Bruce @ The Buschs

Imagine my suprise when both Bryan and Lori, the head of licensing at Weidel, both became Fans of Starbucks at the same time….

The impending end of the $8,000 tax credit for first time buyers has been having the effect of encouraging them to at least look for a home. The last week has been exciting with new clients seemingly coming out of the woodwork. However, because of the new regulations of the mortgage industry, they may be too late in getting started. The new procedures have caused the mortgage companies to ask us, the real estate agents, to plan on 45 to 60 days to complete the sales because of added pressures and regulations. Now add a whole lot of new potential homeowners all trying to accomplish the same thing at the same time, and it may be too much for the system to handle.

Yes, it was that long ago, that a group of seniors graduated from West Bend, Wisconsin’s high school. Former Badgers’s such as Sue Atwood, Pat Hoeft, and Sandie Weiler along with myself, have joined a group at Facebook. Anybody else looking to catch up with old classmates?

Have you noticed that some websites have larger favicons than others do?

How do they do that?????

This is the text of the amendment to the American Recovery and Reinvestment Act of 2009 concerning home purchases. Based on my reading of Sec. 1006 below, a first time homebuyer purchasing a home after Dec. 31, 2008 and before Dec. 1, 2009 is eligible for a $4,000 tax credit if single and $8,000 tax credit if filing jointly. The requirement is that the home buyer(s) not sell the residence for 3 years after purchase.

SEC. 1006.

EXTENSION OF AND INCREASE IN FIRST TIME HOMEBUYER CREDIT; WAIVER OF REQUIREMENT TO REPAY.

(a) EXTENSION.-

(1) IN GENERAL.-Section 36(h) is amended by striking “July 1, 2009″ and inserting “December 1, 2009″.

(2) CONFORMING AMENDMENT.-Section 36(g) is amended by striking “July 1, 2009″ and inserting “December 1, 2009″.

(b) INCREASE.-

(1) IN GENERAL.-Section 36(b) is amended by striking “$7,500″ each place it appears and inserting “$8,000″.

(2) CONFORMING AMENDMENT.-Section 36(b) (1) (B) is amended by striking “$3,750″ and inserting “$4,000″.

(c) WAIVER OF RECAPTURE.-

(1) IN GENERAL.-Paragraph (4) of section 36(f) is amended by adding at the end the following new subparagraph:

(D) WAIVER OF RECAPTURE FOR PURCHASES IN 2009.-In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008, and before December 1, 2009-”(i) paragraph (1) shall not apply, and “(ii) paragraph (2) shall apply only if the disposition or cessation described in paragraph (2) with respect to such residence occurs during the 36-month period beginning on the date of the purchase of such residence by the taxpayer.”.

(2) CONFORMING AMENDMENT.-Subsection (g) of section 36 is amended by striking “subsection (c)” and inserting “subsections (c) and (f) (4)(D)”.

(d) COORDINATION WITH FIRST-TIME HOMEBUYER CREDIT FOR DISTRICT OF COLUMBIA.-

(1) IN GENERAL.-Subsection (e) of section 1400C is amended by adding at the end the following new paragraph:

“(4) COORDINATION WITH NATIONAL FIRST-TIME HOMEBUYERS CREDIT.-No credit shall be allowed under this section to any taxpayer with respect to the purchase of a residence after December 31, 2008, and before December 1, 2009, if a credit under section 36 is allowable to such taxpayer (or the taxpayer’s spouse) with respect to such purchase.”.

(2) CONFORMING AMENDMENT.-Section 36(d) is amended by striking paragraph (1).

(e) REMOVAL OF PROHIBITION ON FINANCING BY MORTGAGE REVENUE BONDS.-Section 36(d), as amended by subsection (c)(2), is amended by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (1) and (2), respectively.

(f) EFFECTIVE DATE.-The amendments made by this section shall apply to residences purchased after December 31, 2008.

The Federal Housing Administration allows for refinancing your existing FHA mortgage with some conditions:

1. The mortgage to be refinanced must already be FHA insured.
2. The mortgage to be refinanced should be current (not delinquent).
3. The refinance is to result in a lowering of the borrower’s monthly principal and interest payments.
4. No cash may be taken out on mortgages refinanced using the streamline refinance process.

This streamlined process may be available to you. Every dollar saved in mortgage payments could be used to “stimulate” the economy…

Three different careers so far at 15 years each. Fifteen years as a Paper Chemist for three different firms, 15 years as an owner of a printing business, and now fifteen as a licensed real estate agent. Oh, and of course, 25 years as a square dance caller overlapping all of that….

With rates like these what are you waiting for????

Isn’t it nice to have real estate website work to do at home when the view out of our front door looks like this this morning?

Don’t know if it is an anomaly or not, but the website visitors looking for housing on our Weidel webpages has increased dramatically during the holiday season. Maybe just too many people with time on their hands. We will see if the trend continues….