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Mortgage Rate Update and Buy, Buy, Buy!!!
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Mortgage rates on our favorite POV* Loan product ticked down a tad with none of the major Wholesale Lenders repricing today at all. Rates for Conforming (up to $417K) are at 4.75% with Jumbo Conforming (up to $729,750.00) at 5.0%. SUPER JUMBOS (up to $2 million) are at 6.0% or 5.125% for the sexy 5yr fixed rate model. As always questions are welcome at lololoans@yahoo.com.
Gov't MooLa: As a leftover from the Great Housing Meltdown of 07/08, the tax incentives for not only First Time Homebuyers but repeat buyers as well will continue on into next Spring. That is the plan so far. So besides the incentive to hop off the fence and BUY for 1st time homebuyers, there is also an incentive for homeowners to continue to buy and theoretically keep the cash moving thus stimulating the Market. Of course the Free Market crowd does not see it that way, but it's out there (as Kramer would say) so debate on the subject is all academic at this point. Here is the link for the official explanation of it all http://www.federalhousingtaxcredit.com/home.html.
As we gaze at number 11 on the FAQs for the Move Up/Repeat Homebuyer Credit you have to love this official example regarding Refundable Credit:
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).
VOT A DEAL! At a 50% tax rate Mr Borrower made a whopping $10K last year and is gonna BUY A HOUSE! And.......drumroll.....get a check from the IRS. GAWD I love this Country!!!!!
*POV = Plain, Old Vanilla 30yr fixed rate Mortgage. Minimum of 20% equity. Single Family Residence and Owner Occupied. Rate and Term ReFi or Purchase loan only. Slightly lower rates and costs for Raider fans, they've been having a rough year!
For more info: Email me at lololoans@yahoo.com
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