Blogging From The Desk of Alicia Lagarde-Craig
Status of Tax Credit: Getting Closer
While a final deal was not reached, there were encouraging signs that a deal is very likely. It is more a question of “when” than “if”.
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to “move up” borrowers.
Details of the revised homebuyer credit reportedly are as follows:
• Credit is changed to 10% of sales price up to $7290
• For first time homebuyers, the income level to qualify is $ 75,000/150,000.
• For “move up” buyers the income level to qualify is $ 125,000/250,000.
• For “move up” buyers, they must have been residing in their primary residence for 5 years.
• The credit runs from Dec. 1, 2009 to April 30, 2010.
Sales contracts signed as of April 30, 2010 would have 60 days to close.
Wednesday, October 28, 2009
Wednesday, September 30, 2009
First-Time Homebuyer Seminar plus Information on the 2009 Tax Credit
Blogging from the desk of Alicia Lagarde Craig:
Take advantage of our FREE Seminar & Learn all about the following:
- Home Ownership Benefits
- The Role of the Real Estate Agent
- Credit Criteria
- How the Credit Scoring System Works
- The Role of the Mortgage Professional
- How to take advantage of the 2009 Tax Credit and receive up to $8000 in FREE money!
Place:
Keller Williams Realty New Orleans
8601 Leake Avenue
New Orleans, LA 70118
Date:
Tuesday, October 6th, 2009
Time:
6pm-7:30pm
Presented by:
Alicia Lagarde Craig & Jeff Craig in affiliation with Keller Williams Realty New Orleans
Please RSVP to: alicialagarde@kw.com or jeffcraig@kw.com
If you have any questions, please call 504-862-4139.
We look forward to seeing you there!!!
Take advantage of our FREE Seminar & Learn all about the following:
- Home Ownership Benefits
- The Role of the Real Estate Agent
- Credit Criteria
- How the Credit Scoring System Works
- The Role of the Mortgage Professional
- How to take advantage of the 2009 Tax Credit and receive up to $8000 in FREE money!
Place:
Keller Williams Realty New Orleans
8601 Leake Avenue
New Orleans, LA 70118
Date:
Tuesday, October 6th, 2009
Time:
6pm-7:30pm
Presented by:
Alicia Lagarde Craig & Jeff Craig in affiliation with Keller Williams Realty New Orleans
Please RSVP to: alicialagarde@kw.com or jeffcraig@kw.com
If you have any questions, please call 504-862-4139.
We look forward to seeing you there!!!
Friday, September 4, 2009
State Finance Program to Provide $25 Million for HomeBuyers
Blogging From The Desk of Alicia Lagarde-Craig
*HOT OFF THE PRESS*
Louisiana Housing Finance Agency offers a number of opportunities for low and moderate income Louisiana families to realize their dreams of owning a home through its First-Time Homebuyer Program. The LHFA expects the money to be tapped quickly. The program is only likely to benefit approximately 200 homeowners statewide with a variety of tools for down payments, closing costs and mortgage rate assistance.
The program offers a variety of 30-year, fixed-rate mortgages, some at below market interest rates to potential homebuyers. LHFA's current 2009A Program offers a four-tiered interest rate structure:
The HOME Mortgage Revenue Bond Program
HOME/MRB Program Loans:
The HOME/MRB Program will bear interest at 4.10%. Assistance Payments equal to 4.50%to 9% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items. For HOME/MRB borrowers, up to 2% of the interest rate each month on a HOME Assisted Program Loan may be deposited into an escrow fund and transferred to an eligible borrower obtaining a HOME Assisted Program loan in order to provide assistance to such eligible borrower for prepaying insurance premium payments. Lenders are required to complete the “Escrow Subsidy Agreement Exhibit “Q” for borrowers receiving this subsidy. The Escrow Subsidy Agreement will be transmitted to lenders upon approval of loans.
The Community Block Development Grant Program
CDBG/MRB Program Loans:
The CDBG/MRB Program will bear interest at 4.11%. Assistance payments equal to 4.50% to 9% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items. Properties are limited to 11 parishes and must be 1 family or 2 family homes. The 11 parishes are as follows: Acadia, Calcasieu, Cameron, Iberia, Jefferson, Plaquemines, St. Tammany, Tangipahoa, Terrebonne, Vermilion and Washington Parishes. All applicants must be first-time homebuyers and must agree to use the home as their primary residence for at least 3 years.
The Assisted Program
Assisted Program Loans:
The interest rate for the Assisted Program will bear interest at 6.10%. Assistance payments equal to 4% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items.
