Homebuyer Tax Credit Extended! Signed Into Law November 6, 2009

President Obama has signed legislation to extend the Homebuyer Tax Credit. Passage of the bill was widely anticipated to further spur economic recovery in the housing sector, as more buyers are now eligible for tax breaks under the new law. The $8,000 first-time homebuyer tax credit was originally set to expire on November 30.

In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.

The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009, and April 30, 2010. Buyers would have until June 30 to close on their new homes.

Price Reduced to $400,000 - Natural beauty in The Villages Golf & Country Club

This one story, Cape Cod style unit, is in the perfect location in San Jose's active senior (55+) adult community and listed now for $400,000.

The deer walk right by this Village Glen Arden property while you are dining in your Custom designed enclosed patio with double paned windows and slate floors. The master bedroom suite has mirrored closet doors and organizers. While the second bedroom or guest suite has been enlarged to include a walk-in closet.

It's a real natural beauty in The Villages.

Come tour "The Bay Area's Hidden Gem - for the Best Year's of Your Life".

Call to see:
Carla Griffin
B & A Realtors
408.274.8766
DRE #00710852

Request for Permanent Reversal of HVCC (Home Valuation Code of Conduct)

Although HVCC has good intentions, its flaws are severely hurting our housing industry, the consumer and our economy. Please read the petition and sign the petition to permanently reverse HVCC in order to lower costs to the consumer and to restore the thousands of real estate transactions stalled by this horribly misguided code.

Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). ThinkBigWorkSmall applauds the introduction of H.R. ...

Source: www.hvccpetition.com

JUST LISTED - 7708 Galloway Drive

Almost new and ready to move into!

This one story, Cape Cod style unit, is in the perfect location in The Villages Golf & Country Club, San Jose's active senior(55+) adult community. The home has 1490 sq. ft., 2 bedrooms, 2 baths, Expanded 2nd guest bedroom suite with walk-in closet, Gourmet Kitchen w/upgraded appliances, and Custom designed enclosed patio deck with double pane windows and slate flooring. The furnace was replaced in December 2008 and the hot water heater on August 17, 2009!

The community includes 18 & 9 hole USGA rated golf courses, tennis and fitness centers, 4 swimming pools, 7 1/2 miles of hiking trails, riding stable, RV and boat storage, Clubhouse Restaurant and so much more.

Listed for $420,000.

Call to see today:
Carla Griffin
Broker/Owner
B & A Realtors
DRE #00710852
408.274.8766

Co-listed with:
Erin and Jeff Benford
Alain Pinel Realtors
DRE #01372912 & #01473451
408.644.5159/5175

Please check out the virtual tour:
www.tourfactory.com/538271

PENDING SALE - 8799 Grape Wagon Circle

The beautiful property in Olivas Village is a Pending Sale.

MAJOR $40,000 Price Reduction

8799 Grape Wagon Circle, San Jose
Listed for $520,000. OWNER says Sell!

Are you ready to move into an active adult community?

If so, this place might be your new home. It is located in The Villages Golf & Country Club. 1415 sq. ft., 2 bedrooms, 2 baths, ungraded within past 2 years with Brazilian cherrywood floors, tile in the baths, Plantation shutters and much more.

The community includes 18 & 9 hole USGA rated golf courses, tennis and fitness centers, 4 swimming pools, 7 1/2 miles of hiking trails, riding stable, RV and boat storage, Clubhouse Restaurant and so much more.

Association Fee is $657/mo.

Call to see today:
Carla Griffin
Broker/Owner
B & A Realtors
408.274.8766

Co-listed with:
Erin and Jeff Benford

JUST LISTED - 8799 Grape Wagon Circle, San Jose

Are you ready to move into an active adult community?

If so, this place might be your new home. It is located in The Villages Golf & Country Club. 1415 sq. ft., 2 bedrooms, 2 baths, ungraded within past 2 years with Brazilian cherrywood floors, tile in the baths, Plantation shutters and much more.

