You have most likely heard about the $8,000 first time homebuyer tax credit made available to anyone purchasing a primary residence that has not owned a home in the last three years.  This program has helped many people "get off the fence" and purchase their first home.

Originally this program had an expiration date of November 30, 2009, which meant that the transaction had to close previous to this date.  This is still the case... however, there is a proposed bill currently awaiting approval that would effectively extend this $8,000 tax credit through April 30, 2010.

It is important to note that this bill has not passed the house yet, however most of the "experts" say that they anticipate this bill to be signed into law sometime this week.  Our company  applauds this legislation as we feel that it is actually making a measurable impact & putting money back into consumer's pockets.

Another proposed addition to this new tax-credit extension is a $6,500 credit for CURRENT HOME OWNERS wanting to upgrade to a newer home.  It is currently proposed that if you've lived in your current home for 5 years or more and purchase a new home before the April 30th deadline, you'll be able to receive a $6,500 credit!  That should really help keep the positive housing news going.

Lastly, for those of you who haven't had a chance to tune into the Financial Insights radio program on 630 AM each weekday from 4:00-5:00 please do so.  Or, you can listen live on the web at http://www.kido.net/pages/main. We are privileged to have been invited as guests on the show and will be taking phone calls & discussing mortgage related topics this coming Thursday November 5th.  The phone number to call in is 208-342-6363. Call in, we'd love to hear from you.

Make it a great week!

Let's hit on some house cleaning items first...

 

Interest rates have stayed very low for the last week which has surprised a lot of us 'industry smart-guys'.  I know I've told you this in past emails, but if you're thinking of refinancing or buying a home you really don't have much time to jump on these handsome rates.

 

I'm here to answer questions...so if you're curious about numbers or rates, please give me a ring here at the office and I'll be happy to answer your questions.  And as always, there will be no 'selling' you on anything.  That I promise!  Give me a ring...888-9394.

 

Or, better yet...you know a bunch of people that could use my services.  If you believe we could help them save a buck or two...or if they're wanting to buy a home and have question then "Refer a Friend" on our website.  It'll take you less than 60 seconds to fill out the form and I'll take over from there.  We won't call them without your permission.  Here's the link.

 

http://www.idaholegacylending.com/refer-a-friend.aspx

 

 

OK, now onto the important stuff.

 

Over the last month or so we've talked about some homeowner scams.  Today we're going to continue with this topic since it's near and dear to me personally this week.

 

Brandie and I returned from a family vacation recently.  The day of our return I received a call from the bank telling me that my personal business account was over-drawn.  Now, understand that we don't use that account for anything other than fuel, meals, and taxes...so needless to say we were little concerned.  We went in to the bank and reviewed the last weeks spending history.  We were shocked to see that over $4,100 had been spent in three days all over Southern California.  The only problem was that wewas in Idaho and not SoCal.

 

After an investigation by the bank the scam was found.  On our return trip we'd purchased a room at a hotel over the phone.  We used our debit card (like many of us do without thinking anything wrong with it).  The thief took that number and re-programmed another card.  With that new fraudulant card they went all over the area on a three-day spending spree.

 

Now, I'm not going to go into what I'd personally like to do to this thief (only because you probably think of me as a nice guy and I don't want to ruin that impression!!), but I've learned from this very personal experience and want to share some tips how to hep you avoid the same problem.  Also, it helps to have a very good bank to work with...Thank you Idaho Independent Bank in Nampa.  You guys rock!!

 

Here's a link to an article written for The Consumerist.  It does a great job explaining some simple things you can do to avoid any potential micro-identy theft problems like the guy in our office did.

 

http://tinyurl.com/kwuz6f

 

Have a great day!

 

Jason

 

Here's the deal, I've been very careful about not trying to push anyone into a rate specific loan product.  However, we've had great market movements today and rates are down significantly on conventional loans.  FHA loans have also seen noteworthy improvements.  We do not anticipate this to last long!

 

Typically when we see significant interest rate improvements we also experience a market "correction" shortly after, sometimes

within the same day.  

 

In fact, I dare say this may be the last time we see rates near 5% for a long, long time.  So, if you or anyone you know has been sitting on the fence waiting for rates to "improve"...NOW is the time to make a move. 

 

Keep in mind that if your loan is owned by Fannie Mae or Freddie Mac you may be eligible for a special government initiated loan product designed to help homeowners who have stayed current on their house payments, but haven't been able to refinance because values of homes have dropped.

 

Step number one is to check if Freddie or Fannie own your loan!

 

You can check to see if your loan is owned by Fannie Mae or Freddie Mac  by going to the appropriate website, and entering your address EXACTLY as it shows on your monthly mortgage statement.  Please call me if you have any questions or difficulties with these sites.

 

http://loanlookup.fanniemae.com/loanlookup/

 

https://ww3.freddiemac.com/corporate/

 

As always, I am here to answer any questions you might have an would love to hear from you.  'Windows of opportunity' like these usually don't stay open very long.

 

 

Best Wishes.

I've had a lot of people ask me questions about the federal economic stimulus package and how it could affect their current home loan.  Everyone wants to take advantage of the 30 year lows on interest rates right now, but not everyone knows if there's a program out there to get them the rate...I'm sure you've had some of those same thoughts, am I right?
The stimulus package has spurred three main ways that could affect you.

1.  If you've been thinking about buying a house.  If you're a first time home buyer or have not owned a home for the last three years then you could qualify for the $8,000 tax credit.

