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Tighter M.I. Requirements Effective Today
Jul 8th
Tougher credit and income requirements become effective today on new mortgage insurance applications submitted to United Guaranty Corp.
Mortgage insurance applications submitted on or after today require a minimum credit score of 680, according to bulletin CA 2009-27 issued today by the Greensboro, N.C. based company.
Loans with scores below 680 will be ineligible for insurance.
HUD Clarifies The First Time Homebuyer Tax Credit
Jun 1st
HUD Clarifies Tax Credits
Borrowers still need 3.5% of own funds
The U.S. Department of Housing and Urban Development has clarified how tax credits under recently passed legislation can be monetized in home purchase transactions.
HUD Secretary Shaun Donovan today told a group of directors for the National Association of Home Builders that the $8,000 first-time homebuyer tax credit created under H.R. 1, the American Recovery and Reinvestment Act of 2009, can be applied toward the purchase of properties securing loans insured by the Federal Housing Administration, a news release said.
Donovan originally announced the monetization of the tax credit earlier this month.
The recovery bill became law in February.
The tax credit is not available until the borrower files a U.S. income tax return. But with today’s action, HUD will allow FHA borrowers to obtain secondary financing up front from state Housing Finance Agencies and certain non-profits.
“Today’s action will help stabilize the nation’s housing market by stimulating home sales across the country,” the statement said.
However, the funds cannot be applied toward the 3.5 percent down payment required from the borrower. But the funds can be applied toward “their down payment in excess of 3.5 percent of appraised value or their closing costs.” Funds used for discount points can help reduce interest rates.
In addition to the borrower’s own cash investment, the 3.5 percent can be contributed by parents, employers and other governmental entities.
Donovan noted that today’s actions differ from seller-funded downpayments — which were “a vehicle for abuse.”
Would like to learn how the first time home buyer tax credit can help you be debt free? Then you take a little time and learn about the Money Merge Account program. You can request a free analysis today.
Credit Cardholders Bill of Rights Passes
May 1st
The Credit Cardholder’s Bill of Rights (H.R. 627) has passed the House and that it is on the way to becoming law. This legislation will level the playing filed for consumers by ending excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will.
Consumer credit card debt is now approaching $1 trillion, double the amount held in 1996. The credit card industry has found new ways to make profits by exploiting loopholes and taking advantage of little regulation and poor oversight. In 2008, credit card issuers imposed $19 billion in penalty fees on families with credit cards and this year, card companies will break all records for late fees, over limit charges, and other penalties, pulling in more than $20.5 billion.
The Credit Cardholder’s Bill of Rights will protect American credit cardholders with the following common sense reforms to our financial system:
- Prevents card companies from unfairly increasing interest rates on existing card balance, retroactive increases are permitted only if a cardholder is more than 30 days late, if a promotional rate expires, if the rate adjusts as part of a variable rate, or if the cardholder fails to comply with a workout agreement.
- Requires card companies to give 45 days notice of all interest rate increases or significant contract changes (e.g. fees).
- Ends unfair “double cycle’ billing. Card companies couldn’t charge interest on debt consumers have already paid on time.
- If a cardholder pays on time and in full, the bill prevents card companies from piling additional fees on balances consisting solely of left-over interest.
- Prohibits card companies from charging a few when customers pay their bill.
- Many companies credit payments to a cardholder’s lowest interest rate balances first, making it impossible for the consumer to pay off high rate debt. The bill bans this practice, requiring payments made in excess of the minimum to be allocated proportionally or to the balance with the highest interest rate.
- Requires card companies to mail billing statements 21 calender days before the due date (up from the current 14 days), and to credit as “on time” payments made before 5 p.m. local time on the due date.
- Extends due date to next business day for mailed payments when the due date falls on a day a card company does not accept or receive mail (i.e. Sundays and holidays).
- Prohibits card companies from knowingly issuing cards to individuals under 18 who are not emancipated.
Recently, I’ve had the pleasure of being involved with a incredible new program that has shown me how to use the banks money to dramatically reduce my principal, and I could save tens of thousands of dollars of interest on my current consumer debts. Needless to say, I strongly recommend that during these economic times you take the opportunity to hear about this award winning and critically acclaimed system!
It is my sincere belief that you will find the short period of time it takes to learn about this exciting new program- to be time well spent!
How the First Time Homebuyer Tax Credit Can Help You Be Debt Free
Mar 15th
The IRS has updated the tax form used to claim the first time homebuyer tax credit. That’s been increased to as much as $8000 for buyers purchasing a home before December 1st.
In 2008 nearly half of homebuyers were buying for the first time and the expanded credit will make it easier for that group of buyers to enter the housing market this year, the Treasury Department said in a recent announcement about its implementation.
