Well, not exactly, but CalHFA’s Mortgage Credit Certificate income increased yesterday to $57,840 for a Sacramento family of one or two people, and to $72,300 for families of three or more effective yesterday! How is this under 3.25%? Well on a $200,000 loan at 4.5%, the government actually pays $150 of the mortgage payment via a tax credit! That’s the equivalent of lowering [...]
Windmills and Mortgage Tax Credits?? If you’ve ever driven into the Silicone Valley from I-5 south of Stockton, you’ve driven over the Altamont Pass. It’s an interesting place where the Rolling Stones played a concert and hired the Hell’s Angles to act as security. It didn’t work out to well. Then in the late 1970s [...]
Wow! This was quite the week for Home Lending in California First the good news: CalHFA (the California Housing Finance Agency) announced today that they are eliminating their requirement that borrowers need a 1% cash investment into the transaction – and the requirement that it be from the borrower’s own funds. What this means is [...]
Down Payment Gift a Leg Up to Home Ownership, But Know Tax Rules We explain the tax details around giving the gift of a home down payment. Read Visit houselogic.com for more articles like this. Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!