Hot Property

Homebuyer Tax Credit extension passed

The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change – homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) – but the previous closing deadline of June 30, 2010, has been extended to [...]

FLASH – Tax Credit Extension NOT PASSED YET

Tax credit extension and flood insurance A USA Today story published in today’s Florida Realtors News inaccurately said that the U.S. Senate passed a bill extending the closing deadline under the homebuyer tax credit for three months. That is incorrect. The Senate did vote to add that extension as an amendment to a larger bill, [...]

FHA Helps CONDO Market with Rule Change

The Federal Housing Administration is giving the condo market something it hasn’t had for a while – a little breathing room. Last week, the FHA, the federal agency that insures low-downpayment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the [...]

1 in 20 Americans Plan to Buy a Home Within the next 12 Months

One in 20 Americans say they plan to buy a home within the next year, and they’re most likely to be 34 years old or younger and living in the South or West, according to a survey released Wednesday. Roughly a quarter of potential buyers said the No. 1 reason they would buy now is [...]

FAQs on Changes to the HOMEBUYER TAX CREDIT

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will [...]