The Low Rate Homebuyer Tax Credit Program
The Low Rate Homebuyer Tax Credit Program Loans:
Low Rate - Homebuyer Tax Credit Program will bear an interest rate at 5.60%. This program will advance up to $5,000 per loan for down payment, closing costs, and prepaid items. The borrower must qualify for the $8,000 First-Time Homebuyer Tax Credit. There will be a second mortgage executed with this program and must close on or before 11/30/09. After the initial deferral period through 6/30/10, the loan will fully amortize over ten years, starting with payments 8/1/10, with an interest rate of 7.60% unless the Agency is repaid in full with the borrowers federal tax refund. The second morgage loan payment must be included in the Debt to Income Ratio. This program will require a $100 Application Fee in addition to the $75 Compliance Fee. A Homebuyer Tax Credit Program Disclosure is required detailing the information on the terms of the loan, the tax credit, and the option to repay LHFA through the federal tax credit.
American Dream Downpayment Initiative (ADDI):
Louisiana Housing Finance Agency (the “Agency”) has implemented a homeownership initiative in partnership with its participating lenders to expand homeownership opportunities for low-income households throughout the State of Louisiana.
The ADDI program will provide grants up to 6% of the sales price or $10,000, whichever is greater, in connection with the lender’s first mortgage loan.
Eligibility
2009A Bond Issue allows for the following:
The first-time homebuyer rules are waived for the Assisted Program loans ONLY in all 64 parishes located in the State of Louisiana.
The purchase price and income limits are elevated to targeted area limits for the Assisted and Low Rate - Homebuyer Tax Credit Programs ONLY in all 64 parishes located in the State of Louisiana.
Visit the website viewing Exhibit F1 for Standard MRB Maximum Permissible Acquisition Cost & F2 for HOME/MRB Maximum Permissible Acquisition Cost AND
Visit the website viewing Exhibit G 2009 HOME/MRB Income Limits, 2009 MRB Income Limits, and CDBG/MRB Income Limits
For HOME/MRB and CDBG Program Loans use the HOME/MRB Income and Purchase Price limits.
The prospective homeowner must also meet income and purchase price limits. Income limits vary with the number of persons in the household and by parish. Purchase price limits vary according to the number of units in the property and if it is located in a targeted or non-targeted area. Also, the homebuyer must use the house as his/her principal place of residence.
If you are interested in owning your home, please contact Alicia Lagarde-Craig @ 504-382-3724 or you can email me at AliciaLagarde@kw.com.
~Alicia Lagarde-Craig September 4, 2009
*HOT OFF THE PRESS*
Louisiana Housing Finance Agency offers a number of opportunities for low and moderate income Louisiana families to realize their dreams of owning a home through its First-Time Homebuyer Program. The LHFA expects the money to be tapped quickly. The program is only likely to benefit approximately 200 homeowners statewide with a variety of tools for down payments, closing costs and mortgage rate assistance.
The program offers a variety of 30-year, fixed-rate mortgages, some at below market interest rates to potential homebuyers. LHFA's current 2009A Program offers a four-tiered interest rate structure:
The HOME Mortgage Revenue Bond Program
HOME/MRB Program Loans:
The HOME/MRB Program will bear interest at 4.10%. Assistance Payments equal to 4.50%to 9% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items. For HOME/MRB borrowers, up to 2% of the interest rate each month on a HOME Assisted Program Loan may be deposited into an escrow fund and transferred to an eligible borrower obtaining a HOME Assisted Program loan in order to provide assistance to such eligible borrower for prepaying insurance premium payments. Lenders are required to complete the “Escrow Subsidy Agreement Exhibit “Q” for borrowers receiving this subsidy. The Escrow Subsidy Agreement will be transmitted to lenders upon approval of loans.
The Community Block Development Grant Program
CDBG/MRB Program Loans:
The CDBG/MRB Program will bear interest at 4.11%. Assistance payments equal to 4.50% to 9% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items. Properties are limited to 11 parishes and must be 1 family or 2 family homes. The 11 parishes are as follows: Acadia, Calcasieu, Cameron, Iberia, Jefferson, Plaquemines, St. Tammany, Tangipahoa, Terrebonne, Vermilion and Washington Parishes. All applicants must be first-time homebuyers and must agree to use the home as their primary residence for at least 3 years.
The Assisted Program
Assisted Program Loans:
The interest rate for the Assisted Program will bear interest at 6.10%. Assistance payments equal to 4% of the Mortgage Loan amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items.
