FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. However, the loans can't be used to cover the minimum 3.5 percent.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders. The Michigan State Housing Development Authority (MSHDA) has programs for those in need of downpayment assistance. Please visit
http://www.michigan.gov/mshda for more information.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at
REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Facebook and Twitter are quickly becoming the easiest ways to stay connected with friends, colleagues, companies, and most importantly our members. MAR’s 2009 Convention & Expo has pages on both Facebook and Twitter, and encourages AE’s to become a Facebook Fan, or start following on Twitter. From the latest speaker additions, to schedule of event changes, new CE approvals, to hotel and area information, be in the know, as it’s happening! As MAR updates these pages, use your own status updates, or post news on your Local’s Facebook group, Fan Page or Twitter, to promote the updates.
For Facebook users, Become a Fan of the 2009 MAR Convention & Expo Facebook PageFor Twitter users, Start Following the 2009 MAR Convention & Expo Also, stay connected with
Convention Chatter, the 2009 MAR Convention & Expo Blog, with Events Manager, Jodie Cady.
Don’t forget to Register Early and Save!
Register Online Today!
On May 13th, at the Annual NAR Washington Legislative Meetings in Washington D.C., Nancy McKellar, executive vice president of CBOR, accepted a prestigious commercial real estate industry award on behalf of CBOR.
The Commercial Services Accreditation consists of standard benchmarks of commercial services and can be earned by state and local associations who meet at least the minimum number of benchmarks. This program was developed to recognize and showcase commercial boards. Those who earn the Commercial Services Accreditation are seen as leaders of excellence in the commercial real estate industry. Please join MAR in congratulating CBOR.
Last week, MAR successfully launched it’s
REALTOR® Focus section on Mirealtors.com. In addition to highlighting the accomplishments of members, MAR would also like to focus on the accomplishments, activities and awards of Michigan's Local Associations. If you would like to feature a story about your local in the new Local Focus Section on Mirealtors.com, please send your entry to
ctrzos@mirealtors.com.
Make a difference at MAR by participating with MAR’s annual Director elections. Important deadlines are coming up soon, so be sure to mark your calendars appropriately.
As an essential part of the MAR team, the Board of Directors implement the visionary strategies that make the association tick, while building the foundation for constant improvements. These professional, engaged member volunteers ensure that MAR is the first place people think of for highly credible industry-related services and advocacy.
Individuals wishing to seek candidacy must file with MAR by Friday, July 24, 2009.
MAR Directors are elected just like U.S. Congressional representatives, along district lines. Candidates must run in the district where they live. Questions should be directed to Brian Westrin at 517-334-5558, or email him at
bwestrin@mirealtors.com.
Other important deadlines are as follows:
• September 9, 2009; MAR Director Online voting begins
• October 8, 2009; MAR Director Online Voting closes
Click here for additional information regarding deadlines, criteria and eligible districts up for election.
If you know a full-time college junior or senior whose academic major is related to real estate, suggest that they apply for the Michigan Association of REALTORS® Scholarship Trust (MARST). Students can earn up to $2,000 per year.
MARST administers two scholarship programs, the Russel A. Pointer and the Barney Harkins Scholarship and Educational Fund. Scholarships are awarded annually to undergraduate students whose academic major is related to real estate, and are aimed at encouraging and supporting outstanding, highly-motivated students to specialize in the study of real estate.
Applications must be completed and submitted by July 1, 2009 for the following academic year. Incomplete applications will not be considered. MARST does not discriminate for or against any applicant on the basis of race, creed, religion, national origin, age, sex, handicap or employment status. Visit the
MARST Web site for more information.
Completing all of the paperwork associated with a typical real estate transaction, listing and sales contracts, offers and counter-offers, disclosure statements and countless other important documents, can be a time-consuming task. ZipFormDesktop can help you speed up the process by sharing data between all documents related to the same transaction, simply fill out one form and the information is automatically shared with all of the forms required to complete a transaction. With ZipFormDesktop youÍll spend less time managing paperwork and more time closing the deal.
MAR forms are available electronically through ZipLogix.