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jpinpb.
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May 12, 2009 at 9:07 PM #398107May 12, 2009 at 9:15 PM #398112
jpinpb
ParticipantLess skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
May 12, 2009 at 9:15 PM #397889ParticipantLess skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
May 12, 2009 at 9:15 PM #397641ParticipantLess skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
May 12, 2009 at 9:15 PM #398315ParticipantLess skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
May 12, 2009 at 9:15 PM #398171ParticipantLess skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
May 12, 2009 at 9:32 PM #398181sdrealtor
ParticipantI have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
May 12, 2009 at 9:32 PM #397651ParticipantI have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
May 12, 2009 at 9:32 PM #398325ParticipantI have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
May 12, 2009 at 9:32 PM #398122ParticipantI have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
May 12, 2009 at 9:32 PM #397899ParticipantI have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
May 12, 2009 at 9:57 PM #398330CA renter
Participant[quote=jpinpb]Less skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
FHA Preps Tax Credit for Down Payment Use
[/quote]
Saw today on CNBC the NAR is trying to extend this taxpayers’ gift to sellers, and make it apply to ALL purchases, not just first-time buyers.
Been hearing that many of the recent purchases are first-time buyers, and it would make sense that it’s this gift from us (the “priced-out” taxpayers, who are paying to keep ourselves out of the market) that is keeping this market afloat.
I’m with you guys. After all that we’ve seen, nobody’s learned a single solitary thing. They still claim that “falling housing prices” are the cause of all the foreclosures, and that foreclosures are “the problem.”
No mention of the fact that it was the HIGH prices — pumped up by fraud and 100% LTV loans/no skin in the game — that is the real cause of all the foreclosures. Nope, they want us to get back to bubble prices…the source of the problem all along. Guess we’ll just keep going up and down on this merry-go-round for years and years.
They’ll use govt (our) money to pump housing prices up, then we’ll get another wave of foreclosures. They’ll claim it’s a “crisis” and use our money again to force prices up again…then another wave of foreclosures…and on and on we’ll go.
Please, please, please!!! Can we please get someone sane to run our govt? Please?
May 12, 2009 at 9:57 PM #398186Participant[quote=jpinpb]Less skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
FHA Preps Tax Credit for Down Payment Use
[/quote]
Saw today on CNBC the NAR is trying to extend this taxpayers’ gift to sellers, and make it apply to ALL purchases, not just first-time buyers.
Been hearing that many of the recent purchases are first-time buyers, and it would make sense that it’s this gift from us (the “priced-out” taxpayers, who are paying to keep ourselves out of the market) that is keeping this market afloat.
I’m with you guys. After all that we’ve seen, nobody’s learned a single solitary thing. They still claim that “falling housing prices” are the cause of all the foreclosures, and that foreclosures are “the problem.”
No mention of the fact that it was the HIGH prices — pumped up by fraud and 100% LTV loans/no skin in the game — that is the real cause of all the foreclosures. Nope, they want us to get back to bubble prices…the source of the problem all along. Guess we’ll just keep going up and down on this merry-go-round for years and years.
They’ll use govt (our) money to pump housing prices up, then we’ll get another wave of foreclosures. They’ll claim it’s a “crisis” and use our money again to force prices up again…then another wave of foreclosures…and on and on we’ll go.
Please, please, please!!! Can we please get someone sane to run our govt? Please?
May 12, 2009 at 9:57 PM #397656Participant[quote=jpinpb]Less skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
FHA Preps Tax Credit for Down Payment Use
[/quote]
Saw today on CNBC the NAR is trying to extend this taxpayers’ gift to sellers, and make it apply to ALL purchases, not just first-time buyers.
Been hearing that many of the recent purchases are first-time buyers, and it would make sense that it’s this gift from us (the “priced-out” taxpayers, who are paying to keep ourselves out of the market) that is keeping this market afloat.
I’m with you guys. After all that we’ve seen, nobody’s learned a single solitary thing. They still claim that “falling housing prices” are the cause of all the foreclosures, and that foreclosures are “the problem.”
No mention of the fact that it was the HIGH prices — pumped up by fraud and 100% LTV loans/no skin in the game — that is the real cause of all the foreclosures. Nope, they want us to get back to bubble prices…the source of the problem all along. Guess we’ll just keep going up and down on this merry-go-round for years and years.
They’ll use govt (our) money to pump housing prices up, then we’ll get another wave of foreclosures. They’ll claim it’s a “crisis” and use our money again to force prices up again…then another wave of foreclosures…and on and on we’ll go.
Please, please, please!!! Can we please get someone sane to run our govt? Please?
May 12, 2009 at 9:57 PM #398128Participant[quote=jpinpb]Less skin in the game continues. I fully expect zero down coming soon to a lender near you.
Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.
The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said, according to NAR.
The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000 — or $4,000 for married individuals filing separately — on either their 2008 or 2009 tax returns. Unlike the previous law — which required recipients of the tax credit to repay the funds over a number of years without interest — the new home buyer credit effective with the passage of the act does not have to be repaid.
FHA Preps Tax Credit for Down Payment Use
[/quote]
Saw today on CNBC the NAR is trying to extend this taxpayers’ gift to sellers, and make it apply to ALL purchases, not just first-time buyers.
Been hearing that many of the recent purchases are first-time buyers, and it would make sense that it’s this gift from us (the “priced-out” taxpayers, who are paying to keep ourselves out of the market) that is keeping this market afloat.
I’m with you guys. After all that we’ve seen, nobody’s learned a single solitary thing. They still claim that “falling housing prices” are the cause of all the foreclosures, and that foreclosures are “the problem.”
No mention of the fact that it was the HIGH prices — pumped up by fraud and 100% LTV loans/no skin in the game — that is the real cause of all the foreclosures. Nope, they want us to get back to bubble prices…the source of the problem all along. Guess we’ll just keep going up and down on this merry-go-round for years and years.
They’ll use govt (our) money to pump housing prices up, then we’ll get another wave of foreclosures. They’ll claim it’s a “crisis” and use our money again to force prices up again…then another wave of foreclosures…and on and on we’ll go.
Please, please, please!!! Can we please get someone sane to run our govt? Please?
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