Posts By Lynda Mckenzie
Location
Rhode Island
Phone: 401-524-9796
Posts
Time is running out for Rhode Island Home Buyers to take advantage of the 2010 Tax Credit.
First-time home buyers looking to purchase a home in Rhode Island, are eligible for up to 10% of the home’s purchase price, up to the maximum $8,000 tax credit just for buying a home. The latest stimulus package signed by President Obama makes these credits available to first-time home buyers on homes purchased between January [...]
With historic rates and property values so low, many Rhode Island borrowers are looking to purchase a “fixer up”. Below is a streamlined 203k limited repair guide prepared to assist you in the process. 1. Make offer on home contingent on buyer being approved for renovation loan. The sales agreement should be the purchase price [...]
Rhode Islanders still have the opportunity to get 100% financing through the USDA program, also known as the “rural homes program”. The United States Department of Agriculture (USDA) offers two different types of programs; one called the Guaranteed Rural Housing (GHR) mortgage and the other Direct rural home mortgage. The Direct program is offered directly through USDA [...]
Buyers looking to purchase a home in Rhode Island will face new changes this spring. According to an article in the Wall Street Journal on January 19, 2010, FHA is planning many changes. 1. UFMIP to go to 2.25% from 1.75%. Currently FHA charges what is known as an upfront mortgage insurance premimum. This amount [...]
Great news for Rhode Islanders looking to purchase a home through FHA, the “90 day seasoning flip rule ” has been temporarily lifted by FHA. This change will allow buyers in Rhode Island to use a FHA Mortgage when purchasing investor and bank owned properties that have been owned for less than 90 days by the seller. [...]
If you are looking for a great deal on a property in Rhode Island, a HUD owned property may be the one for you. A HUD home is considered a 1 to 4 unit residential property aquired by the Housing and Urban Development as a result of a foreclosure action on an FHA-insured mortgage. HUD then becomes [...]
On Friday, November 6, 2009, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009, commonly known as H.R. 3548, extending the $8,000 tax credit to first-time homebuyers. What residents of Rhode Island might not know, is that you do not need to be a first-time homebuyer to get the tax credit. Under H.R. 3548 [...]
Homebuyers looking to purchase a home in Rhode Island, may soon be able to take advantage of an extended tax credit, and it may not be just for first-time homebuyers. The National Association of Mortgage Brokers (NAMB) continues to monitor legisilation for the $8,000 first-time homebuyer tax credit, which is anticipated to be extended until April 30, [...]
Home buyers in Rhode Island looking to utilize the FHA (Federal Housing Authority) mortgage loan program may have to put down more money if Representative Scott Garrett (Rep- New Jersey) has his way. A bill introduced in the U.S. House of Representatives on Thursday, October 1, 2009, by Representative Scott Garrett, would increase the minimum [...]
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