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taxcredit1The homebuyer tax credit of $8,000 expires 12/01/2009. That means you need to be “closed” by November 31st. Folks, typical transactions in this market take 45 days. If you haven’t started looking for your home, now’s the time to get started! Contact us today to get pre-approved: http://www.marksandmarksmortgage.com or email me directly: marksmortgage@gmail.com

First-Time Home Buyer $8,000 Tax Credit: 6 Things to Know


1. Eight grand, new buyers:  This credit is equivalent to 10 percent of the purchase price of the home–although it’s capped at $8,000–and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a “first-time home buyer” is someone who hasn’t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is “refundable,” qualified buyers can take advantage of it even if they don’t have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Thanks to U.S. News for providing useful information regarding this topic.

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Are you using a broker who has access to the top lenders? I’m set up with 5 of the most productive lenders in the United States. If you’ve heard the stories that banks aren’t lending, then maybe you’re dealing with the wrong banks. Contact me today to learn more: marksmortgage@gmail.com

Below is the list of the top 10 lenders through 1st Qtr. 2009: (mine are in green).

1.Wells Fargo
2.Bank of America
3.JPMorgan Chase
4.Citigroup Inc.
5.SunTrust Bank Inc.
6.U.S. Bank Home Mortgage
7.Residential Capital LLC
8.MetLife
9.Flagstar Bank
10.PHH Mortgage

Statistics provided by MortgageDaily.com Tony Marks is the Co-Owner of Marks&Marks Mortgage. 

 

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 First-Time Home Buyer $8,000  Tax Credit: 6 Things to Know 

 1. Eight grand, new buyers This  credit is equivalent to 10 percent of  the purchase price of the home–  although it’s capped at $8,000–and  applies only to first-time home  buyers and principal residences. But  unlike an earlier $7,500 home buyer  tax credit, this one does not have to  be repaid.

 2. First time buyers defined: For  the purpose of this legislation, a  “first-time home buyer” is someone  who hasn’t owned a principal  residence for three years before  buying a house. (The date of  purchase is considered the day that  the title is transferred.) That means if  you’ve owned a vacation home–but  not a principal residence–within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that’s $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is “refundable,” qualified buyers can take advantage of it even if they don’t have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Thanks to U.S. News for providing useful information regarding this topic. 

refiplusWe urge all who are considering refinancing under the new Fannie Mae and Freddie Mac Guidelines, (105% with no minimum credit score required) to contact us immediately. Actual underwriting of these refinances will not begin until April 4th, 2009. However, Marks & Marks will begin taking pre-applications immediately, which will ensure your refinance opportunity is not wasted. 

Estimates indicate that 5 to 6 million homeowners will try to refinance under the Refi Plus Initiative.

 

Don’t wait until April to get started!    Start Now (It’s free to apply!)

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I’m proud to announce our new website for Marks & Marks Mortgage, our new home for 2009:

http://www.marksandmarksmortgage.com

Let me know what you all think!

Thanks

-Tony

 

By Bob Willis

Jan. 26 (Bloomberg) — Sales of previously owned homes in the U.S. unexpectedly rose from a record low, propelled by the biggest slump in prices since the Great Depression as foreclosures surged.

Purchases rose 6.5 percent to an annual rate of 4.74 million from 4.45 million in November that was less than previously estimated, the National Association of Realtors said today in Washington. The median price dropped 15 percent from a year ago, the biggest decline since records began in 1968 and probably the biggest in seven decades, according to the group.

 

“You have to put it in the context of an even steeper decline for the previous month,” said David Sloan, a senior economist at 4Cast Inc. in New York, who had the highest projection in the Bloomberg News survey. “The net trend is still negative. It does seem that some cheap prices are attracting buyers. I don’t think it’s a clear sign of a revival in the housing market. The housing market is very weak.” 

To continue reading this article click here to jump to Bloomberg.com.

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To follow me on Twitter, click here: www.twitter.com/tonymarks

I utilize Twitter to provide my customers and Realtors with real time mortgage rates, mortgage udpates, and overall market conditions as they occur. It’s free, it’s painless, and it keeps you in the know!

