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First Time Home Buyer

Allocation Update for California First Time Home Buyer Credit

by Jonas Kruckeberg June 10, 2010

Allocations for the California First Time Home Buyer State Tax Credit are only estimates, based on small samples. The numbers are overstated as there will be duplicate, revised, and invalid applications included as the Franchise Tax Board have not verified any of the applications.
Applications for First-Time Buyer Credit received as of 06/08/10

Applications and Allocations

As Of
Estimated [...]

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California New Home and First Time Home Buyer Credit Begins

by Jonas Kruckeberg May 3, 2010

As of May 1, 2010 the California New Home and First Time Home Buyer Credit began. The First Time Home Buyer credit will go at a seriously brisk pace, so you better get your forms in on time as escrow closes. For New Home buyers, it will be a bit slower, but you can also [...]

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Seven Things Your Agent Should Know About Your Mortgage Approval

by Jonas Kruckeberg April 1, 2010

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance [...]

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Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan

by Jonas Kruckeberg April 1, 2010

How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
This generally won’t happen in a 30 day time-frame, but borrowers [...]

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How Much Can I Afford?

by Jonas Kruckeberg March 31, 2010

How much mortgage money can I qualify to borrow?
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.
In other words, what makes for a comfortable [...]

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California Releases Guidelines for 2010 New Home and First Time Home Buyer Tax Credit

by Jonas Kruckeberg March 30, 2010

The California Franchise Tax Board released the guidelines for the 2010 tax credit that everyone is raving about.
This is an update to last week’s post on the California tax credit extension. I will concentrate on answering several questions that have been raised and provide a few popular scenarios that many can relate to.
Now [...]

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Where Does My Earnest Money Go?

by Jonas Kruckeberg March 28, 2010

Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go?
A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted.
According to Wikipedia:

Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) [...]

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Renting vs Buying A Home

by Jonas Kruckeberg March 28, 2010

Buying a home versus renting is a big decision that takes careful consideration.
While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion.
Yes, there are some tax advantages of owning real estate, as well as the potential to [...]

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Understanding the FHA Mortgage Insurance Premium (MIP)

by Jonas Kruckeberg March 28, 2010

The FHA Mortgage Insurance Premium is an important part of every FHA loan.
There are actually two types of Mortgage Insurance Premiums associated with FHA loans:
1. Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding
2. Monthly Mortgage Insurance Premium – paid monthly along with Principal, Interest, [...]

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