Wednesday, December 30, 2009
New website for consumers from National Association of Realtors
HouseLogic.com is a new free source of information and tools—from the NATIONAL ASSOCIATION OF REALTORS®—that can help you make smart and timely decisions about your home. With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions.
Monday, December 7, 2009
Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. To qualify under these new guidelines:
-The property must be the home owner’s principal residence.
-The home owner must be delinquent on the mortgage or close to defaulting.
-The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
-The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments. Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)
Tuesday, December 1, 2009
Wednesday, November 18, 2009
10 Crucial Consumer Trends for 2010
From Trendwatcher.com.... and thanks to 2 North Marketing and Tina Maalouly
Friday, November 6, 2009
Homebuyer Tax Credit Program Extended and Expanded 11/6/09
Summary of changes:
The expiration date for the credit moves to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
Source: Plymouth and South Shore Association of Realtors
The expiration date for the credit moves to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
Source: Plymouth and South Shore Association of Realtors
Friday, October 23, 2009
Tuesday, October 20, 2009
Thursday, September 24, 2009
New Office!!
Hi everyone!
Just wanted to let you know, that I've moved to another RE/MAX office. My new company is more in line with my methods and personality of doing business, now that 6 years have gone by. And closer to home, since we moved from Weymouth to Abington last year. So it's a great feeling. You can still reach me the same way, same website, same e-mail, same mobile phone number. Still doing business in the same locations!
Jill Fairweather, Realtor, Broker, CBR, e-PRO, GRI
RE/MAX Realty Advisors
320 Washington St. Norwell, MA 02061
Just wanted to let you know, that I've moved to another RE/MAX office. My new company is more in line with my methods and personality of doing business, now that 6 years have gone by. And closer to home, since we moved from Weymouth to Abington last year. So it's a great feeling. You can still reach me the same way, same website, same e-mail, same mobile phone number. Still doing business in the same locations!
Jill Fairweather, Realtor, Broker, CBR, e-PRO, GRI
RE/MAX Realty Advisors
320 Washington St. Norwell, MA 02061
Saturday, September 5, 2009
Revised TILA Disclosure Requirements Take Effect on July 30, 2009
The National Association of REALTORS® has released the following information on these new rules:
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 (about two months earlier than originally planned). The new rules are complex and compliance will be a challenge for lenders.
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 refinancing. 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.
• Consumers may shorten or waive the 3-day and/or 7-day, waiting periods for a "bona fide personal financial emergency," but only after receiving an accurate TILA disclosure. In the final rule's preamble, the Fed stated that it "believes waivers should not be used routinely to expedite consummation for reasons of convenience." The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.
• If the annual percentage rate (APR) changes 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.
• For additional information you can go to Federal Reserve Board Final Rule and Staff Commentary (Federal Register, May 19, 2009)
http://edocket.access.gpo.gov/2009/pdf/E9-11567.pdf
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 (about two months earlier than originally planned). The new rules are complex and compliance will be a challenge for lenders.
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 refinancing. 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.
• Consumers may shorten or waive the 3-day and/or 7-day, waiting periods for a "bona fide personal financial emergency," but only after receiving an accurate TILA disclosure. In the final rule's preamble, the Fed stated that it "believes waivers should not be used routinely to expedite consummation for reasons of convenience." The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.
• If the annual percentage rate (APR) changes 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.
• For additional information you can go to Federal Reserve Board Final Rule and Staff Commentary (Federal Register, May 19, 2009)
http://edocket.access.gpo.gov/2009/pdf/E9-11567.pdf
Friday, July 31, 2009
Home Affordable Refinance Program Expanded to Up to 125% LTV
Home Affordable Refinance Program Expanded to Up to 125% LTV
On July 1, Secretary of Housing and Urban Development, Shaun Donovan, announced expansion of the Home Affordable Refinance Program to permit refinancing of existing Fannie Mae and Freddie Mac loans with LTVs up to 125 percent (up from the current LTV limit of 105 percent). The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." http://www.fanniemae.com/homeowners/refinance-or-modify.html
On July 1, Secretary of Housing and Urban Development, Shaun Donovan, announced expansion of the Home Affordable Refinance Program to permit refinancing of existing Fannie Mae and Freddie Mac loans with LTVs up to 125 percent (up from the current LTV limit of 105 percent). The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." http://www.fanniemae.com/homeowners/refinance-or-modify.html
Friday, July 24, 2009
Revised Truth in Lending Act (TILA) Disclosure Requirements Take Effect on July 30, 2009
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. 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.
