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Are there any new gov. credits for First-Time Homebuyer or did i miss the boat?

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June 02 2010 - Ocala
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Answers (14)

US Bank has a pretty interesting program, that credits you back $3000 towards closing costs and only requires 3% down, with no mortgage insurance (the $3000 gets tacked onto the back of the loan as a "silent 2nd" with 0% interest and no monthly payment required).  Its called the "American Dream Loan".  I have a customer who just compared it to FHA... and it had a payment $172 per month cheaper on a $185k purchase than the FHA loan.  I'm pretty sure this program indirectly made possible, through government subsidies of some sort.
Definitely worth looking into with your local US Bank.  It appears to be a really unique and awesome product.
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July 09 2012

Check into DownPayment Assistance in your area. Ask your Lender what is available.  All states are different.

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July 09 2012
Profile picture for Pasadenan
In spite of the government housing prop, median values in the US dropped from $188k last year, to $183.5k now.

For the Miami Metropolitan area, median values dropped from $171k last year, to $160.7k now.

We are still expecting another $16k drop in median in the Miami area over the next 6 months, so median should then be about $145k

20% down would be $29k (to avoid mortgage insurance...)

So, loan needed would be about $116k

So, a 30 year fixed rate loan at 5% annual, monthly payments would be $622.71

So, if a different interest rate, the difference in monthly payment would be:
4 3/8        -$43.54
4½           -$34.96
4 5/8        -$26.31
4¾           -$17.60
4 7/8        -$8.83
5              $0
5 1/8        $8.89
5¼           $17.85
5 3/8        $26.86
5½           $35.93
5 5/8        $45.05
5¾           $54.23
5 7/8        $63.47
6              $72.77
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June 04 2010
Profile picture for Pasadenan
By the way, interest rates are essentially rounded to the nearest 1/8%, and thus only move in 1/8% increments.

So the possible rates for 30 year fixed are:
4 3/8

4 5/8
4¾          (Median on Zillow today)
4 7/8
5            (Nominal)
5 1/8

5 3/8

5 5/8

5 7/8
6

If you are going above 6, there likely is something wrong with either your
1) FICO score
2) Down payment and/or Loan to Value (LTV) ratio
3) Debt to Income ratio (including new loan)
4) Income history/documentation
5) Amount of the loan (too high or too low)
         (Too low, the fees get higher % wise;
          too high and you need Jumbo instead of conventional)
6) location you are buying
7) Type of loan program you were looking for
8) loan officer you are working with
9) Your timing
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June 04 2010
Profile picture for Pasadenan
Interest rates aren't expected to raise any time soon either.  They will remain around 5% for at least another year.  And every time the stock market takes a dive due to international or other financial news, the mortgage interest rates being offered will drop.  (Stocks drop -> bonds (and MBS) rise; bonds rise -> yields drop; yields drop --> people are willing to accept lower interest on investments --> loans are offered at lower interest rates). (NOT proportional; and some lag time).

But don't expect any rates under 4.375% for 30 year fixed without buying down lots of points.  Thanksgiving weekend 2009 was the "low" for offered interest rates at 4.375%; and then the wholesale rates were not as good as January 2009; so 4.375% is pretty much the "floor" where the lenders and loan officer will not go below if they still want to pay employees.

If you "really" want the lowest interest rate, get pre-approved with a loan officer you trust; let them know your target interest rate so that they can help watch for that; watch the stock market and look for holiday weekend "specials".  Then all you have to do is make that offer on a house when that "special deal" comes up (after the prices have settled down from the government housing prop), and lock your loan the same day the offer is accepted for the 30 or so days it takes to close.

Even then I don't think you will get that 4.375% 30 year fixed at no points with a house at 20% off of present "sold" prices; but who knows, you might get lucky.  Better than what members of NAR were telling people in 2005.

