Proposal for Housing Market Stimulus via a mortgage "Credit Moratorium"...
Dave Van Waldick, a mortgage and real estate industry veteran, has proposed a mortgage credit moratorium platform that ensures a sorely needed short term stimulus to the housing market. His proposal has been submitted to a local Congressman, as well as mortgage and housing industry participants and advocates. His proposal below, summarizes his belief that as many as 2-3 million potential home buyers could re-enter the housing market in a responsible manner within 6-24 months without having to wait 3-5 years as has been suggested by HUD and FNMA in recent undwerwriting changes.
"As a 25 year participant of the mortgage industry, and 18 year owner of a residential brokerage, Western Realty Finance, I have provided thousands of mortgage loans to home owners over the past 18 years. As such I am acutely familiar with the virtual destruction of much of the housing and mortgage markets. We have watched intently for the past 3 years as housing sales have collapsed, and contributed significantly to the broader economic demise of the national economy and the world wide recession.
We have watched closely the news coverage as both industry and national political figures wrestle with the problems and propose solutions. Arguably, no one really knows how to fix this in a clear and meaningful manner. Fiscal and monetary stimulus is the traditional macro-economic tools employed by the Federal Reserve, the Treasury, and Congress to manage the economic cycles. This one has us all largely confused as it is so closely tied to consumer behavior that has been directly impacted by rapidly declining home equity and the multi trillion dollar loss of real wealth.
The proposal has the potential of quickly and significantly increasing housing sales by as many as two million units or more, and can benefit industry participants without being mired in mortgage industry complexity. It is relatively straight forward and has an immediate cause and effect to stimulus home buying. It is clear, simple, and relatively low cost.
I propose a “Credit Moratorium” for would be owners who’s credit and home buying ability has been impaired by mortgage late payments and/or short sale and foreclosure actions during the period between 2007 and 2009. Essentially, set back the credit clock for homeowners who have experienced mortgage delinquencies, and/or foreclosures due to market circumstances largely beyond their ultimate control. These proven buyers can then more readily become homeowners again, as long as their overall consumer credit is current, and they have the verifiable income and assets to buy a home that fits their budget. This has a huge beneficial impact on millions of homeowners who are locked out of the market for 3-5 years due to unfair current credit guidelines regarding mortgage foreclosures and short sales in this unprecedented time. It has a host of benefits, and is easily and inexpensively implemented by federal mandate. The national credit repositories would, within approved guidelines, restore mortgage late reporting to zero or no more than a minimal 30 days late, between 2007-2009.
I believe this to be worthy of federal level consideration and would certainly be a strong beneficial position and solution for the housing sector and all it’s the interested constituents and parties. This may be one of the most powerful consumer demand side tools available, at a minimal cost and could be quickly and clearly implemented. "
David Van Waldick,
President
Western Real Finance
760.599.1261
email: Dave@wrfco.com
Tuesday, January 13, 2009
Monday, January 12, 2009
First Time Home Buyer Tax Credit
First Time Home Buyers are eligible for a $7,500 Tax Credit
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How do I claim the tax credit?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests.
What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.
For more information.. www.federalhousingtaxcredit.com
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How do I claim the tax credit?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests.
What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.
For more information.. www.federalhousingtaxcredit.com
Tuesday, January 6, 2009
Prequalify to Buy a Home Instantly Online 24/7
WRFCO, Interactive launches ePrequal.com, instant mortgage Prequalifying service for home buyers and agents...
Home Buyers, Real Estate Agents, Loan Officers, and Affinity Groups, will now have Internet access to powerful loan qualifying and real estate closing services... Carlsbad, Ca. --WRFCO, Interactive an innovative developer of internet based mortgage and real estate business development tools and technology, and provider of mortgage and real estate brokerage services and announced the release of their much awaited Internet based service ePrequal.com. www.ePrequal.com ePrequal is a mortgage pre-qualifying and real estate transaction analysis tool. Designed by professionals for professionals and home buyers.
Developed by field experienced experts for today’s fast paced E-commerce real estate and lending environment. It is for closing agents (realtors, loan officers, attorneys, financial advisors, etc.) to provide home buyers immediate knowledge on how to how to get to the closing table and what to expect when they get there. It is an Internet delivered, interactive service that provides consumers and their sales agents immediate answers when considering mortgage options and buying decisons. "It’s like having immediate access to an experienced loan officer, an underwriter, at your fingertips". The agent and consumer are afforded an opportunity to make early informed decisions, in a low stress environment with no sales or closing pressure, either at their home or the agents office where questions can be asked and answered in short order. The service analyzes the buyers loan needs and attempts to match then with the best overall loan options from multiple available direct lenders nationwide.
The exclusive service will extend ePrequal.com’s unique mortgage and real estate related services to consumer and business subscribers. Sales Agents or consumers fill out an easy, secure, online interview form and their secure profiles are analyzed for prequalification and loan choices, and the results are returned to them immediately for further action. It also offers an industry unique warranty for re-imbursement of up to $1,000 to the home buyers for out of pocket expenses such as appraisals, inspections, credit reports, etc., in the event they are unable to obtain credit within 90 days. ePrequal.com was developed by WRFCO, Interactive, an Internet marketing company dedicated to empowering home buyers and real estate and mortgage industry professionals in identifying, negotiating, financing, and closing the residential real estate transaction. ePrequal.com offers an integrated suite of Web-based tools, including SmartAnalyzer, RealCert, SureClose, QuikUDW, SmartQualifyer, SmartCloose, SmartCloseStatements, and QuikApprove. These tools combine to make ePrequal.com a valuable service for consumers as well as real estate and mortgage industry professionals nationwide.
Developed by field experienced experts for today’s fast paced E-commerce real estate and lending environment. It is for closing agents (realtors, loan officers, attorneys, financial advisors, etc.) to provide home buyers immediate knowledge on how to how to get to the closing table and what to expect when they get there. It is an Internet delivered, interactive service that provides consumers and their sales agents immediate answers when considering mortgage options and buying decisons. "It’s like having immediate access to an experienced loan officer, an underwriter, at your fingertips". The agent and consumer are afforded an opportunity to make early informed decisions, in a low stress environment with no sales or closing pressure, either at their home or the agents office where questions can be asked and answered in short order. The service analyzes the buyers loan needs and attempts to match then with the best overall loan options from multiple available direct lenders nationwide.
The exclusive service will extend ePrequal.com’s unique mortgage and real estate related services to consumer and business subscribers. Sales Agents or consumers fill out an easy, secure, online interview form and their secure profiles are analyzed for prequalification and loan choices, and the results are returned to them immediately for further action. It also offers an industry unique warranty for re-imbursement of up to $1,000 to the home buyers for out of pocket expenses such as appraisals, inspections, credit reports, etc., in the event they are unable to obtain credit within 90 days. ePrequal.com was developed by WRFCO, Interactive, an Internet marketing company dedicated to empowering home buyers and real estate and mortgage industry professionals in identifying, negotiating, financing, and closing the residential real estate transaction. ePrequal.com offers an integrated suite of Web-based tools, including SmartAnalyzer, RealCert, SureClose, QuikUDW, SmartQualifyer, SmartCloose, SmartCloseStatements, and QuikApprove. These tools combine to make ePrequal.com a valuable service for consumers as well as real estate and mortgage industry professionals nationwide.
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