· 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.
Thursday, July 2, 2009
Update on PMI Changes effective 7/1/09
A two family home in either Norfolk, Plymouth or Suffolk counties where the borrower is NOT getting an FHA loan either because of the condition of the property or because the rates are better with a conventional mortgage; BEWARE, MGIC one the larger PMI companies available has just made a guideline change regarding two family homes in restricted markets and Norfolk, Plymouth and Suffolk are considered restricted markets with MGIC.The change is that MGIC will NO longer offer PMI to anyone in those markets on two family properties. They will still offer PMI on three family and single family homes they have just decided not to offer it on two family homes. In closing double check any of your pre approvals on two family homes in those areas where the client is need of PMI and make sure the mortgage broker is up to date on the change and has an alternative mortgage available. Stay tuned for up to the minute updates. Your source for breaking mortgage news, Paul Winquist, CMPS
Sunday, June 14, 2009
Energy-saving home improvements could cut your 2009 taxes
President Obama signed the American Recovery and Reinvestment Act of 2009 into law on February 17, 2009. Among the various provisions in the law are new energytax credits that can really add up to savings for the homeowner. Making energy-saving improvements to your home will help to save on utility bills, enhance yourefforts to go "green," add value to the home, and perhaps reduce your tax bill for 2009. These residential energy tax credits fall into two main categories: energy efficiency improvements and renewable energy systems. In many cases, the Recovery Act adjusts or extends similar energy credits previously available.
• Energy efficiency
The Recovery Act adjusts the residential energy property credits previously allowed, increasing the tax credit to 30% and the maximum aggregate cap to $1,500. The credit applies to eligible property placed into service inyour principal residence during 2009 and 2010. Qualifying improvements for this energy credit include insulation; exterior windows and doors; central air conditioning systems, water heaters and furnaces burning natural gas, propane, or oil; stoves using renewable biomass fuel such as wood, pellets, and plants; hot water boilers; electric heat pump water heaters; certain metal roofs; and advanced main air circulating fans. Installation of these items as part of a newly constructed home does not qualify for the credit. For certain eligible items, the credit can be calculated based only on the cost of materials; for other items, the cost of installation also can be included. This credit is not subject to income phaseouts, and the credit is allowed underthe alternative minimum tax.
• Renewable energy
The 2009 law also generally removes the tax credit dollar limits for renewable energy systems. Such property includes solar hot water heaters, geothermal heat pumps, and wind energy systems. The tax credit, available through 2016, is up to 30% of the cost, including both labor and materials. Primary residences, second homes, and rental units qualify for this credit; existing and newly constructed structures are eligible. Now may be the right time to upgrade the energy efficiency of your home.
This info provided by Lauren Bakken, CPA, Inc. www.laurenbakkencpa.com Do not apply this general information to your specific situation without additional details. There are varying effective dates and limitations and exceptions that cannot be summarized easily.
• Energy efficiency
The Recovery Act adjusts the residential energy property credits previously allowed, increasing the tax credit to 30% and the maximum aggregate cap to $1,500. The credit applies to eligible property placed into service inyour principal residence during 2009 and 2010. Qualifying improvements for this energy credit include insulation; exterior windows and doors; central air conditioning systems, water heaters and furnaces burning natural gas, propane, or oil; stoves using renewable biomass fuel such as wood, pellets, and plants; hot water boilers; electric heat pump water heaters; certain metal roofs; and advanced main air circulating fans. Installation of these items as part of a newly constructed home does not qualify for the credit. For certain eligible items, the credit can be calculated based only on the cost of materials; for other items, the cost of installation also can be included. This credit is not subject to income phaseouts, and the credit is allowed underthe alternative minimum tax.
