The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”

“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.

Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.

The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.

Source: NAR

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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Good news for those who have not closed yet…

After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.

The NATIONAL ASSOCIATION OF REALTORS® supported extension of that closing deadline because buyers are experiencing delays in getting their financing closed. The delays are the result of the large number of transactions that are short sales, which can take a long time to close, and the rush of transactions lenders are processing from buyers submitting contracts before the April 30 contract deadline.

The legislation, which now goes to President Obama for signature, is designed to create a seamless extension of the closing deadline; there will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with congressional leaders on both sides of the aisle in supporting lawmakers’ passage of the legislation, which the association says will help provide additional stability to real estate markets across the nation.

Separately, the U.S. Senate also last night passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), which extends the National Flood Insurance Program until September 30. This will allow home purchases in the 100-year floodplain to move forward. The House passed the bill last week.

When signed into law by the President, the bill, which will apply retroactively, will cover the lapse period from June 1 to the date of enactment of the extension. Without flood insurance, households buying homes in the 100-year floodplain cannot obtain mortgage financing.

Source: NAR

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the “American Jobs and Closing Tax Loopholes Act of 2010″ — which primarily extends unemployment insurance benefits — was approved in a 60-37 vote Wednesday. The vote on the amendment was mostly along party lines, with only four Republicans in favor and one Democrat opposed. The Senate has not yet voted on the amended bill itself.

Read more here.

Panama City Beach Condos for sale

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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While viewing homes is an option, the time may be better spent getting everything in order that is not already.

Here are just a few examples of what home buyers can do on those rainy days:

Get your financing in order – If you’ve not already done so, rainy days are optimal times to contact the lender and make sure your financing for the your new home is pre-qualified and you have your letter in hand.

Re-examine your needs and wants – Rainy days are a great time to review your needs and wants and make sure what you need is not something you want and vice versa.  Be sure to keep your list organized and let your real estate agent know of any changes.

Search for properties – Using your Panama City real estate agents website to search for homes is a real time saving task and a great task for rainy days.  Use your needs and wants list to narrow your search criteria and look for potential homes you’ve not already viewed.  If you find homes of interest and you’ve checked them against your needs and wants list, let your real estate agent know to allow time to set up viewings when the rain stops.

Schedule the inspections – If you’ve submitted an offer that has been accepted on a new home and have not already done so, now is a great time to schedule the inspections: Home inspections, termite inspections and any other inspections needed to make sure your new Panama City home purchase is a sound investment and free of issues.

While rainy days may not be the best days to view properties for home buyers, there are still plenty of other tasks that help move the process along smoothly and  without issues.

Use rainy days to get your home search tasks in order and scheduled as needed.

Panama City Homes for sale

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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According the IRS.gov website:

1. You must enter into a binding contract to purchase a principle residence by April 30, 2010
2. You must close on the property by June 30, 2010, . Buyers may elect to use the credit on their 2009 or 2010 tax returns.

As you can see, time is of the essence and if you want to take advantage of the credit, now is the time to act.

The IRS.gov website has some great information to brush-up on filing requirements and to help with submitting the required application.

Below are several useful links:

• First Time Homebuyer Credit Page
• First-Time Homebuyer Credit: Answers

Also, if you purchased a home as your principal residence in 2008, 2009 and early 2010 you may also be able to take advantage of the tax credit.

Here are some facts for home buyers in this category:

1. The tax credit is 10 percent of the purchase price of the home with a maximum credit of $8,000
2. The tax credit will either reduce your tax bill (dollar for dollar) or increase your refund
3. The credit does not have to be paid back unless the home ceases to be your principal residence within three years after the purchase.

A little something for long-term residents

In addition to the First Time Home buyer Credit, long-term residents residing in the same house for any five consecutive-year period may qualify for a $6,500 credit when purchasing a new principal residence in the United States.

Here are the facts for this category:

1. The purchase must have taken place after November 6, 2009, and before May 1, 2010 or after April 30, 2010, and before July 1, 2010
2. The buyer must have entered into a binding contract before May 1, 2010 to purchase the property before July 1, 2010
3. Buyers must have lived in the same home for any five consecutive-year period during the 8-year period ending on the date you purchased your new primary home.

