First Time Homebuyers in St. Louis
With a 98 to 0 vote, the senate voted to extend the first time homebuyer tax credit yesterday. Moreover, the vote also calls for an expansion of the credit to current homeowners.
The details:
The current first time homebuyer tax credit is set to expire November 30, 2009. This means that a closing must take place by this date. In other words, the current credit is over. Today’s the 5th of November. With Thanksgiving just around the corner, it would be hard to put a home under contract today and confidently expect it to close before December. It can be done, but it’s not a guarantee.
The extension calls for a credit to be given for all contracts written by April 30, 2010 and closed by June 30, 2010. I’m not sure how that will be monitored if it goes in to effect. In other words, I’m not sure how you could stop a buyer from back-dating a contract — we’ll just have to see.
Regarding expansion, the new credit — if passed — would allow existing home owners who have lived in their current home for 5 years or more to take a $6500 credit if they buy a new home.
Also, the Senate bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
Category : First Time Homebuyers in St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Buyers
By: Matt Eversgerd of First Integrity Mortgage Services, St. Louis, 314-620-7227
Many people have been asking, “How did we get to this place in the housing market where it’s so hard to get a loan?” My response is simply, “It’s not near as hard as you think.”
There are four main components that go into a lending decision: credit, income, employment, and down payment. If you are in the majority that have managed your credit well, lived within your means, demonstrated an ability to save money, and have at least 5% to put down, you will get a great loan with no hassle.
So what if you have “challenging credit?” What if you have very little money to put down? I have good news…FHA (Federal Housing Administration) is here to save the day. With 3% down, and this can even be a gift from a family member, you can get a 30 year mortgage at a very low rate with which you can buy your St. Louis home. We will require you to have a job. We will require you to buy a home you can afford. We will demand that you have paid most of your creditors on time…sound fair?
The bottom line is this. There are homes to buy; there are loans available. Prices are lower than they were a few years ago and interest rates are still at historically low levels. It’s not hard to get a loan!
Are you prequalified to buy your St. Louis home?
Category : Lenders in St. Louis &Mortgages St. Louis
