FAQ's Homeowners have at tax time:

10 critical questions for homeowners at tax time

Gina Pogol   HSH.com

Albert Einstein once said, "The hardest thing in the world to understand is the income tax." If you buy, sell, finance or own real estate, it gets even worse. Before you belly up to the nearest bar or start pulling your hair out, check out this list of FAQs for tax-paying, home-owning citizens.

Yep, property and taxes go together like blood and leeches. Yet there is no reason to pay more than the minimum. Here are some commonly asked questions about taxes and homeownership.

Knowing the answers will help keep your tax bill as low as possible.

Here are the 10 Frequently Asked Questions homeowners have at tax time:

Refinancing Borrowers Shun ARMs in Q4. Opt for Shorter Loan Terms

	Mortgage News Daily

Refinancing Borrowers Shun ARMs in Q4. Opt for Shorter Loan Terms

Posted to: MND NewsWire
Wednesday, February 16, 2011 10:28 AM

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Americans are increasingly turning away from variable rate mortgage products when refinancing according to the Quarterly Product Transition Report issued by Freddie Mac.  An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter. 
In the fourth quarter of 2010, fixed-rate mortgages (FRM) accounted for more than 95 percent of all loans used for refinance. 

SmartMoney.com: The New Costs of Renting

The New Costs of Renting
February 22, 2011
By AnnaMaria Andriotis
Choosing to rent instead of buy, some are discovering higher costs than anticipated. Suddenly, buying doesn't look so bad.

Bankruptcy seasoning requirements for FHA and Conventional loans

Even with my 20 years in the mortgage business, I double check all guidelines because they are continually changing.  I had a call from someone yesterday who had just passed his 2 year anniversary since a Chapter 7 Bankruptcy and did the following research and thought it was good info for a Blog post.  It’s a crazy mortgage world right now…

It's springtime: Top 12 low cost DIY Home Improvements: Return on Investment

Cleaning and De-Cluttering for a $200 cost which has an increase in home value of $1700 for a whopping 872% Return on Investment!

Landscaping $320 cost, $1500 return on home value, 473% ROI.   Does updating electrical makes sense if you are contemplating selling?  How about lightening and brightening?

See what 1000 Realtors recommend:  Top 12 home improvements survey

Why do we need Grant Money? Low Income Housing Needs Skyrocket. "Worst Case" Worsens

	Mortgage News Daily

Low Income Housing Needs Skyrocket. "Worst Case" Worsens

Posted to: MND NewsWire
Wednesday, February 02, 2011 1:37 PM

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HUD's definition of Worst Case Housing Needs (WCN):  unassisted very low-income renters who either (1) pay more than one-half of their monthly income for rent; or (2) live in severely inadequate conditions, or both. HUD defines "very low-income" as below 50 percent of the local area median income (AMI) and "extremely low-income" as below 30 percent of AMI.
In its Worst Case Housing Needs report to Congress, the Department of Housing and Urban Development said the number of people classified as "Worst Case" grew by nearly 1.2 million households, or 20 percent, from 2007 to 2009 and 42 percent since 2001.  The two-year increase was the worst in at least 20 years.

[Mortgage Rate Watch] - How Did the Employment Report Affect Mortgage Rates?

	Mortgage News Daily

How Did the Employment Report Affect Mortgage Rates?

Posted to: Mortgage Rate Watch
Friday, February 04, 2011 3:53 PM

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It finally happened.  The range has been officially broken.  In the wrong direction.....
The RANGE that has been the topic of so much conversation here has finally been broken.  Over the past 6-8 weeks, we've sat through an extremely stagnant market in terms of mortgage rate movements.  The only volatility we've experienced was seen in the closing costs associated with obtaining a "Best Execution" mortgage rate.

Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation

Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation

Posted to: MND NewsWire
Monday, January 31, 2011 3:10 PM

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The Census Bureau has released its survey of Residential Vacancies and Homeownership for the fourth quarter of 2010. 
Homeowner Vacancy and Rental Vacancy statistics are from the Housing Vacancy Survey, which is a supplement to the Current Population Survey. The homeowner vacancy rate is the proportion of the homeowner inventory which is vacant for sale. The rental vacancy rate is the proportion of the rental inventory which is vacant for rent. A housing unit is vacant if no one is living in it at the time of the interview, unless its occupants are only temporarily absent. In addition, a vacant unit may be one which is entirely occupied by persons who have a usual residence elsewhere.
Quick Recap.....
Total Housing Units in the United States:  130.85 million vs. 130.19 million in Q4 2009
How Many Are Occupied: 112.45 million (85.9% of total) vs. 111.37 million in Q4 2009

• How Many Are Owner-Occupied: 74.78 million (57.2% of total) vs. 74.81 million in Q4 2009
  

TILA Change Implementation Halted

In a decision that has drawn praise from the Mortgage Bankers Association, the Federal Reserve has announced that it likely won't finalize a trio of pending regulations involving the Truth in Lending Act, since most of the regulations would come under the control of the Consumer Financial Protection Bureau later this year.

Fannie and Freddie raise Mortgage fees for borrowers with less than 740 credit scores

Article Title:
Fees for home mortgages increase
To view the contents on from the www.rgj.com, go to:
http://www.rgj.com/apps/pbcs.dll/article?AID=/201102021350/BIZ/110202032

IRS not looking at 2010 taxes until February 15, 2011

With 8000 tax laws changed within the last 3 months of 2010, IRS will NOT begin looking at 2010 taxes filed by taxpayers until February 15th. 

What this means for self employed borrowers:

•   If I need to see 2010 taxes (for length of employment or income purposes), the 4506T (tax transcript from IRS) which I need to submit to final underwriting will be delayed.  

• My best guess for the delay will be 1 month from filing taxes for receipt of the 4506T.   

What used to be March 1st for approximate time frame for receipt of the 4506T after Tax filing in years past, is now moved out to April 1-15th, 2011 (a delay of 1 to 1.5 months).