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From the HUD Website:
Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.
"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
To explore financing options for real estate in Hampton Roads or Williamsburg VA contact: John@MrWilliamsburg.com
With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market in the Hampton Roads and Williamsburg Va areas.
Q. Are there any no-down payment programs left?
Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.
A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.
If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.
Q. Are there any other government-insured programs that can help someone struggling with a down payment?
Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.
Q. May I use a gift from family members as part of my down payment?
Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.
Q. May I use funds from my IRA for my down payment?
Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.
Q. May I use the $8,000 tax credit as my down payment?
No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.
To explore loan options, monthly payments, etc for mortgage loans in the Williamsburg VA and Hampton Roads areas contact Nina Efird with Suntrust Mortgage.
Nina brings more than 20 years of experience to her clients. With her vast experience in real estate and mortgages, she has the unique ability to understand the expectations and needs of all parties involved in the mortgage financing process. Nina is known throughout the community for her ability to quickly identify and match each individual’s goals with the appropriate loan products and ensure that her clients’ needs and expectations are met.
http://www.suntrustmortgage.com/loanofficer.asp?nefird
Click here to see if you or your home qualifies for USDA Rural Development Program. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
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By now, you’ve heard about the new Tax Credit passed by Congress for first-time Hampton Roads and Williamsburg VA home buyers.
But did you also know…
- You must purchase and close on your new home by December 1, 2009
- The credit also applies to those who have not owned a home in the past 3 years
- This credit does not have to be repaid
- If you wait too long, you may lose this opportunity!
A record 844,000 prospective homebuyers visited the National Association of Home Builders’ FederalHousingTaxCredit.com Web site in February to learn about the new $8,000 tax credit for first-time homebuyers that was enacted last month as part of the landmark $787 billion economic stimulus package.
Find out more at www.FederalHousingTaxCredit.com
But only if you meet the following criteria.
Up to an $8,000 home-buying incentive from the U.S. Government plus low interest rates from our prefered lenders when you buy now.
First question, Are you eligible?
Answer: If you have not owned a home in the past three years, you may qualify. (That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the incentive.)
Am I entitled to the full $8,000 home-buying incentive?
It depends on your modified adjusted gross income (MAGI).
How does the home-buying incentive work?
It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.
If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com
How long does the program last?
The federal home-buying incentive applies to homes purchased (closed) on or after January 1, 2009, and before December 1, 2009.
The tax credit can be claimed on your 2008 or 2009 tax return.
For additional details on the federal home-buying incentive, visit FederalHousingTaxCredit.com
Want to explore what your monthly payment would be ? email John@MrWilliamsburg.com for further information
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York County’s Division of Housing and Neighborhood Revitalization is offering a Virginia Housing Development Authority home ownership education workshop on Saturday, Nov. 22 from 9 a.m. – 4 p.m. in the Community Services Conference Room located at 224 Ballard Street, Yorktown, Virginia, 23690.
The workshop will cover personal finances, credit reports and credit issues, the role of the lender, your relationship with a real estate agent, the Fair Housing Act of Virginia, home inspections, loan closing and home maintenance.
To register for this workshop, or for more information, call Tracy Pierce at 757-890-3885.
This update brought to you by Mr Williamsburg.com / Realtor/ John Womeldorf
A Realtor living / working in the Hampton Roads/ Tidewater area of Virginia.
You can reach me at 757 254 8136
Email John@MrWilliamsburg.com
Brian, can a home buyer waive their rights under the
Virginia Property Owner’s Association Act?
In a word, no. Va. Code § 55-509.4, which sets forth the Act’s
contract disclosure requirements and rights of cancellation, says:
Read the rest of the answer here lytle law-letter-10-27-08
Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com
Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia, primarily serving the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.
Brian D. Lytle, Esq., Lytle Law, P.C. www.lytlelaw.com Reprinted with permission of the author.
The law may have changed since this article was written and published so caution is advised.
I have posted this article as a local REALTOR living and working in the Williamsburg Va area. I would be happy to assist you in buying or selling a home there. Click this link to search all real estate ,homes, condos town homes ,new and resale currently for sale in New Town/ James City County Williamsburg VA
contact: John Womeldorf/ REALTOR
Liz Moore & Associates
757 254 8136
John@MrWilliamsburg.com email
www.MrWilliamsburg.com/ website
www.MrBurg.com website
You can see the full schedule here vhda
Are you interested in becoming a homeowner but don’t know where to begin? The Virginia Housing Development Authority and local nonprofits are offering free home ownership education classes throughout November in the Hampton Roads region.
