Z > o vA o ~ i) ‘= ae) ml 6 vo a Nn ee ) no} = Get c =| 3 i Keller W ‘The Year On A Positive Note - For Home Buyers November 2009 $8000 First Time Home Buyer Tax Credit Extended 88500 Tax Credit Initiated for Existing Homeowners Home prices are the lowest in over five years 30 Year F iced Mortgage Interest Rates Under 8% Conventional Loan Limit to $729,000 extended through 2010 in Orange and LA Counties FH loans available with 3.5% dawn payment qwhich may be affted) There could not be a better time to buy for any or all ofthe above reasons Tax Credits— Income levels to qualify have been raised to $125,000 for singles and $226,000 for married couples. There must he a binding contract to purchase by April 30, 2010 and close by July 1, 2010. The property may not exceed $800,000 invalue. Please contact usto guide you through the specifics of the programs to maximize the henefits of your hame purchase Details of the updated tac credits are on the raverse side Accarding to CAR: (CA Association of Realtors), the percentage of householdsthat could afford an entry-level home in CA stood at 64% in the third quarter 2009 compared with 55% for the same period a year ago. The High Desat Region was the most affordable and San Luis Obispo County was the least affordable Investors and Property “F lips” Property "fips" are transactions involving the rapid purchase and resale of a property. Investors are back in the market! In regards to FHA loans, a purchase contract may not be ‘written on any property that has changed tile in the last 90 days ather than a federally chartered institution. Basically, i @ bank foreclases on a property and resells the property, FHA financing is permissible. If an investar purchases the property ata trustee sale and wants to resellthe property, an FHA offer may nat be written forthe purchase ofthat property until 90 days have passed fram the date the investor took title to the property, notthe day hefshe bid and acquired it on the courthouse steps. Freddie Mac Bulletin 2009-24 defines what the conventional agencies view as a bona fide quick sale of a property versus what is considered a red flag for improper property flips for lenders to goby. Its not aways based upon atime frame. Ifyou are interested in a copy ef the bulletin, please let us know and we will email to you. (Information provided by Kevin Budtie— Bank of America Home Loans — kevin, budde@bankofarnerica, carn) Happy Thanksgiving to your and your families. We all have much to be thanktu! for! Vis our website at yn cyredio dors.com