Where to put the cash

Wednesday, June 3, 2009

According to a survey on where Australians want to put surplus funds, most would like to increase their minimum superannuation contributions by up to 5 percent. It was carried out by a special research body set up by the super industry which revealed to all those in the survey that in 8 of the past

Bigger and better means opportunity

Wednesday, June 3, 2009

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Nearly all finance industry operators have reacted positively to the news from the Budget that the Investment Allowance has been increased to 50 percent for small business. It rates right up there with the ways businesses are taking advantage and moving to buy new cars. And there are two other interesting finance service news items

8000 Tax Credit Guidelines for California First Time Home Buyers

Monday, June 1, 2009

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The updated 8000 Tax Credit Guidelines for California First Time Home Buyers has been released by HUD for FHA loans as of May 29, 2009. Although the credit may not be used for the minimum down payment of 3.5%, it may be used for buying interest rate down, closing costs and/or additional down payment. Here are the highlights of the Mortgagee Letter: Tax Credit Advances with Second Liens : Tax credit advance combined with FHA-insured first mortgage may not result in cash back to borrower Secondary financing may be “soft” (silent) or require a monthly repayment If payments are required they must be included in the qualifying ratios If payments are “soft” they must be deferred for at least 36 months and not included in ratios Purchase of Tax Credit by Non-profit Organizations as well as Federal, State and Local Government Agencies: Proceeds of tax credit May Not exceed the anticipated credit due to the homebuyer Copy of borrower’s tax refund and the IRS 5405 must be collected in the loan process Any costs associated with the purchase of the tax credit should be no more than 2.5% of the credit (Ex: $6000 to be refunded with all fees discounted the borrower should receive $5850 for sale of the tax credit). No part of the minimum down payment of 3.5% can come from the sale of the credit, the seller or any other person that financially benefits from the transaction The tax credit may be used as additional down payment, buying down of interest rate or other closing costs Entities Purchasing the Tax Credit Due Diligence : Home buyers must provide the IRS Form 5405 “First Time Home Buyer Credit” Contact the borrower’s empllyer and review pay stubs Review the home buyer’s credit report to ensure no unpaid student loans or other obligations that could offset the credit Review previous tax returns to determine there are no unsettled obligations to the IRS Video of 8000 Tax Credit for California First Time Home Buyers This is truly a fantastic opportunity. Who do you know that could benefit from a $8000 tax credit for buying a home? Place your information below OR provide the name and info for someone you know that may benefit from this extraordinary program.

Tax advance puts buyers into homes

Saturday, May 30, 2009

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... payment beyond the minimum level. The FHA, which insures about a quarter of new home loans, is projected to guarantee about 2.2 million loans in the next budget year.

Government OKs short-term loans for homebuyer tax credit

Friday, May 29, 2009

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... payment beyond the minimum level. The FHA which insures about a quarter of new home loans, is projected to guarantee 2.2 million loans in the next budget year

Mortgage cheat MPs ‘must face law’

Friday, May 29, 2009

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‘I’m ashamed at expenses scandal’ reveals Cameron as Tory leader says MPs should face full force of the law

Friday, May 29, 2009

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... a 'bad sight' Mr Morley claimed more than 16,000 in interest payments on a home loan that had already been paid off but insisted tonight he would clear his name ...