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 Scott Short  Monday, October 11th, 2010  CalHFA just brought back their FHA program as of September 7, 2010
It is a 96.5% of the sales price, 30-year fixed FHA loan not to exceed $417,000 loan amount. The borrower will need a 620 minimum (middle score of the three bureaus) credit score. Purchase money only loan. Requires homebuyer’s education for each borrower. The borrower must be a first-time home buyer (FTHB) or a qualified veteran pursuant to Heroes Earning Assistance & Relief Act of 2008, or located in a federally designated target area. Income and sale price restrictions do apply. Only single family residence, one unit including condo/PUD. Non-owner occupants not allowed. Manufactured homes and non-permitted additions are not allowed on the program. FHA less than 90 day flips where the seller is reselling for greater than 20% of their purchase price also not allowed on the program.
This new CalHFA FHA loan will allow the buyer to utilize the CHDAP (CalHFA Down Payment Assistance) program in conjunction. The buyer can borrow up to 3% of the sales price or appraised value, whichever is less. If you add 96.5% (FHA 1st mortgage) + 3% (CHDAP) = 99.5% loan, the buyer’s down payment would be ½%.
The program requires a minimum investment into the purchase of 1% of the buyer’s own funds. For more in depth details contact your authorized CalHFA mortgage professional. CRHMFA Homebuyers Fund (aka: National Homebuyers Fund) also announced a new loan program called the “CHF Platinum program”. The new CHF Platinum loan program provides downpayment for low-to-moderate income individuals and families purchasing a home in California as their primary residence. The downpayment assistance is currently in the form of a grant, sized at 3% of the first loan amount and can be used for downpayment and/or closing costs. This is not a bond program and not limited to first time home buyers. Eligible first mortgages include 30-year fixed term FHA, VA and USDA.
Continue reading: Change is Still in the Air
Caylyn Brown Thursday, July 1st, 2010
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to [...]
Vicki Cox Golder Thursday, July 1st, 2010
 To: All REALTORS®
From: Vicki Cox Golder, 2010 NAR President
Date: July 1, 2010
Re: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Dear fellow REALTOR®,
I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.
Continue reading: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Stella Ling Friday, April 16th, 2010
The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team. California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied. However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.
C.A.R.’s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters. It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit. If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above.
Applications for the California tax credit must be faxed to the FTB after escrow closes. The FTB will update its website when the 2010 application form and other information become available.
Continue reading: California’s Tax Credit Monies May Go Fast
Steve Goddard Wednesday, April 14th, 2010
 Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member:
Perception often equals reality for today’s image-driven, media-conscious consumers. While conventional wisdom might deem it prudent to cut costs across the board during a business downturn, that philosophy doesn’t apply when it comes to marketing and advertising. Industry studies have confirmed that a long-term strategy for building a brand, burnishing an image, and capturing market share is to maintain, or even increase, marketing expenditures during a downturn. Proactively promoting our professionalism as REALTORS®, and as an industry, are no exceptions.
That’s one reason C.A.R. has consistently reached out to consumers regardless of the temperature of the real estate market through our Consumer Advertising Campaign. This year’s “Your Piece of California. Your Peace of Mind” Consumer Advertising Campaign launches next week, featuring television, radio, and online components, reinforcing the value of working with a REALTOR® and helping consumers understand why now may be the best time in years to buy a home. Be on the lookout for an e-mail next week with complete information on the campaign; for a sneak peek, go to http://www.car.org/aboutus/adcampaign/.
The April 15 federal income tax filing deadline is days away, and the IRS has said it will step up audits of independent contractor status and expand its audits of small businesses during 2010. It’s a timely reminder to broker/owners to make sure they have their business and tax records in order. Those who are lax in their record keeping, such as written independent contractor agreements, may incur significant penalties.
Continue reading: Your April Message from C.A.R. President Steve Goddard
Caylyn Brown Friday, January 15th, 2010
With a new April 30 deadline in place for clients to take advantage of a federal home-buyer incentive, real estate practitioners now have slightly less than four months to get their qualified prospects under contract before the cut-off date.
In order to maximize this opportunity, it is recommended that real estate pros revamp their [...]
Vicki Cox Golder Monday, January 11th, 2010
 To: All REALTORS®
From: Vicki Cox Golder, 2010 NAR President
Date: January 11, 2010
Re: NAR Update: 2010 Public Awareness Campaign Ads
Dear Fellow REALTOR®,
As we kick off a New Year, I want you to know that NAR is doing everything we can to reach consumers with information about the extended and expanded home buyer tax credit and to encourage buyers and sellers to contact a REALTOR®.
Chief among those efforts is our 2010 Public Awareness Campaign!
As you may know, the Public Awareness Campaign remains one of the most popular NAR programs. In 2009, 97 percent of our members favored the advertising program that promotes REALTORS® and the value of homeownership, and 95 percent wanted to see more advertising like it.
This year’s campaign started early. New radio spots started airing in November 2009, and new TV spots began airing in December. This is the first time since the campaign’s inception that spots will air year-round. (This file will open in MS Excel; please click on “Open” to download.)
Beginning January 18, home buyers and sellers will begin to see national print and online advertisements, in addition to the TV and radio spots. Public Awareness Campaign ads will run in national premium consumer magazines like Martha Stewart Living, Real Simple, Popular Mechanics and This Old House, and online on Web sites including HGTV.com, DIYnetwork.com, RealSimple.com, TLC.com, About.com and ThisOldHouse.com. This all-out effort will help us reach even more consumers.
USE THIS LINK to learn more about the 2010 tax credit campaign.
Continue reading: NAR Update: 2010 Public Awareness Campaign Ads
Caylyn Brown Thursday, October 15th, 2009
2009 Legislative Victories
C.A.R.’s Government Affairs team successfully represents your interests before state government, preserving your ability to do business and protecting private property rights. This year C.A.R., with lots of help from grassroots REALTORS® successfully fought several potentially harmful proposals. Thank you to everyone who responded so quickly to the various Red Alerts this year. Your actions made a difference.
Stopped 3% Independent Contractor Withholding
Continue reading: Legislative Roundup
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