The Low Rate Homebuyer Tax Credit Program
The Low Rate Homebuyer Tax Credit Program Loans:
Low Rate - Homebuyer Tax Credit Program will bear an interest rate at 5.60%. This program will advance up to $5,000 per loan for down payment, closing costs, and prepaid items. The borrower must qualify for the $8,000 First-Time Homebuyer Tax Credit. There will be a second mortgage executed with this program and must close on or before 11/30/09. After the initial deferral period through 6/30/10, the loan will fully amortize over ten years, starting with payments 8/1/10, with an interest rate of 7.60% unless the Agency is repaid in full with the borrowers federal tax refund. The second morgage loan payment must be included in the Debt to Income Ratio. This program will require a $100 Application Fee in addition to the $75 Compliance Fee. A Homebuyer Tax Credit Program Disclosure is required detailing the information on the terms of the loan, the tax credit, and the option to repay LHFA through the federal tax credit.
American Dream Downpayment Initiative (ADDI):
Louisiana Housing Finance Agency (the “Agency”) has implemented a homeownership initiative in partnership with its participating lenders to expand homeownership opportunities for low-income households throughout the State of Louisiana.
The ADDI program will provide grants up to 6% of the sales price or $10,000, whichever is greater, in connection with the lender’s first mortgage loan.
Eligibility
2009A Bond Issue allows for the following:
The first-time homebuyer rules are waived for the Assisted Program loans ONLY in all 64 parishes located in the State of Louisiana.
The purchase price and income limits are elevated to targeted area limits for the Assisted and Low Rate - Homebuyer Tax Credit Programs ONLY in all 64 parishes located in the State of Louisiana.
Visit the website viewing Exhibit F1 for Standard MRB Maximum Permissible Acquisition Cost & F2 for HOME/MRB Maximum Permissible Acquisition Cost AND
Visit the website viewing Exhibit G 2009 HOME/MRB Income Limits, 2009 MRB Income Limits, and CDBG/MRB Income Limits
For HOME/MRB and CDBG Program Loans use the HOME/MRB Income and Purchase Price limits.
The prospective homeowner must also meet income and purchase price limits. Income limits vary with the number of persons in the household and by parish. Purchase price limits vary according to the number of units in the property and if it is located in a targeted or non-targeted area. Also, the homebuyer must use the house as his/her principal place of residence.
If you are interested in owning your home, please contact Alicia Lagarde-Craig @ 504-382-3724 or you can email me at AliciaLagarde@kw.com.
~Alicia Lagarde-Craig September 4, 2009
Thursday, August 13, 2009
First Time Homebuyers $8000 Tax Credit
Blogging From The Desk of Alicia Lagarde-Craig
We’ve been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? We’re going to take an in-depth look at the $8,000 tax credit for first time home buyers.
According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since (August) 2006.
The same goes for married tax payers – they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years.
Qualifying homes include:
* New homes
* Homes that are being re-sold
* Condos
* Townhomes
The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit. However owning a vacation home or a rental property already does not necessarily disqualify you from taking advantage of the credit (as long as you haven’t owned a primary residence in the past three years).
A Look at the Numbers
The tax credit is equal to 10% of the purchase price of the home, up to $8,000. The amount of the credit you can qualify for is related to how much money you earn. Here’s how the credit is scaled:
* Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
* The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit – or $4,000. And the credit phases out altogether at $170,000.
This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.
In addition, it’s refundable, which means that if you’ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.
If you’re committed to buying a house in 2009 and want to use the $8000 tax credit for a down payment, consult with your REALTOR and/or Certified Public Accountant.
In Closing
Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years.
The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.
08/13/2009. Agent is licensed in the State of Louisiana, USA.
We’ve been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? We’re going to take an in-depth look at the $8,000 tax credit for first time home buyers.
According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since (August) 2006.
The same goes for married tax payers – they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years.
Qualifying homes include:
* New homes
* Homes that are being re-sold
* Condos
* Townhomes
The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit. However owning a vacation home or a rental property already does not necessarily disqualify you from taking advantage of the credit (as long as you haven’t owned a primary residence in the past three years).
A Look at the Numbers
The tax credit is equal to 10% of the purchase price of the home, up to $8,000. The amount of the credit you can qualify for is related to how much money you earn. Here’s how the credit is scaled:
* Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
* The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit – or $4,000. And the credit phases out altogether at $170,000.
This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.
In addition, it’s refundable, which means that if you’ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.
If you’re committed to buying a house in 2009 and want to use the $8000 tax credit for a down payment, consult with your REALTOR and/or Certified Public Accountant.
In Closing
Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years.
The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.
08/13/2009. Agent is licensed in the State of Louisiana, USA.