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June 04 2010

Despite the bygones of the Buyer Tax Credit, there are positive opportunities left for post BTC homebuyers:

1. New construction - builders are offering BTC equivalent in form of bonuses but not cash back, i.e. up to $8K toward closing costs and/or upgrades, it's an incentive to bring in motivated buyers and keep the momentum generative from the government BTC incentive.
2. Coldwell Banker real estate firm has issued a National campaign for a BTC equivalent from participating sellers: http://www.youtube.com/watch?v=wG6M26Px4Hc.
3. Overall sellers are fairly motivated, when they sincerely need to sell, may strongly consider negotiable terms and closing costs. Ask for it.  You don't ask, you don't get.
4. Check with your local state government to see if there are homebuyer programs.
5. Some builders, i.e. Polygon Homes, will aid in closing costs and may offer buyer programs.  
6.  I believe there is still a program to help with closing costs, contact a trusted loan officer for details on types of loan programs that would provide such aids as most of the non-profit programs are no longer available.
7.  Some lending institutions have teamed up with builders to offer extremely great rates; check with your local banks who should have a list of their associated builders/land developers. 
8.  Don't forget about asking about the rehab loans for homes which need some fixing; ask your loan officer for more information.
9. Real Estate markets is cyclic - normally predictable in terms of seasonal changes, i.e. market activity slows down in late Summer, decreases and flux during the fall and really slows down during the winter holidays.
10.  And of course, as Mr. Allan has said, qualified military personel are given an automatic 1yr extension to use the government BTC.

All is not lost because the BTC has gone, move on there are programs and available opportunities out there for motivated and qualified buyers.  Bona Fortuna!

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June 03 2010
Hi FirstTimeHouseBuyer1;
Yes, the Federal 8k tax credit program is over if you're not already under contract on a property.  There is a $8k buyer bonus program from May 1- July 31, 2010, available on all Ocala, FL, properties with participating home sellers. Please call me anytime for more information.
At Your Service,  Cheryl Bednar-Jimenez, REALTOR 352-304-4654


 
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June 03 2010
In Florida, there's a few programs such as the Neighborhood Stabilization program but it applies to specified areas.

As far as prices stabilizing, the market values on homes are not expected to raise anytime soon, however, the interest rates are. Interest rates can make or break the affordability in the market.
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June 03 2010
Profile picture for Pasadenan
As the $8k incentive raised the prices an average of $12k to $35k depending on price range; waiting 6 months could substantially save you more than the incentive would have.

And then there are the State incentives.  For example, California put a $10k incentive in place (to be deducted from income tax liability over 3 years) that became effective the day after the contract signing deadline for the Federal incentive.

(California was worried that prices would drop too fast after the incentive termination).  But 1/4 of the funds allocated for that incentive have already been spoken for, so if tax incentives are more important to you than actual sales price, I guess you should "hurry" if you don't want to miss the boat.
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June 03 2010
If you are returning military you can still get either tax credit.  You missed the boat for the $8000 or $6500 if you are a civillian but you may still be able to get the energy star tax credit. Overall buying a home has a bunch of bennifits.
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June 03 2010
Yep! You missed the boat. But home prices and interest rates are still low. It's probably one of the best times to buy. You can never call the bottom or the top of any market, but this looks like a great time to buy. 
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June 03 2010
Profile picture for Mr Caveat
You missed the boat.  But, don't worry.  Housing prices don't appear to have stabilized so you may be better off this way.

*probably are if you can still hang onto that fence

and who knows, its an election year and starting in sept pork will fly
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June 03 2010
Profile picture for wetdawgs
You missed the boat.  But, don't worry.  Housing prices don't appear to have stabilized so you may be better off this way.
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June 02 2010
If you are military and deployed in 2009, you have a one-year extension on the first-time buyer's credit of $8000.  Otherwise, you missed the boat for free government money.  That said, prices have come down from last year in most cities and interest rates are at historic lows, so don't think you missed out--in fact, even without the $8k, you might come out ahead.
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June 02 2010
 
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