The community includes 18 & 9 hole USGA rated golf courses, tennis and fitness centers, 4 swimming pools, 7 1/2 miles of hiking trails, riding stable, RV and boat storage, Clubhouse Restaurant and so much more.

Listed for $559,000.

Call to see today:
Carla Griffin
Broker/Owner
B & A Realtors
408.274.8766

Co-listed with:
Erin and Jeff Benford
Alain Pinel Realtors
408.644.5159/5175

Please check out the virtual tour:
www.tourfactory.com/513748

SCAM ARTISTS USING FORGED LETTERHEAD TO CON CALIFORNIANS

California Attorney General Edmund G. Brown Jr. is warning consumers that scam artists are using the forged letterhead of major lenders to "con" worried Californians into paying thousands of dollars for non-existent loan modification services.

"Californians should be deeply skeptical of anyone who demands money up front and makes extravagant promises that they can save their home," Brown said. Steps consumers can take to protect themselves from loan modification fraud are available at the local board of realtors.

Be very careful and it is always advisable to do some due diligence or ask your real estate professional for assistance.

NOTE: Complaints may be filed with the Attorney General's Office at: Office of the Attorney General - Public Inquiry Unit, P.O. Box 944255, Sacramento, CA 94244

Use a Reverse Mortgage to Purchase a Home

Did you know you can use a reverse mortgage to purchase a home? The American Recovery and Reinvestment Act of 2009 (The Stimulus Package) includes a feature for seniors age 62 and over: the availability of reverse mortgages on home purchase transactions.

An example is Meghan who recently sold her home for $600,000, netting approximately $515,000. She had originally wanted to purchase a place for $450,000, which would leave her a cash reserve of $65,000. However, what she really liked cost $550,000. She is purchasing the property for $550,000 with $300,000 cash and a $250,000 reverse mortgage. She is very excited because this will leave her with $215,000 in cash reserves. Yet, because it is a reverse mortgage she will not have to make any payments until her home is sold or she no longer uses it as her primary residence.

As an extra bonus for Meghan, because her purchase price of $550,000 is less than her sales price of $600,000, she will be able to transfer her property taxes to her new home. She had lived in her home for over 30 years so her property taxes are quite low.

If you know of anyone who might be in this situation, please suggest that they consult their tax advisor and talk to a Senior Equity Reverse Mortgage specialist.

Published by:
Carla Griffin, Broker, B & A Realtors

Four Ways the Stimulas Plan Benefits Home Owners and Buyers

Press Release

February 17, 2009 - CMPS Institute

There are four primary sections of the economic stimulus plan that will benefit home owners and buyers,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Benefit #1 – Higher Reverse Mortgage Loan Limits (For the Seniors 62 and over)

The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country – not just the higher cost areas. The previous limit was $417,000 across the country. “This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated,” Nicholas said.

This coincides with another "little-known change" in the reverse mortgage arena: the availability of reverse mortgages on home purchase transactions. “This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell,” Nicholas said. “Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.”


Benefit #2 – Expansion of Home Improvement Tax Credit

“The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500,” Nicholas said. “This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.” Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. “Generally, most modern improvements like windows, furnaces, and air conditioners meet the necessary standards for energy efficiency,” Nicholas said. “If you’ve been holding off on making some of these improvements, now is a great time to get a move on it – especially with all the great deals being offered.”

Benefit #3 – Expansion of First-time Home Buyer Tax Credit

The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years. “The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame,” Nicholas said.

There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011when you file your 2010 returns.

Benefit #4 – $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas

“The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009,” Nicholas said. “The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable – especially in the coastal housing markets that tend to have higher than average home values.”

For further information on these Benefits, please contact your CPA, Reverse Mortgage Lender, or local Real Estate Broker.

Senate Passes Stimulus Package By 60 To 38 Vote

The following is directly from the President of the California Association of Realtors (http://www.car.org/), James Liptak (2/13/09):

Late this evening, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.

On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.

Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.

This is excellent news!