There are 2 sources for cash to close.
1. Liquid - checking, savings, and money market accounts
2. Non Liquid - stocks, bonds, mutual funds, and retirement funds
Non liquid sources require advance preparation to ensure we get to the closing table on time.
Watch the video and see why.
Technical issues are making it appear that I can project my voice well in advance of my mouth moving. Enjoy my new trick!

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

• Mortgage interest deduction for primary residences, second homes, second mortgages, and home equity lines of credit.
• Property tax write offs
• Capital gains exclusions when selling a home

What is the cost or savings in 2012?

• Mortgage interest projected to be $107 billion
• Property tax to be $31 billion
• Capital gains exclusion to be at $21 billion
• Total of $159 billion

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Don’t let an AVM stop your closing.
Here is what you can do:
1. Remind your lender Texas is a non disclosure state.
2. Have your buyer obtain a copy of the AVM report.
3. Provide comparable sales to back up your agreed sales price.
4. Ask for a second or review appraisal.

A copy of two AVM’s can be viewed in the attachment below.
avm-examples

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

The number of FHA mortgages originated is on the rise. Here is a look at why FHA becomes the better option.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Okay, this is my first try at video blogging.

You might need to close your eyes and listen as my voice is trailing behind my mouth.
Hopefully this will be corrected by next week.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

You’re probably asking “Mortgage Mike, what has changed?”  Let me recap the program highlights and shed some light on the opportunities for the next five months.

Recap:

1. Tax credit is 10% of purchase price up to $8000 for first time home buyers.

2. To qualify for the tax credit buyers cannot have owned a home in the last 3 years.

3. The incentive is a tax credit which can applied to the next year income tax or can be claimed by filing an amended return for the previous year.  No advance credit can be claimed prior to property purchase.

Opportunities:

1. Income limits have been raised to $125,000 for single filing taxpayers and $225,000 for joint filing taxpayers.

2. Current home owners can qualify for the credit up to $6500 if they owned and occupied a home as their primary residence for five consecutive years of the last eight.

3. Military personnel who have been on active duty between January 1 2009 and May 1 2010 will receive the credit up to June 30 2011.

4. The tax credit has been extended for sales contacts dated up to 4/30/2010 and closing by 6/30/2010.

Benefits:

1. Increase in income limits mean more buyers qualify for the tax credit, ie larger pool of buyers.

2. The more income a person makes the more house they can afford, ie higher sales price homes available for credit.

3. Increased income limits open up a higher priced portion of the home for sale inventory, ie larger pool of homes to buy.

4. Incentives for move up buyers creates a cycle of sales which helps to boost the housing industry, ie two for one.

Mortgage Mike says “You have five months to take advantage of the tax credit.  Make hay while the sun is shining buy or sell a home today!”

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.