John L. Scott Real Estate
Wednesday, December 12, 2018
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Friday, March 27, 2009
Forbes.com confirms what we already know!
Posted by Ryan Kerfoot at 3/27/2009 6:58:00 PM
Wednesday, March 25, 2009

The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000.  This tax credit is available to qualified homebuyers who purchase a home by December 1, 2009.  In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers. 

In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first-time homebuyers in the amount not to exceed 5% of the sales price or $7,000.  A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date.  The loan will accrue interest at 3.0% with a due date of July 1, 2010.  The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit.  The borrower must be a first-time homebuyer and qualify for an IdaMortgage loan.  If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate. 
Borrower qualifications are:
1) Must be a first-time homebuyer,
2) Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%, (NOT including this second mortgage loan payment).  Some MI’s may require higher credit scores,
3) Homebuyer qualifies for an IdaMortgage loan, which includes the monthly second mortgage payment in the debt ratios for this Community second loan just like the Good Credit Rewards second loan,
4) Homebuyer Education required.
If you have questions regarding this new loan product, please call Homeownership Lending at 1-800-219-2285.
Click here to view all IdaMortgage loan products and down payment assistance programs available.
Click here to view information on the Housing Stimulus Bill (Look under the Breaking News Section).

Information Courtesy of IHFA

Posted by Bob Bass at 3/25/2009 7:04:00 PM
Friday, March 13, 2009
Close to shopping, dining, entertainment, and so much more, everything you could want is within reach!
Posted by Ryan Kerfoot at 3/13/2009 9:09:00 PM
Did you know that mortgage rates are "on sale"! Just one more benefit to buying now. Don't get caught kicking yourself later for not buying!
Posted by Ryan Kerfoot at 3/13/2009 8:47:00 PM
Tuesday, March 3, 2009

I just want to take a few moments to share with you where we see the market going in both Ada and Canyon counties.

In January of 2009 there were 343 single-family, detached units in Ada and Canyon County. And if you go back in time, usually January represents 5-6% of the total overall market. So what that means to you is that we are probably going to have between 4,500 and 5,500 total units for the year, not counting whatever business is created by the economic stimulus package. And if this historical trend is true, that means we are going to have 1,000 to 1,500 units less than what we had in 2008. In other words…it’s going to be tight out there. 

In order to weather these projections, our company will continue to make necessary adjustments and changes. But what I have to tell you is that you can put your head in the sand or go into the fetal position…but what you really need to do is focus on the opportunities that can be created for those of you who are working. If you are out getting listings, if you are building trust through Social Media, if you are doing all the things we are telling you to do…you’ll be ok. If you invest in what we are doing as a company and what we are doing to move forward… if you invest, you will be able to reap the benefits that you would be unable to receive in any other year.  

We are not going to stop the negative press; however we need to use it to our advantage. You need to let people know that in today’s market you have the knowledge to solve their real estate problems and you have the knowledge to show them how to get a good deal. Surprisingly, no one in the press is telling you how to invest in these times. As agents, there is an opportunity to lead your clients and yourself in to the good buys created by this market. Must I remind you that in a similar market of the 1980’s, I was able to capitalize on some rentals that put my kids through college and provided the stability to build a business. You can repeat this process by buying cash-flowing properties with low-interest rate, 15 year mortgages and very quickly end up with free and clear income properties. I would be happy to meet with anyone and show them how to capitalize on this business strategy.

This is your year. Go out and build up your inventory levels. Build up yourself. Build up your personal finances to out of subsistence levels so that you can invest in the market place.

In every declining market there are business opportunities. Be enthusiastic. Be aggressive. And simply put…go to work and do it right!

Posted by Bob Bass at 3/3/2009 6:05:00 PM
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