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Information on the extended 1st-time homebuyer tax credit/repeat buyer
Posted Under: Home Buying in Tucson Green Valley | November 19, 2009 9:28 AM | 57 views | No commentsIf you are confused about the 1st time hombuyer tax credit, and now to add to the confusion, if you currently own a home there's a tax credit if you buy another home, here's a link to answer your questions.
Remember, these tax credits will end the end of April (except for military--extended to 04/11), and I doubt whether they will be extended again.
Up to $8,000 for first-time homebuyers (or if you haven't owned a home in the past 3 years), and,
Up to $6,500 for repeat homebuyers (you have to have lived in your home for 5 out of the past 8 years) and you do NOT have to sell your current residence, you just have to change residences.
AND IF YOU CLOSE ON YOUR HOME EARLY ENOUGH IN THE YEAR, BEFORE YOU FILE YOUR TAXES, YOU CAN CLAIM THE TAX CREDIT ON YOUR 2009 TAXES.
http://www.federalhousingtaxcredit.com/faq1.php
This is an EXCELLENT opportunity to get some extra cash in your pocket!!!
Anyone even remotely thinking about buying between now and the end of April should seriously consider getting started soon to take advantage of these tax credits.
Email me today with any other questions.
Mary Clark, Realtor, ABR
Long Realty
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Bring your delinquent FHA mortgage up to date with a "partial claim"
Posted Under: Financing in Tucson Green Valley | August 13, 2009 11:16 AM | 377 views | No commentsPartial Claims:
Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or "Partial Claim" notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.
Go to www.HUD.gov and seach for "partial claim" for more information on this option.
Home Affordable Refinancing
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
Go to:
http://www.makinghomeaffordable.gov/refinance_eligibility.html
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.Go to:
http://www.makinghomeaffordable.gov/modification_eligibility.html
Hope this information helps at least a few people out there!
Mary Clark, Realtor, ABR
Long Realty
www.ItameMonkeys.com
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Long Advantage Program – New Gold Card Partners July 2009
Posted Under: General Area in Tucson | August 7, 2009 12:10 PM | 162 views | No comments(article taken from the Long Realty Newsroom)
The Long Advantage Program is an exclusive one-of-a-kind program offered by Long Realty Company. With the Long Advantage™ Gold Card, our clients receive exclusive offers and discounts for a wide range of products and services from some of the finest companies in Tucson and surrounding areas. Contact your Long Realty Agent to find out how you can receive your own personalized Long Advantage™ Gold Card that never expires and start taking Advantage today!New partners joining the program this month include:Integrity Roof CoatingCool your home and prevent leaks with Integrity Roof Coating, a Division of Sebastian Painting. With over 30 years of combined experience, John Gutierrez and his staff bring a special trade to Sebastian Painting to help consumers with the necessity of roof coatings. “Clean, Prompt and Professional Service with Integrity” is their motto. Integrity Roof Coating is available in the Tucson, Sierra Vista, Green Valley and Sahuarita areas. FREE No Obligation Quotes. Tax credits programs available.Contact Dave @ 904-3027 or John @ 272-2474.National Future Benefits (NFB)Complete estate planning and document preparation services. NFB has helped more than 20,000 clients accomplish their estate planning objectives and has been ranked #1 in its category by Ranking Arizona magazine’s “Best of Arizona Business.” Dedicated to helping clients pass their assets to their beneficiaries in a simple and affordable way, each specialized plan is designed to meet each family’s unique needs and properly provide for the legacy that each client desires. Complimentary in-home or in-office consultations are available. All estate planning packages come with an annual complimentary estate plan review. Serving the Tucson Metro, Phoenix Metro and Prescott areas.Contact Calvin Goetz today at (800) 503-3301.Price Right Wholesale FurnitureVisit the Tucson warehouse showroom to find overstock, clearance and liquidation items from major bedding and home furnishing manufactures. All stock is 40 to 60% below retail store prices, giving their clients substantial savings on quality home furnishings. Call for an appointment.Contact Charles Price at 745-3060.
If you are already a member but have lost your card, contact me, I can get you a replacement free of charge. If you are not a client but would like a temporary card, contact me. If you need a list of service providers offering discounts to members, contact me. If you would like a copy of the quarter newsletter, again, send me an email.
