Tax Credit Extended for Military Members

http://www.federalhousingtaxcredit.com/home.html


Special Rules for Members of the Military, the Foreign Service


and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.

• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.

• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

• A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

• “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.

• “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Contact me today; we can get you started now!
http://www.mijoymortgage.com/
mitch.wilcox@bankoforegon.net

Rent vs. Buy....what is best?

Looking for a good buy vs. rent calculator? Here's one from the NY Times that seems to work pretty well:

http://www.nytimes.com/interactive/business/buy-rent-calculator.html
And….one from my website:
http://mijoymortgage.com/calc_rentvbuy.html 
Enjoy!

Are You Getting A Fair Loan?

Did You Know?

Upcoming Changes to Loan Originator Compensation

Why does this matter to you? It's important to know you/your clients are getting the most appropriate and most economical loan.

By now you may have seen the various announcements regarding how lender/loan originator compensation will be restricted under the TILA (Truth In Lending Act) Compensation Rule. In summary, the following rules apply under this new regulation effective April 1, 2011:

• Loan originator compensation cannot be based on the interest rate or loan terms and conditions.


• The loan originator can be compensated by the borrower or lender, but not both in a transaction.


• The loan originator cannot steer the borrower to a loan solely to increase originator compensation.

Here's how you will know if you/your clients are getting the most economical loan:

1. How much does it cost to close?


2. What is the monthly payment?


3. Is the cost over your desired time in the home better or worse when comparing lenders?

While each regulatory change brings challenges, rest assured that I remain committed to offering the best price and service in the industry. Please contact me with questions or comments any time.
http://www.mijoymortgage.com/