ScottSmithMortgage posterous

Were #3!  Were #3!

That's not a cheer that you hear a lot, eh?  Everyone is excited to be #1.  That is no surprise to hear.  

It no fun to be #2.   Tiger Woods, Disgraced Golf Champ, is famous for saying "#2 sucks." 

So, why the excitement to be #3?  What exactly are we #3 in?

The numbers are in, and for the 3rd month in a row, Academy is the 3rd largest lender in Maricopa County for resale loan volume.  We are also the 3rd largest lender in Government loans (FHA, USDA and VA Loans.)

How did a small group of Loan Officers and operations people come in third behind Bank of America and Wells Fargo?  The old Fashioned way.

We work hard, we do everything in house, and we get things done.  The Processor is right down the hall from me.  She sits right next to the Underwriter, who sits right next to the doc drawer who is across from the Funder.

We learn the guidelines and do loans that scare the other guys.   90 day flip, no problem.  Canadian loan for a second home, done.  Need a stated income loan, we got it.

You have a question, call me on my cell phone.  No dealing with out of state call centers and excruciating turn times.

That is a powerful combination and it has enabled us to do greater mortgage loan volume than most of the places that we bank at.

Proud of being #3?  You bet we are.

Ask me about our guaranteed 10 day loan closing!

602.373.5202 cell
480.374.6906 fax  
www.ScottSmithLoans.com

"Mortgage Advice that Matters!"

Federal Housing Tax Credit

I continue to be amazed how few people know about this.  The whole concept of a "Federal Housing Tax credit" sounds a little daunting.  This is cash in hand, people!  Most people seem somewhat aware of the $8,000 first time homebuyer tax credit.

This website, www.federalhousingtaxcredit.com , is a good resource to answer all of your questions related to this.

The first time home buyer credit is pretty straight forward.  If you have not owned a home in the last three years. you can receive up to an $8,000 tax rebate (better know as cash back!)

If you have owned a home for five of the last eight years, and you buy a new home, that you will be living in, you can receive a $6,500 tax credit.

Here are a few of the key details you need to know:

-- The first time home buyer tax credit is 10% of the purchase price of the new home, or
$8,000, whichever is more.
-- The second time home buyer tax credit is 10% of the purchase price of the new home, or $6,500, whichever is more.   This is the credit for move up buyers, people who want an executive home or to move into an active adult home.
-- You need to be under contract to buy a home by April 30, 2010 and must close the purchase by June 30, 2010.
-- There are income limits.  Single taxpayer's income must be under $125,000; the limit is $225,000 for married taxpayers filing a joint return.
-- If your income is above those limits, you may qualify for a partial tax credit.
-- The tax credit is not a gift.  There was a prior $7,500 tax credit that was a gift and had to be repaid.

-- The tax credit is not for investment home or second home purchases.

-- You need to amend your taxes and use IRS tax form 5405 when you file to get the tax credit. IRS Tax Form for Housing Credit

-- There was a lot of excitement when the law passed that allowed for this.

First time home buyer tax credit information

However, time is running out on this credit!  If you are going to take some of this free money to buy a house, you need to start your home search soon.  The best way to start a home search is to get pre-approved for a new mortgage.  Call me today and we can start the process in only a few minutes on the phone.