Update on the $8000 Tax credit

By Curtis Schartz, CMPS

Oct

30

Some encouraging news on the extension of the $8000 tax credit…while it is not a done deal, as it still must be reconciled between the House and Senate and then voted on for final approval, it’s looking good. And it’s not only looking good for the extension, but there are some additional enhancements to the credit in the works as well. Yesterday, the Senate reached an agreement to extend the $8000 tax credit for first-time home buyers. They also added a $6,500 tax credit for other primary home purchasers, meaning not just limited to first time home buyers. They also raised the qualifying income limits in a very meaningful way – singles were increased from $75,000 to $125,000, and joint taxpayers from $150,000 to $250,000. Buyers must have executed purchase agreements in hand by April 30th, and then will have until June 30th to close. More details are likely to come, and changes could be made as reconciliation and voting takes place.
Contact Curtis Schartz, Certified Mortgage Planner at Pulaski Bank, today to get ready to purchase your new home and take advantage of the tax credit before it runs out.

HVCC Nulification

By Curtis Schartz, CMPS

Oct

23

Yesterday on a conference call with the president of NAMB they said that there was a bill introduced this week in the House that will Nullify the HVCC. This is great news for the industry. Ever since HVCC went into effect the ability for loan officers and Certified Mortgage Planners to communicate with their appraisers was taken away, and has cost consumers a significant amount of money. We are hopeful that this amendment to Nullify HVCC will pass the house and the Senate within the next month. We shall see. Keep your fingers crossed.
Curtis Schartz, Certified Mortgage Planner with Pulaski Bank

Time is Running Out!

By Curtis Schartz, CMPS

Oct

23

For those of you still planning on taking advantage of the $8000 tax credit for purchasing a new home in Shawnee, Lee’s Summit, Overland Park, and the rest of the Kansas City Metro time is running out. Don’t count on the tax credit getting extended. There is some opposition against extending it. In order to get closed in time you will need to be contracted within the next 1 – 2 weeks. Most large lending institutions have already cut people off. At Pulaski Bank we have a commitment to our clients to get it done if at all possible. Remember that the deadline for closing is November 30th. However, you need to take into account a couple of items. First is that the bill actually reads that the Deed or Mortgage has to be recorded by November 30th as well. Whether the IRS will check this or not I don’t know, but you sure don’t want to risk it. The other item to consider is that November 30th falls on the Monday after Thanksgiving. So you really need to be closed by November 25th to be assured that you make the deadline. If you are out searching for a lender and a mortgage planner that will get you the best rates and the lowest costs, as well as, get you closed in time to get the $8000 tax credit look no further. Call Curtis Schartz, Certified Mortgage Planner at Pulaski Bank today to get your pre-approval.

The Time to Act is NOW!

By Curtis Schartz, CMPS

Oct

2

Interest Rates for Kansas City, Overland Park and Lees Summit have hit all time lows today. If you have not refinanced at or below 5% now is the time to act. These low rates will not last. Everything is pointing to higher rates in the near future. It appears that Mortgage Backed Securities found a top today. They spiked up after the poor jobs report and rapidly came back down. This action will typically signal a top – meaning that we may have bottomed out with the current interest rate cycle. The Fed announced that they will scale back the purchases of Mortgage Backed Securities so they can continue to purchase them through the first quarter of next year. We will see rates gradually creep up until the point that they are done purchasing. At that point rates will jump higher.
Contact Curtis Schartz Certified Mortgage Planner today to find if you can benefit from these low rates. Pulaski bank is one the top mortgage lenders in Kansas City. Call me today and find out why.