IRS Form 5405 will allow qualifying buyers to claim the credit on either their 2008 or 2009 tax returns. The credit is equal to 10% purchase price of the home, up to a cap of $7,500 or $8,000.
For the first time homebuyers who purchase a home in 2008, the credit maxes out at $7,500 and functions like an interest free loan it must generally be repaid over 15 year period.
The American Recovery and Reinvestment Act of 2009 raised the cap to $8,000 and eliminated the repayment requirement unless a home is resold within three years.
With the first time homebuyer tax credit, a first time buyer can put their mortgage on the fast track with no out of pocket expense. By using the power of the Money Merge Account program, which pays off a mortgage using an interest-reducing strategy. First time homebuyers have access to an incredible tool, that can pay off their mortgage in as little as 1/3 to 1/2 the time. Thus saving themselves time and interest, and owning their home free and clear.
To find how quickly you can pay off your mortgage, becoming debt free thanks to the first time homebuyer tax credit schedule a free financial analysis today.
Success From Home has featured United First Financial and the Money Merge Account System
Jan 22nd
Success From Home, from the publisher of Success Magazine, will feature United First Financial™, and it’s Money Merge Account® program as its cover story in the February issue, that will appear on newstands in January.
This highlights the unquestioned credibility of UFirst™. Prospects will see, on national newsstands, the outstanding opportunity we bring.
Just think, pay off your debt quickly, and help others to do the same. Everyone benefits.
“I think people have to learn how to earn, save, invest and then be philanthropic. What the Money Merge Account® does is it gives people insight into what their habits are. As a society, we’ve become used to consumerism and spending — maybe even overspending. The Money Merge Account helps you realized when you’re spending too much. For most of us – myself included – it’s a wake-up call.” – Mark Victor Hansen.
“What we’re trying to do is conquer the world of debt – because debt is causing the paralysis of the world. United First Financial’s Money Merge Account software is going to change the world because if we could have done it, we would have done it. But we haven’t yet – until now. Even with as much cash flow as I have, and I have much more than most, I still have debt. The software helps me see that, instead of [paying] 30 years on this piece of property, I’m on schedule to pay this off in 12.2 year and potentially save $639,000. I did not realize that until I used the Money Merge Account program.” – Mark Victor Hansen
If you’re interested in joining the mission to help others get debt free and build wealth, visit our website: And the rest is up to you.
Time for Your Annual 401(k) Plan Review?
Dec 8th
Once you’ve started contributing to your 401(k) plan and funded it with investments that are appropriate for your needs, you might think you’re in good shape and that your 401(k) is now on autopilot. But that type of thinking can actually be counterproductive, because to get maximum benefits from your 401(k) plan you’ll need to revise it over time to reflect changes in your life and in the investments that make up your plan. That’s why it’s smart move to review your 401(k) holding annually, and as this year is winding down it is as good a time as any to see what you’ve got, where you’ve been and where you might be headed.
What should you look for when you review your 401(k) plan? First and foremost, make sure you’re saving enough to help reach your retirement goals or that you’re at least putting away as much as you can possibly afford. Next, evaluate whether your investment mix is suitable for your individual goals, risk tolerance and time horizon.
For example, during long bull markets, the value of your 401(k)’s stock-based accounts may have risen substantially, and you might find that these accounts now make up a greater percentage of your portfolio. As a result, you’re now taking on more risk than you’d like. On the other hand, during a bear market, the percentage of conservative investments in you plan may grow to such an extent, that your 401(k) may not be providing you with the growth opportunities you may need to pay for the retirement you envisioned. To prevent either of these scenarios, you may need to periodically rebalance your 401(k).
By making the right moves at the right time, you can help ensure that your 401(k) will be a key retirement planning tool.
I’m using the Money Merge Account System for my retirement financial planning.
Mortgage Originators It’s Time To Step Your Game Up!
Oct 15th
The major advantage to Congress, HUD, and FHA creating tighter loan guidelines and making changes to loan programs is, simply put, that they will help borrowers with purchasing homes. The major challenge with this, of course, is that it means mortgage originators need to step up their game and become as up-to-date as possible on a myriad of new regulations.
Proper training on FHA loans and products is now paramount in the industry. So, as a means of helping mortgage professional become better equipped to deal with the impending changes, AllRegs, an information provider for the mortgage lending industry, has launched a service to augment its training services and support the increased growth of homeownership through FHA loan programs.
The AllRegs FHA Hotline is being made available to support the industry at a time when FHA business is growing exponentially and organizations are looking for resources to get them in the game. “You can’t be a mortgage banker today if you’re not keeping up with the intricate levels of change,” said Dan Thomas, senior vice president of AllRegs. “We’re seeing number from lenders where as much as 50% of their products are FHA. Originator need to know what is going on with FHA products.”
