With this new law and some other indicators like “The national home ownership rate — defying all gloom and doom predictions — jumped to 68.1 percent in the latest quarter, up from 67.8 percent”, I think this is it I truly believe it.

More home buyers mean more home sellers. Where do those sellers go? Yes to buy more hoses. The wheels of the Real Estate Market are starting to move, we are going some where.

Are you still an “on the fence” home buyer not sure if this is the right time to jump in the game?

Did you feel that just a few years back home ownership was slipping away from you due to the steep rise in home prices?

Well, if you answered yes to those questions you don’t need to wait any longer. Your dream of home ownership can come true if you act now TIME IS OF THE ESSENCE!

• The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
  Do you know a friend who bought a home after April 9 this year? Share it with them.

• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

• Married Couples can qualify to a maximum of $7500
• Single people can qualify to a maximum of $3,750
• You have to be a First-Time Home Buyers or a Renter who hasn’t owned a home in the last 3 years.

Here are some more resources

• Video News at a Glance
  Watch the Mortgage and Real Estate Video New Channel you can sign up on the top right of this page.
  Frequently Asked Questions
  The Law’s Other Provisions
  Home Buyer Resources
  www.federalhousingtaxcredit.com

Please remember, We are here to serve you.

100% home loans
Down payment Grants
Seller concessions
And now the $7,500 Tax credit

Act now or you may have to waive this opportunity “Good By”

Have a question email us at info@loans-4-u.com or call Racheli at

Thanks, and I am looking forward  for the opportunity to serve you.

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866-927-5200 Ext 203
954-567-7300

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Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to “streamline” procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process.

Fannie says it plans to “pre-approve” certain short sales–a major change from current practices–and wants to provide higher commission incentives to realty agents who can connect sellers with qualified buyers.

Fannie Mae thus joins its rival, Freddie Mac, who months ago began emphasizing faster, more efficient short sales – to great success.

Freddie Mac’s program, which allows some loan servicers to submit short sale packages with minimal documentation, doubled the number of completed short sales for the company in the last quarter, according to a report in the American Banker, a financial trade journal.

Investors like Freddie and Fannie want to speed up the pace of short sales because — to put it bluntly — it saves them a ton of money. They avoid the crushing costs of foreclosures. Plus, they generally get a much higher payoff percentage of what they’re owed.

Despite complications — ranging from uncooperative banks holding second liens on properties to title, financing and inspection problems — short sales are booming. Some industry estimates suggest that so far this year, one of every five home sales in the U.S. has been a pre-foreclosure transaction of one sort or another.

The opportunities for small investors and realty brokers here are huge. But investors need to have patience and the ability to handle what are sometimes contentious negotiations.

For example, Nancy Gusman, a Maryland real estate attorney, told Realty Times that “everybody in these deals is after every last dollar they can negotiate, and sometimes they hold out forever.”

The mortgage holder is looking for the highest possible current appraisal to justify the highest possible payoff price; the short-sale buyer is looking for the lowest possible appraisal to justify a bargain-basement price for the house; and of course, listing realty agents want a fair commission for their work in putting the transaction together.

The bottom line here for investors and agents: Fannie Mae’s forthcoming policy emphasizes getting short sales DONE — faster. That, in turn, should mean more opportunities for everybody — investors, first-time home buyers, and brokers alike.

Written by Kenneth R. Harney
April 11, 2008 

There are literally dozens of bills on Capitol Hill that are aimed at relieving the mortgage and housing crisis. Some of them — like FHA reform — have been bouncing around for months with no final action.

On the House side right now, what could be the mother of all housing-relief bills is taking shape. Reportedly it will roll together reform of Fannie Mae and Freddie Mac, plus all sorts of new add-ons, including a $300 billion authorization for FHA to buy up and refinance delinquent mortgages held by private lenders.

Meanwhile, in the Senate, there’s legislation to provide huge new tax benefits for home builders, new deductions for home owners who don’t itemize, and tax incentives for buyers of foreclosed houses.

But the White House warned last Wednesday that it didn’t like the way that bill was shaping up — hinting at a possible veto if it passes in its current form.

With the total number of legislative days left before the Fall elections down to less than a month, can this Congress actually deliver housing market relief? That’s a tough question, but it would speak volumes, if, during the worst foreclosure crisis since the Great Depression, the U.S. Congress could not gets its act together to produce much of anything.

Just about the only action spot in town at the moment appears to be at the Federal Housing Administration.

Last week, in a significant expansion of its efforts to reach out to troubled subprime and other borrowers, the FHA announced new criteria for its “FHASecure” program. Under the revised plan, even borrowers with seriously delinquent payment histories will get a shot at refinancing into an FHA fixed rate loan:

• Homeowners with adjustable-rate loans who have been late on two consecutive monthly payments during the prior 12 months, will now qualify for regular 3 percent equity FHA-insured mortgages.
• Owners who were late on three consecutive payments will qualify for FHA refinancing, but will need to have 10 percent minimum equity stakes.

These borrowers’ current lenders will be allowed to help their clients by writing down principal balances to the 90 or 97 percent loan-to-value level required by FHA. Lenders will get a little “haircut” — they’ll have to forgive some debt, but it should a lot less than if they went to foreclosure.

FHA estimates that with the expanded reach of FHASecure, a total of 500,000 troubled families will refinance into fixed-rate loans by the end of 2008.

Bottom line: At least somebody in Washington is producing solutions. But so far, it hasn’t been Congress.

Written by Kenneth R. Harney
April 14, 2008