Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.
The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. The National Association of Realtors® expects that a uniform process for handling short sales and financial incentives will facilitate this process. View a summary of the incentives and process (PDF: 322 KB)
“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s homeowners in challenging economy.”
Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.
“Many families are finding themselves with a mortgage that is higher than their current home value, and they are struggling,” said McMillan. “As Secretary Geithner noted, and as NAR has been advocating for many months, stemming the foreclosure crisis and stabilizing the housing market are critical to our economic recovery.”
“We have heard from Realtors® that the extensive delay in the short sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure. We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home,” McMillan said.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Friday, June 5, 2009
$8,000 First Time Home Buyer Tax Credit
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Saturday, March 14, 2009
The EXIT Advantage
The EXIT Advantage
A career in real estate provides a fabulous financial opportunity! What a tremendous vocation for sales oriented individuals who understand the value of servicing the customer. Few professions allow for such personal freedom with unlimited earnings potential.
However, many agents lose site that real estate is a cyclical business with it's highs and lows. The time to position yourself for future success is right now! Having an advantage in this business is imperative. And there are only three ways to do this. They are: more effective training, marketing practices to set yourself apart from your competition, and new cash flow streams to give you financial leverage.
The multiple award winning EXIT business model improves the lives of REALTORS! Backed by leading edge technology, EXIT has put the agent in the driver's seat to create a career as big as they can see it. EXIT demonstrates how agents can effectively market themselves, setting themselves apart from the competion under any market conditions. And EXIT's hallmark training is focused on the value of the relationship with the customer to drive future business.
And, a first and only one of its kind in the industry, single-level residuals provide funding for training and marketing as well as retirement and beneficiary benefits for agents in a business that has traditionally never given consideration to the family and lifestyle of REALTORS.
In a commission based based business can you really leave your career to chance? Come in closer and learn for yourself what EXIT can do for you!
EXIT REALTY COLORADO 303.790.7200
Friday, March 13, 2009
Friday, March 6, 2009
Thursday, March 5, 2009
Saturday, February 14, 2009
Happy Valentine's Day!
Happy Valentine's Day!
Every February, across the country, candy, flowers, and gifts are exchanged between loved ones, all in the name of St. Valentine. But who is this mysterious saint and why do we celebrate this holiday? The history of Valentine's Day - and its patron saint - is shrouded in mystery. But we do know that February has long been a month of romance. St. Valentine's Day, as we know it today, contains vestiges of both Christian and ancient Roman tradition. So, who was Saint Valentine and how did he become associated with this ancient rite? Today, the Catholic Church recognizes at least three different saints named Valentine or Valentinus, all of whom were martyred.
One legend contends that Valentine was a priest who served during the third century in Rome. When Emperor Claudius II decided that single men made better soldiers than those with wives and families, he outlawed marriage for young men - his crop of potential soldiers. Valentine, realizing the injustice of the decree, defied Claudius and continued to perform marriages for young lovers in secret. When Valentine's actions were discovered, Claudius ordered that he be put to death.
For eight hundred years prior to the establishment of Valentine's Day, the Romans had practiced a pagan celebration in mid-February commemorating young men's rite of passage to the god Lupercus. The celebration featured a lottery in which young men would draw the names of teenage girls from a box. The girl assigned to each young man in that manner would be his sexual companion during the remaining year.
In an effort to do away with the pagan festival, Pope Gelasius ordered a slight change in the lottery. Instead of the names of young women, the box would contain the names of saints. Both men and women were allowed to draw from the box, and the game was to emulate the ways of the saint they drew during the rest of the year. Needless to say, many of the young Roman men were not too pleased with the rule changes.
Claudius had determined that married men made poor soldiers. So he banned marriage from his empire. But Valentine would secretly marry young men that came to him. When Claudius found out about Valentine, he first tried to convert him to paganism. But Valentine reversed the strategy, trying instead to convert Claudius. When he failed, he was stoned and beheaded.
During the days that Valentine was imprisoned, he fell in love with the blind daughter of his jailer. His love for her, and his great faith, managed to miraculously heal her from her blindness before his death. Before he was taken to his death, he signed a farewell message to her, "From your Valentine." The phrase has been used on his day ever since.
Although the lottery for women had been banned by the church, the mid-February holiday in commemoration of St. Valentine was still used by Roman men to seek the affection of women. It became a tradition for the men to give the ones they admired handwritten messages of affection, containing Valentine's name.
No matter what the true meaning, or the history of this wonderful day, Valentines is a day to celebrate love with all! Enjoy your Valentine's Day!
Saturday, January 31, 2009
Friday, November 14, 2008
IT'S SNOWING
It's taken a little longer this year than most but today November 14th we finnaly got our first dusting of Colorado Champage Powder. Now truth be told it wasn't actually the light bright sweep off your drive way kind of snow but rather a heavy late fall wet and cold, but either way today is a good day in the rockies.
