Monthly Archives: June 2009

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again. Continue reading

Mortgage Workout Programs for Homeowners

On Wednesday, February 18, 2009, President Obama announced his new Homeowner Affordability and Stability Plan to help troubled homeowners avoid foreclosure. This plan will offer assistance up to 9 million homeowners and applies only to primary residences.  The first component of the plan allows homeowners who are current to refinance an existing Fannie Mae or Freddie Mac conforming loan with a loan-to-value ratio up to 105 percent.  The second component addresses homeowners who are at risk of foreclosure on their mortgages, but they do not have to be delinquent.  The government will work with the lenders to ensure that monthly mortgages do not exceed 31 percent debt-to-income ratio.  Furthermore, the government will seek to create clear and consistent guidelines for loan modifications. Continue reading

Tax Credits Used as of 6/24/09

Tax credit amounts

California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. We will review applications and allocate credit on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. We began issuing certificates of credit allocation on May 1, 2009. Please check this page for updates on the allocated and remaining credits available. Continue reading

California Tax Credit – How to Apply

How to apply

  • Within one week (seven calendar days) after the close of escrow:
    • The seller must complete Part I of Form 3528-AApplication for New Home Credit, certifying that the home has never been occupied, and provide a copy to the buyer or escrow person.
    • The buyer will complete Parts II & III of Form 3528-A. Continue reading

Tax Credit for New Home Purchase

Tax credit amounts

California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. We will review applications and allocate credit on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. We began issuing certificates of credit allocation on May 1, 2009. Please check this page for updates on the allocated and remaining credits available. Continue reading