• Renewable energy
The 2009 law also generally removes the tax credit dollar limits for renewable energy systems. Such property includes solar hot water heaters, geothermal heat pumps, and wind energy systems. The tax credit, available through 2016, is up to 30% of the cost, including both labor and materials. Primary residences, second homes, and rental units qualify for this credit; existing and newly constructed structures are eligible. Now may be the right time to upgrade the energy efficiency of your home.
This info provided by Lauren Bakken, CPA, Inc. www.laurenbakkencpa.com Do not apply this general information to your specific situation without additional details. There are varying effective dates and limitations and exceptions that cannot be summarized easily.
Friday, April 24, 2009
Tuesday, April 21, 2009
Affordable Housing Programs!
A Guide to Affordable Housing in the South Shore Area booklet
https://www.passrealtors.com:447/lamps/Documents/2009AffHousingGuide.pdf
https://www.passrealtors.com:447/lamps/Documents/2009AffHousingGuide.pdf
Thursday, April 9, 2009
Where home prices are headed next
Check out these home price forecasts for the 100 largest U.S. markets, from Money Magazine.
http://money.cnn.com/2008/05/06/real_estate/100_forecast.moneymag/index.htm
http://money.cnn.com/2008/05/06/real_estate/100_forecast.moneymag/index.htm
Sunday, March 29, 2009
Mortgage-Help Site, Call-in Number Go Live
The U.S. Treasury Department went live on March 19 with its Making Home Affordable program, which aims to help home owners refinance or modify their mortgages. The campaign includes a Web site at makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-4673. The federal government is targeting 9 million home owners whose loans are held by Fannie Mae or Freddie Mac.
Source: Indianapolis Star (03/19/09)
Source: Indianapolis Star (03/19/09)
Thursday, February 26, 2009
Hingham Affordable Housing Back River Townhomes
Five two-bedroom, 1.5 bathroom townhomes: $170,200 lottery deadline April 27th, lottery held May 6th, public information workshop April 8th at 7:00 pm.
(normally price starting at $825K www.backrivertownhomes.com)
For more lottery information and application forms please click here:
http://www.s-e-b.com/lottery/forsale.php
(normally price starting at $825K www.backrivertownhomes.com)
For more lottery information and application forms please click here:
http://www.s-e-b.com/lottery/forsale.php
Tuesday, February 24, 2009
Friday, February 20, 2009
What's In the Foreclosure Prevention Plan
Daily Real Estate News February 19, 2009
What's In the Foreclosure Prevention Plan The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure. Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification. For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment. Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac. To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac. "The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
What's In the Foreclosure Prevention Plan The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure. Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification. For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment. Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac. To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac. "The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Tuesday, February 17, 2009
Friday, January 16, 2009
New England Housing Market Outlook
RE/MAX Of New England's 2009 Outlook Report:
http://www.justthinkjill.com/pdfs/REMAXNewEngland2009Outlook.pdf
http://www.justthinkjill.com/pdfs/REMAXNewEngland2009Outlook.pdf
Wednesday, January 14, 2009
Handicap Accessibility Money
The Massachusetts Rehabilitation Commission and the Community Economic Development Assistance Corporation lend directly to homeowners loans from $1,000 and up to $30,000 for upgrading their house to make it handicapped accessible. The money would cover safety features such as a ramp, a lift, a new floor, lower countertops, etc. The interest rate is either 0% or 3%, depending on income and family size. The 0% loan is deferred until the house is sold or transferred. The 3% loan is interest only or principal and interest for the 15 year term. Contact Mary Ann Walsh 508-202-5919.
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