Las Vegas Selected for Pilot Program from Fannie Mae

Las Vegas Selected for Pilot Program from Fannie Mae

I was reading an article from our Board of Realtors (GLVAR Realtor Bytes) and it had some great information on Fannie Mae financing and it's relationship to Las Vegas, take a look......

A pilot program from Fannie Mae could help level the playing field between cash-laden investors and owner-occupants bidding on low-priced foreclosure homes in Las Vegas.Fannie Mae is extending the "First Look" grace period in Nevada from 15 days to 30 days effective Monday.
(this is great news...it allows owner occupants extra time to secure a home with out having to compete with the investors) That gives buyers who plan to make the home their primary residence first shot at purchasing a foreclosure within 30 days of its listing. At least

50 percent of foreclosure sales in Las Vegas are cash-only transactions. The bank will almost always take the cash offer because there are no contingencies, no appraisal required and no conditions such as the pending sale of another home. All-cash, owner-occupant purchases will require certification as an addition to the Fannie Mae purchase addendum. Properties that go to contract before the end of the 30-day period and subsequently fall through will be relisted with a new 15-day marketing period. Fannie Mae Chief Executive Officer Michael Williams said the 30-day period could later be replicated across the country if it succeeds in Nevada. He estimated the potential cost of carrying the properties on the books for a longer period of time at $60 million nationwide. "However, given the unique market conditions in Nevada, we found it to be cost-neutral to extend the grace period from 15 to 30 days across the state."

More information on the First Look initiative and Fannie Mae-owned properties can be found at: http://www.homepath.com/.

Please call me with your your real estate questions. Now is a great time to buy and sell.

http://www.callkim.net/

kim.duclos@coldwellbanker.com

(888) 949-2890

(702) 521-3939

Source: Realtor Bytes dated April 30,2010

November 6, 2009 HOMEOWNER TAX CREDIT IS EXTENDED

First-Time Homebuyer Credit

Updated Nov. 6, 2009, to reflect new legislation

New Legislation:

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.

The new law:
Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information
Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit.

The credit: Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed using Form 5405, which you file with your original or amended tax return.

For 2008 Home Purchases
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.
For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

IN ORDER TO KEEP THE INFORMATION POSTED HERE TODAY AS ACCURATE AS POSSIBLE, I WENT DIRECTLY TO THE GOVERNMENT WEBSITE TO OBTAIN THE INFORMATION SHARED HERE TODAY. http://www.irs.gov/newsroom/article/0,,id=204671,00.html

KIM DUCLOS COLDWELL BANKER WARDLEY LAS VEGAS, NV http://www.callkim.net/

History of Halloween

It is interesting to see where our Holidays originate and what they mean....here is the Halloween explanation from the Columbia Encyclopedia . . .

Halloween

Halloweenhăl′əwēn', häl′–, Oct. 31, the eve of All Saints' Day, observed with traditional games and customs. The word comes from medieval England's All Hallows' eve (Old Eng. hallow=saint). However, many of these customs predate Christianity, going back to Celtic practices associated with Nov. 1, which was Samhainsä'wĭn, the beginning of winter and the Celtic new year. Witches and other evil spirits were believed to roam the earth on this evening, playing tricks on human beings to mark the season of diminishing sunlight. Bonfires were lit, offerings were made of dainty foods and sweets, and people would disguise themselves as one of the roaming spirits, to avoid demonic persecution. Survivals of these early practices can be found in countries of Celtic influence today, such as the United States where children go from door to door in costumes demanding trick or treat.

Make it a safe and fun Halloween - from: Kim Duclos Coldwell Banker Wardley