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Mortgage Changes......Condo's, Mortgage Insurance Guidelines

 I have had a few clients ask me about these changes, so I thought I would write a  post for anyone else who was wondering.


?The new Homebuyer Tax Credit provides an $8,000 credit that will be available to first-time home buyers when they purchase a primary residence between January 1st, 2009 and December 1st,2009. The credit does NOT require repayment.

? Effective immediately, interest rates on condos will be higher when borrower?s are putting less that 25% down. FHA financing is still available with 3.5% down.

? The FHA Jumbo, currently at $506,000, was just approved to increase back to the 2008 limit of $567,500. The conventional loan limit is expected to increase to 567,500, but is not available yet.

? MI (mortgage insurance) companies are changing their guidelines as of March 9th.Most of the MI companies now consider Washington State a declining market which will have an impact on the LTV on both SFR and condos.


Re: Mortgage Changes......Condo's, Mortgage Insurance Guidelines

  • Wow, thanks! I have a is the $8,000 credit only useful if you end up owing that amount on taxes once you are done filing? Or can you adjust your witholdings or something? I get confused if this really impacts us as upcoming first time homebuyers since we don't make very much money.

    What is "LTV"?

  • I would consult your accountant for your full tax credit benefits.  The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 for single tax payers and married tax payers with income up to $150,000.  

    Since it is a tax credit, if you don't owe any taxes, you will get an excess credit in the form of a refund check. Example: If you owe $1,000 in taxes, you'll get a $7,000 refund check.

    I think this link will answer a lot of your questions too.

    LTV means Loan To Value Raio. It is a ratio that depicts the relationship of a loan amount with the value of a property. LTV is one of the many factors used by lenders in determing whether or not to approve a mortgage. For example if a borrower wants $200,000 to buy a $250,000 the LTV ratio is $200,000/$250,000 or 80%.

    Hope this is helpful.

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