Rules for those who cannot claim the Tax credits…

According to the IRS.gov website:

1. A buyer cannot claim the credit if the purchase price of the home is more than $800,000.  This rule applies to homes purchased after November 6, 2009.
2. You may not claim the credit if your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly) and you purchased your home before November 7, 2009
3. Or $145,000 or more ($245,000 or more if married filing jointly) and you purchased your home after November 6, 2009.

How to Apply for the Credit:

Buyers wanting to take advantage of the credit must fill out IRS Form 5045 and file the form with your federal income tax return.

If you have already filed your return, you may claim the credit by filing out an IRS 1040X with the completed Form 5045 attached.  Any and all supporting documentation regarding the purchase is required and should be included.

The information provided above on the First-Time Home buyer tax credit was from the IRS.gov website and is deemed reliable, but not guaranteed.

When dealing with tax related issues, it is imperative that you follow all IRS Guidelines and obtain the advice and guidance of a qualified tax professional.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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As promised, this year my team and I will be adding many new services and features to my already extensive website.

As the Panama City Real Estate website continues to be the Premier website for Panama City Florida real estate and since first time home buyers are exceedingly prevalent in today’s economy I’ve written a new article target at those just entering the home buying market: Why get Pre-Approved before shopping for a new home.

No matter where you live or what real estate market you are interested, today’s real estate market and economic conditions are not what they were.

It has become more important than ever to have a strong negotiating position and know what you can afford before you go looking for a new home.

In fact many sellers are requiring “Pre Approval” letters before reviewing offers on their homes.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

The $8000 Tax Credit – If you’ve been waiting for the tax credit to expire, you’ve done a great job!  The tax credit is still scheduled to expire by November 30, 2009.  Remember if you plan on using the tax credit you have to “CLOSE” on your sale prior to the expiration to use it.  Unless you are paying cash for your new home, it takes at least 30-45 days to actually close a sale.  What are you waiting for? Contact me directly for more information on how you can take advantage of the $8000 first time home buyer tax credit today – (850) 774-6582

There’s a new real estate broker in town – That’s me   Actually since I have my license with Keller Williams I technically am a Broker Associate.  Jessie and I took a short trip to Tallahassee last weekend.  I took my brokers test and passed (yes, I’m very excited) and we had a great celebration dinner.

New Manager for Property Management – Barbrann is no longer with the company.  In her stead Jessie and I will be managing the Property Management business until we find a replacement.  If you know anyone interested in this position, please send to me directly (850) 774-6582

The news segment – I’ve received many warm regards from new and existing customers who saw the news feature WJHG did on me and my website.  Thanks to all, we were very pleased with the  segment.

New blogger and agent coming soon - Many of you have had the pleasure of meeting or speaking with Kayla the Panama City Real Estate Team’s administrator.  We’re very pleased Kayla has decided to pursue a career in real estate and is currently in the process of taking her class to become a full time real estate agent.  Look for her blog posts soon as she describes and guides others through the actual process of obtaining a real estate license in Florida.

Help wanted Clerical – Since Kayla will be a real estate agent soon, we are looking to fill the Administration position she currently holds. If you know someone interested in working with people and real estate, have them contact me directly.

Help wanted agents – I am still looking for a few agents to join the Panama City Real Estate team.  Read the advantages of being a KW agent and working on the leading technology real estate team in Panama City Florida.  New agents as well as experienced agents are welcome to apply.

Upcoming - There are some more surprises coming regarding the website.  Most of which occur through the private area and many visitors will not even notice.  However, some will notice a change in the details pages of the listings.

Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

Sales of existing homes trended upward for the fourth straight month, benefiting from favorable affordability conditions.

The $8,000 tax credit continued to draw in first-time buyers, who accounted for 29% of all transactions in May. Repeat buyers, who often sell their current house to first time buyers, are also coming back to the market in large numbers.

Home Sales – In Thousands

Check back for the next installment in this series: The Numbers That Drive Real Estate: Median Home Sales.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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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.

The government may continue to seek other alternatives associated with boosting affordability and circumventing the 3.5% down payment requirement, but until further notice they have apparently killed this initiative.

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.

Let’s not forget about the $8000 first time home buyer credit for those who have always wanted to own a home but have not had the opportunity.  This option ends December 1, 2009 so if you’ve been sitting on the face remember the dead line.

If you need assistance with purchasing a home or condo, contact me directly (850) 774-6582.