Richmond VA Condos » Finance Updates http://www.richmondvacondos.net One South Is The Leader in Richmond VA Condos Mon, 30 May 2011 18:57:33 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Current Mortgage Rates for 12.28.10 http://www.richmondvacondos.net/current-mortgage-rates-for-12-28-10 http://www.richmondvacondos.net/current-mortgage-rates-for-12-28-10#comments Sun, 02 Jan 2011 20:26:49 +0000 financing http://www.richmondvacondos.net/current-mortgage-rates-for-12-28-10 Current Mortgage Rates for 12.28.10 is a post from: Richmond VA Condos

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For an up-to-date rate quote for your particular situation, call Chris Lester, PrimeLending, at …804.767.7566

30 year conventional fixed – 4.5% + 0 + .75

30 year FHA fixed – 4.375% + 0 + .75

5/1 conventional ARM – 3.125% + 0 + 0

5/1 FHA ARM – 3.25% + 0 + 0

The Week in Review

Yet again we ended the week with mortgage rates higher than the previous. Stronger than expected consumer confidence, ADP employment, and construction spending data crushed the bond market mid-week causing interest rates to skyrocket. The bleeding was stemmed a bit by the awful employment report on Friday which showed a slight increase in unemployment and a much less than expected job creation of 39k non-farm payrolls compared to the expected 140k. These are awful numbers and job creation is anemic. We need to create new industries with new jobs and we will. Remember that 90% of us are employed and malls and planes are full. We will get there.

The Week Ahead

We have 3 Treasury auctions next week, and if we receive strong foreign demand then rates should benefit. The last round did not go well, but that was a holiday week. The University of Michigan Consumer Sentiment report will be released on Friday. This is a measurement of consumer attitudes via a telephone survey which gathers information on consumer’s expectations of the overall economy. A good consumer sentiment usually indicates a consumer who is willing to spend. Consumer spending is the majority of our economy. A lower than expected reading can benefit rates.

Buy a Goat

If you have the capacity you may want to consider a donation to World Vision to help an impoverished community with clean water, goats, or some other important form of sustenance.

www.worldvision.org

Have a great weekend!!!

Current Mortgage Rates for 12.28.10 is a post from: Richmond VA Condos

]]> http://www.richmondvacondos.net/current-mortgage-rates-for-12-28-10/feed 0 Details of the Home Buyer Tax Credit http://www.richmondvacondos.net/details-of-the-home-buyer-tax-credit http://www.richmondvacondos.net/details-of-the-home-buyer-tax-credit#comments Sat, 30 Jan 2010 18:41:09 +0000 Rick Jarvis http://www.richmondvacondos.net/?p=918 Details of the Home Buyer Tax Credit is a post from: Richmond VA Condos

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We get a lot of questions about the home buyer tax credit for both new home buyers and move-up buyers. Here are the details:

  • The Tax Credit will be $8,000 for First Time Homebuyers, and $6,500 for Move-Up Homebuyers.
  • Move-Up buyers will be eligible as long as the home they are leaving has been their principal residence for five or more years.
  • The Tax Credit will end on April 30, 2010. However, there is a binding contract rule that permits those with contracts as of April 30, 2010, to qualify for the Tax Credit as long as they close on the home before June 30, 2010.
  • The income limits for both First Time Homebuyers and Move-Up Homebuyers are $125,000 for an individual tax return, and $225,000 for a joint tax return.
  • The cost of the home cannot exceed $800,000 to be eligible.
  • For home purchases made in 2010, taxpayers will be able to claim the Tax Credit on their 2009 income tax return.
  • Homebuyers will not have to repay the Tax Credit provided the home remains their principal residence for thirty-six (36) months after the purchase.
  • The amendment includes a military waiver provision stating that the recapture provision will not apply in the case of a member of the Armed Forces, Military Intelligence, or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for ninety (90) days or more in 2008 or 2009 have until April 30, 2011 to claim the Homebuyer Tax Credit.
  • The amendment also includes anti-fraud language that provides math authority to the IRS for greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires that the taxpayer claiming the Tax Credit to be 18 or older and also requires a HUD-1 Settlement Statement to be attached when claiming the credit.

We’ve posted a video here from the IRS that explains the dates that need to be met in order to qualify.

For more information, see Richmond VA Condos.


Call me at 804.477.8114 or send me an email to discuss further.

Details of the Home Buyer Tax Credit is a post from: Richmond VA Condos

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