We often get asked a lot of questions about the First Time Home Buyer Tax Credit Program. Obviously, it is a little confusing to many folks. Upon reviewing our email and phone logs regarding the questions we have received, here are some explanations about the program requirements we hope you may find useful.

• For married couples, both have to qualify as first-time buyers to get the tax credit.
• For non-married couples, only one buyer has to qualify. So, in some cases it may be beneficial to buy a home before you get married.
• If both buyers qualify for the tax credit, only one of them can actually get it. There is one credit per household.

Continue Reading First Time Home Buyer Tax Credit – Lets Review

Tags: Florida, mortgages

The U.S. Department of Housing and Urban Development (HUD) announced the new Federal Housing Administration (FHA) mortgage loan limits for single-family homes set to begin January 1, 2009. The change was required under the guidelines set forth in the Housing and Economic Recovery Act of 2008.The Act sets the national conforming mortgage loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009, the national conforming mortgage loan limit will remain at the current level of $417,000. It also requires that FHA mortgage loan limits to be set at 115% of the median house price in a given area with a floor of 65% and a ceiling of 150% of the national conforming mortgage loan limit.

Continue Reading HUD Announces New Permanent FHA Mortgage Loan Limits

Tags: FHA, HUD, mortgages

According to their annual loan closing costs survey, Bankrate.com had Florida ranked number three behind only New York and Texas for being a high loan closing cost state. The new ranking was the second year in a row Florida held the number three postion and is up from being ranked number 5 in 2006.

This year’s top ten states included:

• New York – $4,016
• Texas – $3,975
• Florida – $3,683
• Oklahoma – $3,558
• New Mexico – $3,047
• New Jersey: $3,432
• Pennsylvania: $3,411
• Alaska: $3,409
• Colorado: $3,358
• California: $3,321

The bottom five states included:

• North Carolina -$2,650
• Kansas – $2,669
• Missouri – $2,758
• Maine – $2,793

Continue Reading Florida Home Loan Closing Costs – 2008 Annual Survey Results

Tags: Florida, loan closing costs, mortgages

The number of FHA loans issued shot up 126 percent in the first quarter of 2008 even though they still make up a just small part of the overall mortgage market. Demand for these often-neglected mortgages is surging because they do not require the higher down payments or stellar credit scores that lenders expect from borrowers for conventional loans. In addition, the amount of money people can borrow on these loans is up dramatically this year and many homeowners now find them attractive once again for both purchases and refinancing alike.

Continue Reading FHA Loans Popular Once Again

Tags: FHA, mortgages

HUD has announced a 30-day extension, to June 12, 2008, for the public to comment on the proposed new Real Estate Settlement Procedures Act (RESPA) rule. The announcement came just days before the initial comment period was set to end and on the heels of a letter HUD received signed by 149 members of Congress.

The Congressional letter referenced the extensive nature of the RESPA reform proposal and the fact that some aspects of the proposed changes had not previously been the subject of public comment. In addition, the letter stated that further analysis was needed on the proposed rule’s interaction with state and federal laws and regulations including the Federal Reserve Board’s recent proposal to amend its Truth in Lending Act regulations.

Continue Reading HUD Extends RESPA Comment Period

Tags: HUD, legislature, mortgages, RESPA