Are You Aware of the First Time Homebuyer Tax Credits?

by Irene Moustakas | Apr 14, 2010 | 1st Time Homebuyers, General Market News

There is a small window of opportunity for first time homebuyers to get a combination federal and state tax credits of up to $18,000 (state tax credit is for California). Please make sure those in your life know about this! Federal Tax Credit Rules: (up to $8000 tax...

FHA’s Upfront Insurance Premium Increasing on Monday, 4/5/10

by Irene Moustakas | Mar 30, 2010 | 1st Time Homebuyers, Industry News

For FHA loans assigned on or after April 5, 2010, the upfront mortgage insurance premium (UFMIP) is increasing from 1.75% to 2.25%. If you’re on the fence about refinancing into an FHA loan, or are currently still working on negotiations for a purchase, there...

5% Down Payment, Conventional Loan is BACK (temporarily)!

by Irene Moustakas | Feb 16, 2010 | 1st Time Homebuyers, Industry News

A 5% down payment conventional loan is available again!  There are some heavy restrictions, so please read the following stipulations: Conforming loan ONLY (Maximum loan amount: $417,000) Purchase only (no refinances) Single-family home or detached PUDs only (no...

Claiming Your First Time Homebuyer Tax Credit on Your Tax Returns

by Irene Moustakas | Feb 10, 2010 | 1st Time Homebuyers, Tips

If you were a first time homebuyer in 2009 and you fell within the IRS tax credit rules, you can claim that $8000 tax credit on your ‘09 returns.  The IRS has very specific rules on how to claim the credit though, and you will want to make sure you do it right.  Your...

Down Payment Requirements for Conventional Loans

by Irene Moustakas | Feb 1, 2010 | 1st Time Homebuyers, Industry News

Down payment requirements on conventional loans are dependent on several factors: Loan Amount, Property Type, FICO score and qualifying ratio.   The FICO score and qualifying ratio come into play primarily when you have less than 20% down and because we have to layer...

Announcement: Upcoming FHA Financing Restrictions

by Irene Moustakas | Jan 27, 2010 | 1st Time Homebuyers, Industry News

Federal Housing Administration (FHA)-insured loans are a great way for people to get started in the housing market. It provides an alternative to conventional loans because it allows for little down (3.5%) and the minimum credit score requirements are more flexible....