Living in Colorado offers so much. An outdoor lifestyle that would be hard to beat anywhere. When the tempature changes in Colorado you just bundle up and swith gears from the hiking, boating, biking mode to more of the skiing, snow shoeing, ice fishing mind of thinking. We must be REI's favorite state, as a matter of fact REI is located in a restored 1901 Denver Tramway building, the Denver Flagship is a complete outdoor resource, a historic landmark and an award-winning architectural accomplishment. Denverites keep them busy year round as one of the most active populations in the nation.
Living in Colorado offers home owners a wide choice of lifestyles. From the HOT Denver loft market to master planned communities that offer something to everyone to country living that is city close!
If you've been thinking about making the move to the mountain west, check us out. To find your perfect home start here.
Living in Colorado offers so much. An outdoor lifestyle that would be hard to beat anywhere. When the tempature changes in Colorado you just bundle up and swith gears from the hiking, boating, biking mode to more of the skiing, snow shoeing, ice fishing mind of thinking. We must be REI's favorite state, as a matter of fact REI is located in a restored 1901 Denver Tramway building, the Denver Flagship is a complete outdoor resource, a historic landmark and an award-winning architectural accomplishment. Denverites keep them busy year round as one of the most active populations in the nation.
Living in Colorado offers home owners a wide choice of lifestyles. From the HOT Denver loft market to master planned communities that offer something to everyone to country living that is city close!
If you've been thinking about making the move to the mountain west, check us out. To find your perfect home start here.
Friday, October 31, 2008
TAKE THE DAY OFF AND VOTE!
Realtors take the day off! Yes take November 4th and make it a day to serve your community. Help staff a polling station or maybe take a senior citizen to the polls, or just hang out and watch the process. Take the time to explain to your children how this all works or what this all means. Now I'm not saying if that one buyer you have been working with for the past 6 months decides to finally write that offer you tell him to wait, but for the most part take the day off. Yes that means you might have to cram your schedule or miss that round of golf next week but take the day off! It Matters!
Monday, September 29, 2008
Friday, September 12, 2008
Thursday, September 4, 2008
A Mothers Joy!
Now I must admit most of the time I don't know the difference between offense & defense and I have been reprimanded more than once about cheering for the wrong team, but there's not much else that give me the joy of Fridays nights & high school football. The atmosphere is like no other sporting event. These kids give all they have to give, not for money or fame, just for the love of the game!
This year I took on a more committed role in our Quarterback Club, and with all the extra work, time involved, early mornings & late nights I've found I love this game even more. Volunteering for something that brings so much excitement to a school just makes me feel good. And face it where else can you get admission for $5, a hot dog for a buck and the thrill of the game included!
Please watch the video
This year I took on a more committed role in our Quarterback Club, and with all the extra work, time involved, early mornings & late nights I've found I love this game even more. Volunteering for something that brings so much excitement to a school just makes me feel good. And face it where else can you get admission for $5, a hot dog for a buck and the thrill of the game included!
Please watch the video
Friday, August 22, 2008
WOW! Summer Sales Sparkle!
Home Sales Update for Washington Park....Strong Sales show 44 single family homes sold in Washington Park, in the last 30 days. Houses sold from $289,900 to $1,526,325 with an average sales price of $555,423. That gave Washington Park homes an average price per square foot of $339.92. This tells us Buyers still desire the beautiful Washington Park area and active lifestyle it offers and are willing to pay top dollar to own it! With restaurants and shops near by this area gives you the convienence of the city and includes a fun and family athmosphere. Washington Park is continues to be a good home investment!
Ready or Not...Here Come the Democrates!
Friday morning a sneak preview was given to local & national news organizations. The set is a mix of patriotism and high-end technology with video screens that actually curve out over the stage. A 600-person crew has been working on the project for months and some have even been on a 20-hour a day schedule to stay on track. The DNC has brought in upwards of 300,000 pounds of lights and speakers, so much so that the ceiling had to be reinforced to hold them. 95 of the luxury suites in the Pepsi Center were stripped of their furnishing and transformed into broadcasting booths. Some had to have walls knocked down and carpeting covered with hardboard sheeting.
This is a wonderful opportunity for the city of Denver to showcase the beautiful Mile High City and have rolled out the red carpet in anticipation of the thousands of people attending the convention.
City officials have also prepared for protesters with riot control training and a temporary jail site that can house several detainees. Video
As we get closer to Mondays kick-off, preperations are at a fever pitch and with the added job of moving the DNC to Invesco Field for Thursdays acceptance speech by Senator Obama, this guarantees to be a fun week in the Mile High City!
This is a wonderful opportunity for the city of Denver to showcase the beautiful Mile High City and have rolled out the red carpet in anticipation of the thousands of people attending the convention.
City officials have also prepared for protesters with riot control training and a temporary jail site that can house several detainees. Video
As we get closer to Mondays kick-off, preperations are at a fever pitch and with the added job of moving the DNC to Invesco Field for Thursdays acceptance speech by Senator Obama, this guarantees to be a fun week in the Mile High City!
Wednesday, August 20, 2008
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