Homeownership education classes cover topics including credit issues, personal finances, home inspections and the role of lenders and real estate agents. To become eligible for VHDA loans, borrowers must complete VHDA’s Home ownership Class. Attend one of the many free sessions below to learn about the advantages of home ownership.
Upcoming classes will be held in Chesapeake, Newport News, Portsmouth, Hampton, VA Beach and Yorktown Virginia
You can find out more about VHDA here
Local home builder in Hampton Roads Virginia offers an amazing promotion. ( THIS IS NOT A GIMMICK ) If you buy a home from them in any of their participating home communities in VA Beach, Suffolk, or Portsmouth VA The builder will pay ALL OF YOU UTILITY BILLS FOR FIVE YEARS. YES YOU HEARD THAT CORRECTLY . BUILDER WILL PAY YOUR ELECTRIC , GAS AND WATER BILLS FOR THE FIRST FIVE YEARS OF HOME OWNERSHIP !
Of course there are limitations and restrictions.
This offer may not be combined with any other incentive including closing cost assistance. This offer is contingent upon the use the builder’s preferred lender, Tidewater Mortgage. This offer is only good for single family homes in the following communities in Hampton Roads/ Tidewater VA :
New Port at Victory in Portsmouth, VA, ( a traditional neighborhood design that provides its residents with a variety of classic home styles in a lifestyle-oriented, new-home community. It is designed to give residents a sense of home in an up-and-coming area.)
Rosecrest at West Neck ,Centrally located in Virginia Beach, Virginia, it is one of the first age-qualified active adult communities (55 years and better) in the area offering homes with first floor living priced from the high $300,000’s.
Highland Green, The neighborhood features three distinctive models and a close proximity to Bennett’s Creek Park, new schools, new shopping, in Suffolk , Virginia Homes start in the high $200,000’s .
Graystone Reserve conveniently located in Suffolk Virginia . Graystone Reserve features playgrounds, walking trails and picnic areas scattered among large, wooded home sites. Offering seven innovative floor plans. Homes at Graystone currently start in the $300,000’s
Parkside, Complete with a clubhouse, pool, cabana building, playground, picnic area, lakes, walking trails, and gazebos, don’t miss your chance to be a part of this exciting community. The clubhouse features a fitness center, great room and fully operational kitchen, creating the ultimate place to get together with family and friends or escape to take time for yourself Whether you’re looking for the exciting, the peaceful, or the innocent side of life, Parkside at Bennett’s Creek is the place for you. This community is centrally located between the flourishing downtown of Suffolk and Newport News and the booming downtown of Norfolk. Only minutes away is the new Harbour View Station Town Center, consisting of retail shops, offices, restaurants, and the 16-screen Grande Cinemas. Up-coming, right down the street will be the Bennett’s Creek Shopping Center, new school, and library.
Nichols Park 3-story, Condominiums Prices from the high $200,000’s located in Va Beach VA at Lexington. The community ( Lexington ) offers Natural lakes, plenty of wooded space, walking trails, and a secluded pool and cabana surrounded by woods and privacy.
Bluegrass Park. Condominiums at Lexington in Virginia Beach Va. Models range in size from 2100 sq feet to 2245 square feet. Prices start in the high $200,000’s for these 3 level condos.
This offer expires November 1, 2008 and is not retroactive..
Free Homeowner Workshop on Thursday, Sept. 25
Freddie Mac, BB&T Bank and the York County Virginia Department of Community Services/Housing Division are partnering to sponsor a “Get the Facts: Dispelling the Myths of Homeownership” workshop.
The future home buyer workshop is to be held Thursday, Sept. 25, 2008 from 6:30 – 8:00 p.m. at the Yorktown Library, 8500 George Washington Memorial Hwy (Rt. 17), in Yorktown, VA.
Attend this free “Get the Facts” workshop to learn what it takes to become a homeowner. There will be no confusing jargon, no fine print and no sales pitch, just the information you need to better understand your path to homeownership.
For more information, contact the York County Housing and Neighborhood Revitalization Division of the Department of Community Services at 757-890-3885.
