Panama City Florida Mortgage Information - Reversal of HUD’s $8,000 tax credit announcement

As you may or may not know HUD (Housing and Urban Development) made an announcement on May 12 that they were going to allow homeowners to use the $8000 tax credit as down payment monies by empowering state agencies, non profits and HUD approved Mortgagees to lend the monies to home buyers.

HUD drafted the HUD Mortgagee Letter (2009-15), however, the letter was never officially released.

HUD has since reversed their position on allowing the monetization of the tax credit over concerns that the proposal too closely resembles the now illegal practice of seller funded down payment assistance programs. IRS officials were also concerned that the proposal could create income tax issues.

Weekly Mortgage Summary - Panama City Florida real estate

The latest edition of the Panama City Mortgage Summary has been posted and available for download at your convenience.

As we enter the summer season, I am noticing a significant increase in condo sales and vacation home requests for the Panama City and Panama City Beach Florida area. This shows our local real estate market is beginning to stabilize.

As mortgage rates are maintaining below a 5% average now is great time to buy that Florida vacation condo or home you’ve always wanted.

Top 50 tips for moving into a new home or apartment

Having moved many times over the course of my years as well as being a top producing real estate agent, I’ve gained some valuable tips and techniques that I pass on to my customers.

Here are my top 50 tips for moving into a new home or apartment:

Create an outline for listing moving tasks including purchases you need to make
Boxes - You can never have too many boxes. Plastic, cardboard whatever.
Obtain plenty of packing material - newspaper, bubble wrap etc.
Obtain plenty of tape for sealing boxes.

Panama City real estate - Lease to own, an option?

As our economy and budgets get tighter almost daily, many of my customers are looking for alternative ways of purchasing a home such as real estate auctions.

One other such alternative is becoming more common - Lease to own or Lease Option.

It is in keeping with my commitment to my customers to provide them the most complete and advanced real estate information and services available that I am pleased to present my latest real estate article - Lease to own.

If you’re a cash or credit challenged potential home buyer, a lease-to-own agreement may be an option of buying a home and accumulating a down payment.

Panama City Real Estate - First time home buyers tax credit

If you are first time home buyer, this may be of special interest to you.

On July 30, 2008 President Bush signed housing bill H.R. 3221 into law.

What this bill is:

Basically, this bill provides a temporary “tax credit” for first time home buyers. Please note that this “tax credit” is unlike most other “tax credits” and must be payed back over 15 years with interest.

Please confirm all tax changes and eligibility requirements with a qualified tax professional prior to making any tax related purchases.

How much credit is available:

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