My question to mortgage originator’s is, are you ready to step your game up? Are you up to date with the latest products to assist your clients achieve home ownership? Did you know that there is a program that can legitimately help your client pay off their mortgage faster, in as little as 1/3 to 1/2 of the time?
Most importantly, when do you want me to get you the information to show how to do this for your clients?
You can find out immediately here —> www.wealthandmoneymagnet.com
A call for a 90 day foreclosure Moratorium
Oct 14th
As part of several steps for short-term economic recovery, Democratic nominee Barack Obama has proposed a 90-day moratorium on home foreclosures.
On Monday, the Senator from Illinois also called for a two-year tax break for businesses that create new jobs and allowing people to withdraw up to $10,000 from their retirement accounts without any penalty through 2009. He also proposed a $3,000 tax credit for each full-time job created by a business.
The foreclosure moratorium would only affect banks that are participating in the federal bailout, according to the proposal.
To qualify, homeowners would have to demonstrate good-faith efforts towards paying their mortgage.
“We need to give people the breathing room they need to get back on their feet,” said Obama.
New Enviromentally-Friendly Brokers Organization Launched
Oct 8th
By James Comtois
“NEWPORT BEACH, CA-A new organization has been launched to help homebuyers get a jumpstart on green living. The Green Buyers Broker Organization, a group of Realtors, environmentalists, green building suppliers and mortgage brokers, said it will rebate real estate commissions to help home owners conserve water, power and avoid toxic chemicals in the home.
Green Buyers Broker researches all possible incentives and tax rebates for each homebuyer’s local area. A portion of the real estate sales commission will be applied toward the purchase of green home improvements designed to save energy and ultimately money by reducing utility costs.
“My goal is to promote solar energy and educate buyers on conserving the earth’s valuable resources,” said Steve Bender, founder of The Green Buyers Broker Organization. “If you are buying a home, it is the perfect time to change your habits. If you buy a home through our network, we will help you implement that change by connecting you to environmentally conscience organizations and manufacturers of energy friendly products.”
Charities can benefit if they refer buyers to the network. This aspect of the program drives interest from within environmentally conscience organizations and promotes a unique synergy to the products that make green living a reality.
The Green Buyers Broker Organization wants to make it easy for homebuyers to be green the day they move into their new home. Homebuyer options include solar panels, tank-less water heaters, water saving showerheads and other environmental products.
The new company cited an example of how its method works with purchasing a home in Southern California. For a home valued at $1 million in Los Angeles, Orange or San Diego County, Green Buyers Broker will purchase the following at close of escrow: A two kilowatt Suntrek Photovoltaic Solar System and Evolve showerheads with Smart flow technology would be installed in every shower.
The homebuyers would also receive a one year supply of Begley’s Best cleaner and Living with Ed Book” and a complimentary copy of “Green ‘n’ Easy Living.”
4. A detailed inspection and report with suggestions on how to use your GBB credit listed below from ECO ConsultingLA.
Additionally, the Green Buyers Broker Organization will offer a $2,500 budget to help move with green products, purchase energy efficient lighting, programmable thermostat, low flow toilets, smart switches, tankless water heater and energy star appliances.
According to the company, $1,000 will be donated to the referring non-profit charity or the homebuyer can choose to help Rebuild Greensburg Kansas Green (to which the Green Buyers Broker Organization will donate $2,000). The homebuyer would also receive a $2,000 federal tax credit until December 31st.
The Green Buyers Broker Organization offers rebates in all 50 states and Canada.”
Not only can you learn how to purchase a home and live “Green”, you can also learn how to “Make It Yours, Free and Clear!”
When Will the Mortgage Market Recovery Begin?
Oct 1st
There is a lot of conversation about when will the mortgage market recovery will begin. Fixing the mortgage and housing market has been the talking point on the news and radio for over a year. But, has there been any true solutions offered to help the current situation?
Congress has approved a bailout for the financial market but the problem still remains. Which is that currently lenders are to afraid of their own shadow to offer real home financing options for homeowners. How can you go from super easy financing guidelines where banks where willing to lend money as long as you can breath and had a pulse to a situation that requires you to virtually be willing to give up your first born child?
When I first enter the mortgage market and submitted a loan to a lender they perform manual underwriting and base their loan decisions on common sense underwriting. And in my opinion that is a key element in the mortgage market recovery process. Once lenders start offering home financing options that are affordable, and providing financing options for the non-traditional borrower. We will see both the housing and mortgage market begin to recover.
Secondly, we as consumer need to take back control of our finances. Fortunately, I’ve found as system that’s helping me take back control of my finances. To learn how I’m doing it visit United First Financial.