Mary Clark, Realtor
Long Realty
mclark@LongRealty.com -
Inside Tucson Business: Positive Sign for Home Sales
Posted Under: Market Conditions in Tucson | August 7, 2009 12:05 PM | 142 views | No comments(article taken from Long Realty Newsroom)
Positive Sign: Home Sales Inventories Fall To Under 6 Months’ SupplyInside Tucson Business - August 4, 2009By Joe PangburnIn what may be one of the most positive signs yet that the Tucson residential real estate market is poised for recovery, Long Realty Research Center data shows inventories of homes priced under $250,000 have fallen below six months’ worth.“Months of inventory is the best matrix to look at when you’re trying to see the temperature of a specific area or price point,” said Kevin Kaplan, vice president of marketing and technology. “Obviously it is the lower price points that are bringing in buyers from foreclosures and sellers lowering the asking price on their homes.”Nevertheless, he said, a healthy and balanced market is considered to have around six months of inventory at a given time. The market as a whole has around 5.7 months of inventory on sale, down from the 8.4 months at this time a year ago, according to Long’s data.The fastest movers are homes priced under $175,000 where there is 3.6 months of inventory based on June’s sales levels. Homes priced from $175,000 to $249,999 have 5.4 months of inventory.Above the $300,000 price point, the inventory numbers climb. There’s a 7.5-month supply of homes in the $300,000 to $400,000 range, 11 months supply of homes priced $400,000 to $500,000, a 17.2-month inventory of homes in the $500,000 to $749,999 range; and two years’ supply of homes priced $750,000 to $999,999.Kaplan said Tucson is experiencing a significant increase in buyer activity, with new properties under contract in June up 57 percent over June 2008.“We’ve really gotten to a more balanced healthy level with active to sold,” Kaplan said. “Some markets even look a little overheated. It will take another few months to see if there gets to be an equilibrium and prices come up some to curb the high demand.”The higher demand Kaplan is referring to is mostly centralized in the southwest, southeast and central/east area of the region. A data analysis of the first half of the year show homes listed in zip codes 85706, 85756, 85710, 85711, 85730, 85741, 85746, 85747 and 85757 have the highest percentage sales to total active listings, according to data from Tucson Association of Realtors.The top three zip codes with the highest percentage of listings sold are 85757 on the southwest side at 40.2 percent (31 sold of 77 active listings), 85711 in midtown generally between Alvernon Way and Wilmot Road at 36 percent (48 sold of 133 active), and 85746 on the southwest side at 31.2 percent (59 sold of 189 active).Those same zip codes also have some of the lowest numbers for inventory — just 2.4 months supply in 85757, three months in 85711 and 3.3 months in 85746, according to Long’s data. Southeast side zip code 85706 also has a low inventory supply of 2.8 months, though percentage of homes (88 of 292 active listings) meant percentage of sales was just over 30 percent.“That south side of town has had a bit more of a price decline and probably has a higher foreclosure mix,” Kaplan said. “We’ve seen huge increases in sales units there.” Louis Parrish, associate broker with Keller Williams Tucson Territory Realty, agrees.“You would probably find that the higher percentage groups are also areas that have had the highest percentage of depreciation, highest rates of foreclosure and highest rates of short sale listings. When those neighborhoods are totally stabilized, the rest of our markets’ current stabilization trends should accelerate.”
Mary Clark, Realtor
Long Realty
mclark@longrealty.com -
Long Realty Cares Foundation Gives $53,275 to Local Community - Jan. to July 2009
Posted Under: Quality of Life in Tucson | August 7, 2009 12:01 PM | 148 views | No commentsLong Realty Cares Foundation is pleased to have given over $1.5 million to more than 160 local charities since its inception in 2002. The majority of funds come from the Long Realty agents and employees that choose to donate a portion of their income to the Cares Foundation. It is through the generosity of these individuals that our community is changing for the better.Long Realty Cares Foundation has given a total of $53,275 to the following list of charitable organizations in January – July of 2009.American Heart AssociationAra Parseghian Medical Research FoundationArizona’s Children AssociationBeacon GroupBig Brothers Big Sisters of TucsonBoys & Girls Club of Sierra VistaBoys & Girls Club of TucsonCochise County Youth OrchestraFriends of Saguaro National ParkHabitat for Humanity Sierra Vista AreaHumane Society of Southern ArizonaInterfaith Community ServicesJim Himelic FoundationJuvenile Diabetes Research FoundationLeukemia & Lymphoma SocietyMetropolitan Education CommissionOld Fort Lowell Live-At-Home ProgramOur Family ServicesPrimavera FoundationRecovery Centers of Arizona, Inc.Redondo Music TheatreSaddleBrooke Community Outreach, Inc.Southern Arizona AIDS FoundationSunnyside Parents As TeachersThe Hearth FoundationTherapeutic Riding of TucsonTop Dog, Inc.Tu Nidito Children & Family ServicesTucson Arthritis Support LeagueTucson Hospitality InnU of A - Take Charge America InstituteU of A Foundation - Poetry CenterContributors of Long Realty Cares Foundation are invited to submit grant requests to the Board of Directors on behalf of the non-profit organizations they are currently and actively supporting. To find out more about Long Realty Cares Foundation and how to become a contributor, please contact Foundation Administrator Michelle Salvagio at 520-918-5737 or visit our website at www.LongRealtyCares.com.Just thought some of you might be interested.
Mary Clark, Realtor
Long Realty -
Troubled homeowners - beware of loan modification scam artists-read this article
Posted Under: Financing in Tucson Green Valley | July 23, 2009 3:55 PM | 172 views | No commentsThis is an excellent article delivered by Brian Ross of ABC news this morning (7/23/09) on Good Morning America:
Please go here to read the article and watch the segment:
http://abcnews.go.com/Blotter/story?id=8152126&page=1
Bottomline, if anyone asks you for "up-front" money, walk away.
If they "guarantee" that they can reduce your loan or keep you out of foreclosure, walk away.
If they tell you to stop making your mortgage payments, walk away.
Mary Clark, Realtor, ABR
Long Realty -
NAR Information on Revised TILA Disclosure Requirements Take Effect on July 30, 2009
Posted Under: Financing in Tucson Green Valley | July 23, 2009 2:53 PM | 245 views | No commentsJust received this email written by Tom Farley:
Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009. The new rules are complex and compliance will be a challenge for lenders. REALTORS® will want to learn the basics so they can advise clients of potential delays and the new procedures. Here are key highlights of the changes:
-- The new requirements apply to all mortgages secured by a borrower’s home, including primary and second homes and refinancings. Investor loans continue to be exempt.
--Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
--The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.
--If the annual percentage rate (APR) increases by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure.
--The consumer may modify or waive both waiting periods for a documented personal financial emergency, but must receive the disclosures no later than the time of the modification or waiver.
Mary Clark, Realtor, ABR
Long Realty
Fair Housing and Equal Opportunity