If you’d like to learn more about Twitter, feel free to shoot me an email (marksmortgage@gmail.com)…I’d be happy to share my experiences with Twitter, how it works, how it doesn’t, and how you can benefit.

-Tony Marks Becoming Famous 1 Mortgage at a Time. 

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Email me directly for quick quotes: marksmortgage@gmail.com
As of Dec. 16th, 2008: 4.875% 30 Year Fixed. Act fast!

Also, for First Time Homebuyers, here’s an article to read at NY TIMES: (Click Here!)

Thanks, -Tony Marks

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UPDATE: 12/04/2008 RATES: 30 year Fixed: 5.25%… Act Fast! Email: marksmortgage@gmail.com

The tendency to throw away the year and look forward to 2009 is strong for many of us; there’s no disputing it, 2008 was tough. But, with only December left, I recommend one last look at your financial situation.  It’s not too late to refinance, or to buy a home. An with rates currently trending in the 5% range, why wait? Contact me today: marksmortgage@gmail.com

Here’s a couple of responses to Bankrates.com Mortgage Rate Trends Survey:

The initial market reaction to the Fed decision has been very favorable, with as much as a half percent reduction in interest rates to homeowners. What remains to be seen is if will it hold up. Over the past few months, many moves have been made by the Fed and none have had much impact past the initial day or two, so it remains to be seen if this will hold up … but it looks like the market is liking this move right now!
Brian Peart, president, Nexus Financial, Atlanta

The signficance of the Fed’s action cannot be overstated. This is reducing mortgage rates in a big way, and is designed to have some staying power. If fixed rates stay in the 5.5 percent neighborhood for months on end, just imagine what that means to homebuyers, home sellers, and anyone considering refinancing out of a fixed rate. The action is long overdue, but most welcome.
Greg McBride, senior financial analyst, Bankrate.com

Contact me today to take advantage of these low rates: marksmortgage@gmail.com

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Here’s an update to this article. The government has announced plans to crack down on the unfair practices of loan modifications: 

Count On News 2- Charleston, SC

Boston Globe

Mortgage Orb

PR Newswire

Below is the original content of my post, dated Nov. 12th, 2008. 

I’m a little frustrated. It seems as if homeowners are getting victimized by unconscionable mortgage brokers, yet again.

Please, homeowners, if you’re reading this, and you’re behind on your mortgage, take my advice: call your lender or mortgage servicer directly.  Save yourself time, and money. DO NOT allow a “modification specialist” from some boiler room, or fly by night modification company spam you into thinking they will get you a better deal. All they are interested in is getting you to pay an extra third party fee. A fee for something I’m quite sure you’re able to do yourself.  (call your lender directly.)

I’m frustrated, because I was beginning to think that those of us who were left, (mortgage brokers), were the ones who have integrity and ethics, who have knowledge of the industry, and who aren’t trying to cut corners, or look for the new angle of how to expose a loophole, or mifle a struggling homeonwer out of a $1,000.

Most of these new “Loan Modification” companies are nothing but chop shops that are playing unnecessary middle men between the lender and the borrower. They will target homeowners who are struggling and spam/call them relentlessly. They are brokers who are looking for easy money, without conscience. A truly dedicated mortgage broker, is one who wants to work with you throughout their entire career. Not for one deal, and not for one easy paycheck.

Yes, there are options for modifications. As of yesterday, (Nov. 11th.), Fannie and Freddie have agreed to alter the terms of mortgages. Fannie and Freddie, operating under a government conservatorship, will target loans in which borrowers are at least 90 days delinquent and have high loan-to-income ratios, officials from the Treasury and the Federal Housing Finance Agency said today at a press conference in Washington. The companies may offer homeowners reduced interest rates and longer terms of as much as 40 years to trim monthly payments.

If you need help with your modification. Contact me: marksmortgage@gmail.com  I’m free. I’m hear to offer you advice as an expert in the industry. I promise you, there’s no angle here. If you’re struggling to make mortgage payments, the best solution is to communicate with your lender. Below is a list of lenders and their phone numbers: (if your lender isn’t listed, email me, I’ll try and help out.)

