Hud Temporarily Waives FHA Rule On Flipping

In an effort to expand access to FHA mortgages and allow for the rapid resale of foreclosed properties, HUD has announced a temporary waiver of the 90-day flipping rule. The waiver takes effect February 1, 2010, and lasts for one year, unless otherwise extended or withdrawn by HUD. The waiver is limited to those sales that meet the following conditions: 1. All transactions must be arms-length, with no identity of interest between the buyer and seller or any other parties participating in the sales transaction, including: Seller must hold title LLCs, Corporations and Trusts must be established in accordance with state and federal law No evidence of previous flipping within 12 months Evidence that property was marketed openly, such as...

Armed Service Members Have Extra Year for Home Buyer Tax Credit

Armed Service Members Have Extra Year for Home Buyer Tax Credit April 26, 2010 - The National Association of Home Builders (NAHB) wants members of the military, foreign service and intelligence communities to know that they may have an additional year to buy a home and claim the home buyer tax credit, which expires for most Americans on April 30. The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. expiration of domains . They have until April 30, 2011, to sign a sales contract, and until...

IHDA – Illinois Home Start Loan Program

First-Time Home Buyers can use these 2 loans together: HOME START (30 Year Fixed Rate Loan) 5.25% Interest Rate, minimum 640 credit (9/8/09). Purchaser required to contribute 1% of the purchase price; towards closing costs or down payment (minimum $1,000) Income limitations & purchase limitations based on county <-click to view Qualifing Property Types:  Single Family &  Condos/Townhomes;must serve as borrower’s Primary Residence within 60 days of close,for the life of the loan HOME START Tax Credit Advance Loan Take advantage of the $8,000 federal tax credit refund in advance to use as a down payment (advance = 3.5% of purchase price; max $6,000) How does one qualify for the $8,000 tax credit? <-click to view tech info . book...

$8,000 First-Time Home Buyer Tax Credit at a glance

How is the tax credit derived? 10% of the purchase price up to $80,000 When does one have to purchase in order to qualify? (Jan 1st - Nov 30th '09) Does the tax credit require repayment? It depends... if you keep your home for more than 3 years it is forgiven Is the tax credit exclusive? Yes... first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years Are there income limitations? Yes... single purchaser - income not to exceed $75,000, joint purchasers - combined income not to exceed $150,000 Can I claim the credit on my 2008 taxes? Yes... be sure to speak with your tax preparer for specific questions Can I use this credit towards my...