MORTGAGE BLOG!

On Wednesday, November 4, 2009, Congress extended the Homebuyer Tax Credit to June 30, 2010! This would apply to real estate contracts signed by April 30, 2010, leaving a 60 day window to close.

PLUS!!!  You don't have to be a first-time home!buyer!!! 

Important changes!! $6,500 tax credit for those who HAVE owned a home and lived there for at least 5 of the last 8 years. Income limits increased to $125,000 for individuals and $225,000 for joint filers.

• $8,000 tax credit for first-time homebuyer's stays in place (A first-time homebuyer has not owned a primary residence in the last 3 years).
• December of 09' falls under the new extension! So there is no "gap" in time between the previous November 30th deadline and the new extension!

SOOOOOOO.....what are you waiting for? Call Pinellas Financial today!
It takes 5 minutes to get Pre-qualified!

Competition between first-time homebuyers and cash real estate investors are stabilizing home prices. Cash buyers have increased 30% in the greater Tampa Bay area recently. These buyers are purchasing Real Estate for legitimate investments versus the "Gold Rush", fix n' flip mentality of the Real Estate boom a few years ago! This is reducing the inventory of homes and stabilizing home prices!

So run the race! May the best offer WIN!

The FannieMae "Refi Plus" program has raised the amount it will approve for a refinance of your current mortgage to 125% of the home's value versus 105%. While none of us want to mortgage our home for more than it is worth, this program is designed to help those who want to stay in their home, but have lost value in the declining market and are in a bad loan and need to refinance DESPERATELY!

Talk to your lender about the FannieMae REFI PLUS program and see if it is an appropriate option for you! Contact us @ PINELLAS FINANCIAL for any mortgage questions and we'll get you an answer or get you to the person you need to talk to!

OK, some surprising truth today by the feds....commercial real estate and labor markets continue to struggle. Many regions of the country show weak or deteriorating economic conditions, despite govt efforts to kick start credit markets, consumers still having difficulty obtaining credit, retail sales soft and most of us are giving up luxury items for now.

While we still got to hear how great things will be and some financial sectors improving, it is good that the media is at least attempting to be semi-accurate and not all "roses" about our economy, because that is not the truth. The only way the economy will get better is to acknowledge the truth about our current status! Everyone agree?

On May 14, 2009 the Obama administration announced incentives and uniform procedures for short sales thanks to the new Foreclosure Alternatives Program (FAP).

This new program helps troubled homeowners who do not qualify for loan modification AND requires banks to determine if a short sale is appropriate before proceeding with a foreclosure. It also helps Realtors and loan originators by standardizing documents for the the short sale process. This will include a standard "short sale agreement" and a standard "Offer/Acceptance letter".

In addition;

• For every successfully completed short-sale the government is offering a $1,000 incentive to banks and $1,500 to borrowers to help them relocate! They will even throw in up to $1,000 for any junior lien holder (typically a 2nd mortgage)
• The bank is to determine the property's value and the "bottom dollar" figure they are willing to take for the property. The bank then agrees to give the homeowner not less than 90 days (up to one year in some markets), to have the property listed for sale by a licensed Real Estate agent at that price. No foreclosure can take place during this time!
• The bank must agree not to try and negotiate a Real Estate agents commissions once an offer has been received and accepted. The Real Estate agents commissions are specified in the short sale agreement up front and are deducted from the sales price. (ie., bank proceeds)
• The bank may not charge the borrower/homeowner ANY fees for participating in FAP.
• There is a "deed-in-lieu" of foreclosure option that can be written into the short sale agreement that requires the borrower to deed the property over to the bank in the event that it does not sell in the 90 days or whatever time period was agreed upon. This allows the borrowers to walk away instead of being foreclosed upon. Although, it should be noted that this is still a negative action on a homeowners credit report. The goal in this situation would be to have the borrower walk away owing nothing else to the bank once the deed is signed over.
• This program is in effect through 2012.

So there you have it folks! More help! CONTACT Pinellas Financial for questions about this or anything else you can think of! Have a great day! :)

If you have not owned or had a mortgage on a Primary Residence in the last three years and you obtain a mortgage for the purchase of a home this year, you are eligible to receive an $8,000 tax credit from the government. I've mentioned this before.

BUT.....did you know that you do not have to wait to receive your money until you file your 2009 taxes? If you purchased a home today, you can amend your 2008 tax return now and you would have your stimulus money in about 60 days!!

KEEP IT IN MIND FOLKS!!!

Pinellas Financial is a Full Service Mortgage Company located in Clearwater, Florida.

Please allow me to be off the subject of mortgages for this week to say that I am participating in the WALK FOR LIFE again this year on May 9th, 2009. This is the biggest fundraiser for the Pregnancy Centers of Pinellas County!

This is a ministry that counsels people who are experiencing unplanned pregnancy or post-abortion depression, etc... It is also a ministry for Christ! WOW! The community outreach and support they accomplish is amazing! Our Lord must be proud!

Please help me, help them, by donating as little as $5.00 to this cause. Use the badge below! It's safe, secure, easy and you'll feel good about it!

• If you have not had a mortgage or owned a Primary Residence in the last three years you are eligible to to receive up to $8,000 as a tax credit on the purchase of a Primary residence this year. Your purchase needs to happen between 1/1/09 and 12/31/09. You CAN own or have investment or vacation property mortgaged in the last three years. The tax credit equals 10% of the property's value for homes under $80,000.00.
• Income limits apply. A married couples modified adjusted gross income (MAGI) should be under $150,000 and singles under $75,000.
• Remember it is a tax credit versus a tax deduction. The $8,000 comes back to you even if you do not owe that much in taxes. It is not deducted from your taxable income!
• The $8,000 tax credit does not have to be paid back as long as you keep and live in the home for at least 36 months!
• Construction loans; if you began construction on a home that will be complete and you will take occupancy before Dec. 31st, 2009, you qualify for the tax credit even if you began construction in 08'.

So that's it in a Nutshell! I can get you an automated underwriting approval in about 10 minutes! What a time to buy a home. This tax credit is literally FREE money!

HAPPY EASTER!!!  from PINELLAS FINANCIAL, LLC

This is the time of year to celebrate our Lord and Savior Jesus Christ! For those of you who do not have a relationship with this man, you need to talk to someone about who he is and what he did for all of mankind.

On a Business note, remember that even though our media potray's our economy as gloom and doom; NETWORKING is the key to staying prosperous in these tough times. Advertising is great, but getting out into the community is key. There are so many ways to become involved. Join a local area Chamber of Commerce, Rotary or Kiwanis club. There are several different networking groups and you might find them in your local paper. These can include groups you pay to belong to but look also for free groups. A little investigation should yield more opportunities than you have time for.

The key is to find a handful of different groups and events and be loyal to them with your attendance and your referral's. Don't try and spread yourself across too many different groups. Loyalty and genuine concern for your fellow group members will pay off HUGE!!!

 HAPPY EASTER AGAIN!!!