales are up in many of the hardest-hit markets, and prices are stabilizing in many others.
According to Economy.com, (Dr. Mark Zandi, chief economist)"the bottom of the housing downturn is in sight for the nation."
According to the Wall Street Journal "For some, it's finally time to dive into the housing market."
It's now not simply a "good time to buy," it's also a safe time to buy.
The message here is that the economy as a whole is still facing unemployment at 7.6 percent but the housing market preceded the rest of the economy on the downfall and it apprears that the housing could be out ahead on the national economic recovery.
The $8000. first time buyer credit that does not have to be repaid is a great bonus coupled with historic lows in Mortgage interest rates.
If you're safe in your job and have decent credit and a downpayment...that's the magic 3 you need to buy your dream home today!
Get Pre-Approved today and buy your dream home tomorrow, call me...I'll help you every step of the way.
Debra Cahill
508-697-2480
www.DebraCahill.com
Who Doesn't Like Free Stuff? Visit http://www.realtyreports.biz/1072 for your free gists!
According to Economy.com, (Dr. Mark Zandi, chief economist)"the bottom of the housing downturn is in sight for the nation."
According to the Wall Street Journal "For some, it's finally time to dive into the housing market."
It's now not simply a "good time to buy," it's also a safe time to buy.
The message here is that the economy as a whole is still facing unemployment at 7.6 percent but the housing market preceded the rest of the economy on the downfall and it apprears that the housing could be out ahead on the national economic recovery.
The $8000. first time buyer credit that does not have to be repaid is a great bonus coupled with historic lows in Mortgage interest rates.
If you're safe in your job and have decent credit and a downpayment...that's the magic 3 you need to buy your dream home today!
Get Pre-Approved today and buy your dream home tomorrow, call me...I'll help you every step of the way.
Debra Cahill
508-697-2480
www.DebraCahill.com
Who Doesn't Like Free Stuff? Visit http://www.realtyreports.biz/1072 for your free gists!
Thursday, January 15, 2009
Mortgages in 2009
It's been since 1961 or so when 30 year mortgages had rates this low thanks to the U.S. government. Rates may even go lower!
What to do?
Like to play the odds?
Then wait.
If you like to sleep at night, buy NOW.
The FHA has a nice program where you can "Streamline" reinance for no cost whenever it will reduce your monthly payment. See http://fhadirect.hud.gov/offices/hsg/sfh/buying/streamli.cfm
So I say..."What Are You Waiting For?"
What to do?
Like to play the odds?
Then wait.
If you like to sleep at night, buy NOW.
The FHA has a nice program where you can "Streamline" reinance for no cost whenever it will reduce your monthly payment. See http://fhadirect.hud.gov/offices/hsg/sfh/buying/streamli.cfm
So I say..."What Are You Waiting For?"
Wednesday, January 7, 2009
FREE Home Buyer's Seminar-January 15, 2009
Yes there is Zero-3% down financing still available. Take an hour on Thursday, Janurary 15, 2009 and see for yourself. Our office is co-sponsoring a FREE Home Buyer Seminar to answer all your questions. Why not stop by, have a cup of coffee with us and ask away! Just please do call and reserve so we don't run out of refreshments and chairs!
Sign Up Here!
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