Breckenridge Summit County real estate blog, Colorado news

Phase 1 of the HASP government is under way.  Bank of America is able to refinance clients to a lower rate up to a loan to value of 105% provided their first mortgage payment is on time.  There are two different types of mortgage refinances:

Refi Plus:
Loan must be currently serviced by Bank of America
Loan must be serviced by Fannie Mae or Freddie Mac 
Stated income stated asset loan- no documentation needed
Automated value to determine value
Second mortgage if it is with Bank of America will be subordinated regardless of combined loan to value

DU Refi Plus:

Loan being serviced by another lender
Loan must be serviced by Fannie Mae or they should contact their current lender
Full documentation loan
Maximum 105% loan to value

Please contact:
Michael Murray
Bank of America
Cell:  301 346-9660
Office:   301-571-1439

Colorado real estate

Tags: fannie mae, mortgage

There is very promising evidence that the government is now starting to direct their buying power in the lower coupon range.    Why haven’t rates dropped more?

Three reasons why rates haven’t been affected too much:

-As rates drop, the value of existing servicing portfolios decline due to higher potential that loans will pay off early.

-Large whole loan purchasers (our investors) offset losses from their existing servicing portfolio with lower servicing values on new business.  In other words, our prices do not reflect the full value of servicing that we would typically get in a normal market environment.

-Large foreign investors/banks have been selling Mortgage Backed Securities just as quickly as the Fed has been buying them.  As a result, simple supply-side economics have not forced higher prices/lower rates.

Will rates go lower? Read more »

The stimulus package changed the tax credit for purchases in 2009. Feel free to pass this on to family, friends, coworkers, anyone you feel could benefit from this knowledge!
The Economic Stimulus Package has just been updated for the first time homebuyer that includes an $8,000 tax credit and the 15 year payback provision has been eliminated.

Tags: first time homebuyer, market, tax credit

If you’re a first-time homebuyer, OR if you (and your spouse) haven’t owned a home for the last three years, you qualify for up to a $7,500 tax credit. (The credit equals 10 percent of the home’s sales price, up to $7,500.) That means if you owe the government $3,000 in taxes this year, you’d pay nothing and get a $4,500 refund!

This tax credit, or Housing and Economic Recovery Act, applies to primary residences purchased between April 9, 2008 and July 1, 2009. Even if you already own a lot, you can get the tax credit if you start building your home (though you must occupy it by July 1, 2009). All you have to do is claim the credit on your 2008 or 2009 tax return.

But, the credit is meant to stimulate the economy, rather than give people free money; buyers must begin paying back the credit — given interest free — two years after they claim it, and they have Read more »

Tags: economy, real estate, tax

In November, the Summit County will ask for a property tax increase of approximately $11 for each $100,000 of property value, meaning a $600,000 home would have an extra $66 added to its tax bill.

The county wants to raise $5.9 million a year to create a fund for wildfire prevention, as well as to protect open spaces and expand affordable housing programs.

Part of the county’s reasoning is that fuel costs, materials for roads and health insurance for employees is skyrocketing. If approved, the new tax increase would start in 2010, end in 2022, and replace a mill levy that currently brings in approximately $3 million a year for open space. The county hasn’t asked for a tax increase since 1992.

Provided real estate Breckenridge

Tags: property tax

Despite media reports, it’s not all bad news regarding mortgages these days.
Fannie Mae and Freddie Mac are adequately capitreaalized, according to the Office of Federal Housing Enterprise Oversight (OFHEO), which closely monitors Fannie Mae and Freddie Mac in an effort to promote a strong real estate market nationally. That means Fannie Mae’s and Freddie Mac’s capital exceeds what OFHEO requires (and OFHEO requires more than the statutory minimums).

James B. Lockhart, OFHEO director, issue a statement July 10, 2008, that said Read more »

Tags: economy, fannie mae, market, money, mortgage, real estate