Archive for May, 2009
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May
30
Posted by danita jolly
First Time HomebuyersYou have until December 1, 2009
- To find a home
- Secure financing
- Close the transaction
Better start working with your REALTOR® today!
First time homebuyers
If you (or your spouse if married) have not owned your principal residence for the past 3-years.
Tax Credit
When you file your taxes, you will be able to subtract the amount of the credit from the taxes you owe on your federal income tax return. If the credit is larger than what you owe, you receive the balance as a REFUND from the IRS.
How much will you qualify for?
The credit is based on 10% of the purchase price of the home. If you purchase a home that costs $80,000 or more you will start with the full $8,000 credit. If you earn more than $75,000 a year (or $150,000 married filing jointly) there is a phaseout formula you must follow.
Repayment
You don’t have to repay the credit— unless you own the house for less than three years, according to the Internal Revenue Service. If you sell the house during that period, the money has to be repaid the year the house is sold.
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May
29
Posted by danita jolly
What a wild week! Mortgage-backed securities took their biggest one-day beating this Wednesday since last October. More than 200 bps were given up that day, causing rates to jump up ~ .500% from where we started in the morning. Most of the selloff stemmed from an oversupply of Treasuries issued by the government. Fears of inflation were a concern, as investors visualized greenbacks being printed off in mass supply by a government trying to artificially fund all of these stimulus packages. And just when we thought the market was going in one direction (south), it reverses course and gives us back some of those losses. 134 bps were regained today at market close. This is about as volatile as I’ve ever seen it. So buckle up and hang on – it’s a rollercoaster ride right now!
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 5.000%
5/1 ARM – 4.000%
High Balance Conforming ($567,500 maximum)
30 year fixed – 5.125%
Non-Conforming (Jumbo)
30 year fixed – 6.250%
5/1 ARM – 5.000%
FHA
30 year fixed – 5.125%
5/1 ARM – 4.250%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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May
28
Posted by danita jolly
THE TIME FOR CHANGE IS HERE. BEGIN AHEAD OF THE PACK!
When: June 11, 2009
Social: 5-6pm
Session: 6-9pm
Where: Hometask University 1800 S.W. 152nd, Burien WA 98166
Benefits:
- Straight talk about business and franchising from those that have done it!
- Apply proven wisdeom to your plans to increase your success.
- One hour private meeting with Jerrod Sessler for the first 5 people to register.
Have you ever dreamed of starting a business? What is stopping you? Jerrod Sessler, Founder of the international franchise organization, HomeTask.com says, “It is normally one of two reasons… people are either fearful of something. Sometimes it is fear of what may happen and some are not comfortable venturing into something that they don’t know all the details about before they start.”
This eBootcamp is specifically designed to help you if you are interested in or considering starting a business. This will be specifically helpful if you have ever thought that maybe a franchise business may be a good next step for your future.
Jerrod Sessler and Chris Inverso, lead trainer for Yellow Van Handyman will teach this world class session.
About Jerrod: Founder of HomeTask.com, Yellow Van Handyman, Freggies.com, VaultFarm and Hope4Health Foundation. He also serves as the Chairman of the International Franchise Association’s Information Technology Committee, is a Certifed Franchise Executive and a Manufacturing/Mechanical Engineer.
Jerrod has also personally coached dozens of entrepreneurs and leaders of mature companies at various stages in their business. Jerrod lives with his wife Nikki and three kids in the Seattle area. He is a terminal cancer survivor, a NASCAR Driver and a frequent public speaker
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May
28
Posted by danita jolly
Efforts to get the $8,000 first time homebuyer credit available to the buyer at closing have stalled at the IRS office. The Governor has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available. Washington REALTORS® have provided the money to guarantee the program and all that is left is some sort of mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan. Since working with an agency the size of the IRS is tenuous, we are working on alternatives to make this program available by the end of June. We will keep you updated.
Efforts to get the $8,000 first time homebuyer credit available to the buyer at closing have stalled at the IRS office. The Governor has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available. Washington REALTORS® have provided the money to guarantee the program and all that is left is some sort of mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan. Since working with an agency the size of the IRS is tenuous, we are working on alternatives to make this program available by the end of June. We will keep you updated.
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May
23
Posted by danita jolly
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The First Ever
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Beer Church
Golf Tournament |
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A benefit for Whisker City
sponsored by |
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WE WILL BEGIN ACCEPTING RESERVATIONS
ON MONDAY, JUNE 1st.
For now, get your foursomes lined up and SAVE THE DATE! Sunday, August 16th.
All proceeds will benefit Whisker City – a shelter for abandoned, abused and neglected pets. There may be some golfers around the Burien area interested so I wanted to pass this along. It’s taking place at the Nile Golf and Country Club in Mountlake Terrace. Drinking and golfing all for a good cause!
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May
12
Posted by danita jolly
Is everyone is watching and waiting for the right time to buy.
Sellers are now being realistic but are the buyers too stubborn to see a good deal? It took sellers a long time to realize that their homes were not going to sell at the prices they thought, so now after sitting on the market for a year or more, the prices have been adjusted. Homes recently put on the market have been adjusted and are coming on the market at fair prices. Human nature always wants more but are buyers now being unrealistic? How low will you go?
Take a look at what recently has sold in Burien. From April to today’s date (roughly 6 weeks), 20 residential homes and 2 condos have sold and closed. Out of these 22 properties, 40% are short sales and foreclosures. A 2 bedroom, 2 bath condo at $88K. Three homes sold for under $150k. The chart below shows all the the homes that sold during the previous six weeks, how long they were on the market. The yellow indicates the price ranges that had distressed properties sold.
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May
09
Posted by danita jolly
Mortgage-backed securities traded in a wide range this week. There was a massive sell-off in bonds on Thursday but the market gave back some of those losses the very next day. April unemployment figures came in at -539,000 bringing the Unemployment Rate up to a 26-year high of 8.9%. The only good news was that the 539,000 lost jobs represented the smallest loss since October 2008. Meanwhile, rates continue to hold at steady levels.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 4.750%
5/1 ARM – 3.750%
High Balance Conforming ($567,500 maximum)
30 year fixed – 4.875%
Non-Conforming (Jumbo)
30 year fixed – 6.125%
5/1 ARM – 5.125%
FHA
30 year fixed – 4.875%
5/1 ARM – 4.625%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