Thursday, June 25, 2009
The FEDS Update on the Real Estate Industry
Blogging From The Desk of Alicia Lagarde-Craig
The Fed Meeting was in line with market expectations with no real surprises yesterday.
Highlights:
-Key interest rates will remain at current levels with no indication of immediate increases
-The Fed deemphasized the deflation fears
-The Fed states that the pace of economic contraction is slowing.
-The Fed continues its commitment to purchase Mortgage Back Securities from Fannie and Freddie, ensuring liquidity and rate pressure reductions.
What does this translate to us for the Real Estate and Mortgage Industry?
The below 5% mortgage rates on 30 year fixed mortgages are probably gone for good....no use waiting around for that to happen.
The market will remain a buyer's market with affordability at all time highs and a flood of foreclosure properties available
Expect rates to increase toward year end as the Fed is forced to deal with inflation risks as economy continues to improve
The home buyer's season should be robust; affordability, rates, tax credits, should make the season a good one
While no one can predict the absolute bottom of the market, we are at or near a bottom.
If you are waiting for additional discounts on sales price, you may lose out even if they get lower prices due to rising rates and the end of tax incentives.
Knowledge is power.
~Alicia
The Fed Meeting was in line with market expectations with no real surprises yesterday.
Highlights:
-Key interest rates will remain at current levels with no indication of immediate increases
-The Fed deemphasized the deflation fears
-The Fed states that the pace of economic contraction is slowing.
-The Fed continues its commitment to purchase Mortgage Back Securities from Fannie and Freddie, ensuring liquidity and rate pressure reductions.
What does this translate to us for the Real Estate and Mortgage Industry?
The below 5% mortgage rates on 30 year fixed mortgages are probably gone for good....no use waiting around for that to happen.
The market will remain a buyer's market with affordability at all time highs and a flood of foreclosure properties available
Expect rates to increase toward year end as the Fed is forced to deal with inflation risks as economy continues to improve
The home buyer's season should be robust; affordability, rates, tax credits, should make the season a good one
While no one can predict the absolute bottom of the market, we are at or near a bottom.
If you are waiting for additional discounts on sales price, you may lose out even if they get lower prices due to rising rates and the end of tax incentives.
Knowledge is power.
~Alicia
Sunday, June 14, 2009
First Time Home Buyers Class
Blogging From The Desk of Alicia Lagarde-Craig
Attention First Time Homebuyers:
Make Plans to attend a FREE FIRST TIME HOME BUYERS CLASS (Pre-Registration is REQUIRED to attend)
Take advantage of this educational event hosted by Keller Williams Realty New Orleans, America’s 3rd largest and fastest-growing real estate company! This is a fabulous opportunity to have all your questions answered. Learn all the steps to the home buying process including: how to make your best offer and pitfalls to avoid that will save you time and money!
FIRST THREE REGISTRANTS WILL RECEIVE A FREE COPY OF THE
Event Time & Location:
Keller Williams Realty New
Seating is Limited, Register Today
(Pre-Registration is REQUIRED):
Call The Craigs For Real Estate
Call Alicia Lagarde Craig at (504) 382-3724 or email your contact information to alicialagarde@kw.com (put “homebuyer class” in subject line)
Keller Williams Realty New Orleans, each office independently owned and operated. Alicia Lagarde Craig, agent licensed in the State of
Saturday, June 13, 2009
First-Time Home Buyer Class
Blogging From The Desk of Alicia Lagarde-Craig
Don't Miss This Fabulous Opportunity to attend a First Time Home Buyers Class hosted by Keller Williams Realty New Orleans. It will be held on Tuesday June 23, 2009 at Keller Williams Realty in New Orleans. This class will be held from 6:00 pm - 7:30 pm. (Class Details Below)
Don't Miss This Fabulous Opportunity to attend a First Time Home Buyers Class hosted by Keller Williams Realty New Orleans. It will be held on Tuesday June 23, 2009 at Keller Williams Realty in New Orleans. This class will be held from 6:00 pm - 7:30 pm. (Class Details Below)
Come find out why Keller Williams is the 3rd largest Real Estate Company in the United States. It's because your success is our goal!
Class Details:
Event:
First Time Home Buyers Class @ Keller Williams Realty New Orleans
Address:
8601 Leake Avenue
New Orleans, LA 70118
Time:
6:00 PM - 7:30 PM
Goal:
To teach the steps necessary to buy and maintain a home.
Registration:
Call or Email to Reserve. Seating is limited!
Alicia Lagarde Craig @ 504-382-3724 or AliciaLagarde@kw.com
or
Jeff Craig @ 504-352-6190 or JeffCraig@kw.com
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