As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners ... [Read More]
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
The IRS has released a revised Form 5405 to reflect the changes to the tax credit made in the extension and expansion legislation enacted in November 2009.
The release reminds taxpayers that all tax returns claiming the tax credit must be filed manually, they cannot utilize the IRS E-File automatic system!
The revised form includes a section for those repeat buyers who are eligible to claim the $6500 tax credit. The HUD-1 or evidence of the transaction must be filed with all returns claiming the credit (both the $8000 and $6500 credits). Individuals who claim the repeat buyer credit must also provide evidence that they have owned and used the prior residence for 5 consecutive years. The instructions indicate that property tax or homeowners insurance records are sufficient for this purpose. Your Real Estate agent or title company should be able to provide you with a copy of your HUD-1 should you need it.
A Good Faith Estimate is a lenders proposal as to what closing costs and loan fees will be associated with your home loan. Real Estate Settlement Procedures Act (RESPA) now mandates home buyers receive a standard, three-page Good Faith Estimate within three days after they apply for a loan.
The Good Faith Estimate form requires lenders to combine all ... [Read More]
A Good Faith Estimate is a lenders proposal as to what closing costs and loan fees will be associated with your home loan. Real Estate Settlement Procedures Act (RESPA) now mandates home buyers receive a standard, three-page Good Faith Estimate within three days after they apply for a loan.
The Good Faith Estimate form requires lenders to combine all of the bank’s fees into one “origination charge,” enabling consumers to compare one lender’s fees with another’s. These mortgage fees, also called settlement or closing costs, cover every expense associated with your home loan: inspections, title insurance, taxes and other charges. An accurate Good Faith Estimate is essential for a prospective home buyer to make a informed decision about their exact settlement or closing costs.
Lenders also are prohibited from increasing the origination fee from the estimate. Some additional charges, including title services and recording charges, can increase by as much as a combined 10 percent. Estimates for other charges, such as homeowner’s insurance and other services provided by third parties selected by the borrower,may not be subject to such limits.
It is important to have your lender fully explain your Good Faith Estimate to you. All charges typically paid for by the buyer must be disclosed on the GFE regardless of whether the charges will be paid for by the buyer, the seller or other party. Remember, dont be afraid to ASK QUESTIONS!
For example: Lets say the seller is paying the buyers closing costs of 5% on a purchase price of $250,000 that would be a credit to the buyer of $12,500. That is now going to be shown on the buyers GFE as a buyers cost. DONT PANIC! At closing the seller will still be giving the credit to the buyer but it must show as a cost for the buyer to give the buyer a true picture of what the costs for the loan are.
Did you know the City of Oroville currently offers a program to assist senior and disabled homeowners who don’t have financial resources to complete minor and emergency property repairs?
This is really great for those that just that really need that repair but have been putting it off due to financial reasons!
Basic Eligibility Requirements
Applicant must own and occupy their home or ... [Read More]
Did you know the City of Oroville currently offers a program to assist senior and disabled homeowners who don’t have financial resources to complete minor and emergency property repairs?
This is really great for those that just that really need that repair but have been putting it off due to financial reasons!
Basic Eligibility Requirements
Applicant must own and occupy their home or mobile home
Applicant must be a senior citizen, 65+ years of age or physically disabled
Applicant must live within the Oroville City limits
Eligible Repairs
The program was designed to help senior and disabled persons obtain assistance with small but important health and safety repairs. Eligible repairs include, but are not limited to such jobs as:
Plumbing: Leaking, broken, non-operating sinks, toilets, faucets, garbage disposals and water heaters.
Small Electrical Hazards: Lights, outlets, and switches.
Weatherization: Weather stripping, caulking around doors and windows.
Maintenance Repairs: Evaporative coolers, furnaces, roofing, gutters, steps, railings and hazardous trees.
Correcting Trip Hazards.
Installation of Grab bars
Smoke Detector Repair or Replacement.
Health and Safety Hazards.
If you are in need of a program like this contact the City of Oroville
Phone: 530.538.2495
Fax: 530.538.2539
Email: housing@cityoforoville.org
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