ABM AMRO Mortgage (now citimortgage) 800-283-7918
Beneficial (HSC) 800-333-5848
Charter One 800-234-6002
Chase 800-446-8939
CitiFinancial Mortgage 800-753-3673
Citimortgage 800-283-7918
Countrywide 800-262-4218
Deutsche Bank National Call Number on Mortgage Statement
Fifth Third Bank 800-375-1745, Option 3
First Merit Bank 888-728-9931
GMAC Mortgage 800-850-4622
HSBC Mortgage 800-338-6441
Huntington National Bank 800-323-4695
Key Bank 800-422-2442
LaSalle National Bank 800-783-8900
Mortgage Electronic Registration Systems 888-679-6377
National City 800-367-9305, Ext. 53221
Ocwen Federal Bank 800-746-2936
Option One 866-711-1962
Saxon 800-665-7367
Select Portfolio Servicing 888-818-6032
SkyBank 800-290-3359
Third Federal Savings 888-844-7333
US Bank 800-365-7900
Wachovia Bank of Delaware 866-642-8608
Washington Mutual 866-926-8937
Wells Fargo 877-216-8448

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October 28th we participated in the annual City of Clearwater Employees’ Wellness Day. As a prefered mortgage broker for the city, we look forward to this event each year. For 2008, we held a contest to guess the number of M&M’s in large glass bowl. The winner was awarded an Ipod.

Thanks to everyone who particpated; we had over 230 registered “guesses” from the City of Clearwater Employees. As you know, the closest guess to the actual number, wins a free Ipod Shuffle. So, without further ado, here are the results:

Number of actual M&M’s: 5,310.

The Winner, with a guess of 5,320: Vicky Britton

Thanks to everyone who particpated! We enjoyed meeting all of you, and look forward to providing Clearwater Employees with expert mortgage advise.   -Marks & Marks Mortgage

To learn more about the benefits of working with M&M Mortgage, email us: marksmortgage@gmail.com

For Halloween this year my wife and I were Clark and Ellen Griswold from National Lampoon’s Christmas Vacation. It seemed both appropriate and hilarious for us, as it’s been a wild year for anyone in the real estate, finance, or mortgage industry. Encapsulating the humility of the accident proned but all together well intentioned Clark Griswold was fun, and well received at the Halloween party we attended. Which got me thinking, we could use more Clark Griswolds in the world. There’s a line in the movie, in which Clark’s colleague refers to him as “the last true family man”, an ode to his over the top effort to try and please his family with the greatest Christmas gift ever, an in-ground swimming pool. That line defines what Clark Griswold is really all about, and a line that I would like friends and colleagues to use for me as well. Except, I’d like to be called the “Last True Mortgage Broker”. 🙂 Hope everyone had a great Halloween!

-Tony Marks   marksmortgage@gmail.com    727-698-7264

Each year, through the approval of the City of Clearwater, I attend the annual employee’s wellness day as a recommended Mortgage Broker; it’s a great opportunity for us to connect. More importantly, (in keeping with the “wellness” theme), it’s an opportunity to remind the City of Clearwater that the “health” of their finances have a direct impact on their daily lives too. 

Now, more than ever, keeping tabs on your budget, insurance(s), mortgage(s), retirement plan(s), etc. are crucial. At Marks & Marks Mortgage, we have partnered with Certified Financial Planners throughout the Tampa Bay area who offer complimentary free financial plans, or “check-ups” for our customers.

Let’s be honest, you go to the doctor for a physical to get answers regarding your health; simply because you’re not an expert in the field of medicine, and you want to make sure you’re healthy. So, if you’re not an expert regarding finances, (and most of us aren’t), then why wouldn’t you get an annual “finance physical” as well?

Contact me today so we can choose the best Financial Planner for you.  

 -Tony Marks Becoming Famous 1 Mortgage at a Time.  marksmortgage@gmail.com