    Here are some of the highlights:
        -  Available only to first-time home buyers
        -  The tax credit is not a loan and does not require repayment*
            *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
        -  The tax credit reduces the home buyer's tax liability; if the buyer's liability is less than $8,000, the remaining credit will be issued as  a check
        -  Home purchase must be for a primary residence
        -  The credit is available on home purchases between January 1, 2009 and December 1, 2009
        -  If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
        -  The credit is not eligible if the seller is a relative of the buyer

Click HERE to see additional information on the New Homebuyer's Federal Tax Credit.

2.  If you've been current on your mortgage and wanted to refinance but couldn't because of lower house values.  There are two programs that could help you almost regardless of your current home value.  The first is the DU Refinance Plus offered by Fannie Mae for some loans owned by Fannie Mae.  The other program is similar but is offered by Freddie Mac for loans owned by them.  To see if your loan is owned by either Fannie or Freddie go to my blog and follow the links.

This is a huge deal right now.  Especially since there is a big group of people suggesting that the rates will raise significantly by the end of the year.  You don't want to miss the boat on this one.

To see if you're loan is owned by FANNIE MAE CLICK HERE.

To see if you're loan is owned by FREDDIE MAC CLICK HERE.

3.  Lender specific incentives.  Many of the bigger lenders have taken their bail-out money and actually did something with it (other than buy new corporate planes or sent people to Vegas).
There are a handful of banks that have offered their own form of streamline refinance.  If you currently make your payment to Wells Fargo, MetLife (formally First Horizon), US Bank, or Flagstar Bank you need to call me immediately.  There is a huge opportunity for you to save money today!!!

First off, there have been a few changes around the ol' Legacy Lending Group and one of them I'm very excited about. Jennifer Davis has joined our team our loan coordinator and processor. Jennifer comes to us with a wealth of industry knowledge, several years of lending experience, and great contacts that have given her glowing references. We're very anxious and excited to see the positive impact she'll make on our growing company. If you have the time please drop her a line and welcome her to the team! Now, on to saving you money! Tax season is now upon us! And whether you are one of those ambitious people who prepares your own tax returns or have your accountant do the dirty work there are some things that you should know that will help you keep some of your own money this year. There are over 500 changes to the tax laws that went into effect for 2008. It's a good idea to know which of these affect you and your bottom line. Here are a couple of links that will help summarize some of the changes. http://www.latimes.com/business/investing/la-fi-perfin8-2009feb08,0,1364934.column http://turbotax.intuit.com/tax-tools/tax-tips/irs-tax-return/5519.html One of the coolest changes this year was for First Time Homebuyers. If you currently don't own a home or if you know somebody that doesn't own a home then you have to check out this link. http://www.irs.gov/newsroom/article/0,,id=186831,00.html The government is giving up to $7,500 out to people who purchase a home before June 1, 2009. That's a pretty good chunk of money and we've already seen some clients reclaim their credit! In addition, there are some great first time homebuyer programs out there to help people purchase WITHOUT having to put any money down!! If you have any questions about the tax credit feel free to give me a call. I'll be happy to answer those questions for you. Also, VERY IMPORTANT here!!! Don't forget that THIS SATURDAY is Valentine's Day. Just thought you'd like the reminder since if you're like me you forget almost every year!! Now go buy your sweetheart something!

OK, so I had to debate between writing about some of the ridiculous calls made by the officials in the Superbowl, the top 18 reasons why summer is better than winter, or how much I want to throw my home computer out the window because I'm SICK TO DEATH of the error messages I continually get!!

That's when I received an email from my dad with the following video.

See, Dad isn't the most politically correct person ever, but this email hit the nail on the head.  The video was titled "Two (plug in your least-favorite political party here) on an Escalator"  Maybe some of you have seen it.  It shows two affluent-looking people riding up an escalator in a big, beautiful glass business complex.  They're obviously busy and rushing on their way to something important.  They're right in the middle of their ascension when suddenly the escalator stops!

Now, most people would probably gripe a little about the escalator stopping (as an inconvenience) but would then walk out the remaining steps.  That's the funny thing about the video.  You see, when these two saw that they were "stranded" they just stood there complaining and yelling for help.  At one point the man said, "I can't believe this has happened to me" while the lady says, "I don't have time for this."

Want to know why this video has such a funny ring to it?  It's because we've all been guilty at one time or another of having the same 'someone help me' mentality when we had the ability to help ourself all along.  Don't believe me?  When was the last time you had any of these thoughts:

*  Aw crud, I forgot to change the oil in the truck...I wish I would have done it Saturday when I had the time.

*  I wish we would have taken more family trips when the kids were 'small'.

*  Boy, had I known home values would be where they're at today I would have rented over the last two years instead of bought.

*  If I only knew gas was going to be $3.00 a gallon today I would have bought a life-time supply five years ago when it was $0.99!

See, it's human nature to live some of our life in the rear view mirror wishing would could have certain 'do-overs' or that we could have someone reach out and help us when we perceive that we don't have the ability for ourselves.  Where we separate ourselves from the crowd of 'wishers' and turn into a 'do-er' is when we make the initial decision and allow the process to take place.

You have an opportunity to become a 'do-er' right now and leave the crowd of 'wishers' behind.  Since 1971 when Fannie Mae started tracking interest rates there has only been ONE TIME IN 38 years where 30 year interest rates have been below 5%.  Do you know when that was?  That's right...it was three weeks ago.  And since I didn't hear from you, I'm suspecting that you're one of those that are looking in the rear view mirror saying, "Dang!  I really blew that chance."

Well, if you did say that then here's what you need to do.  Respond RIGHT NOW to this email and I'll make sure you don't miss that opportunity again.  Rates are trending back downward, but it's not going to be something that you'll be able to call up and lock the same day.  Banks are extremely backed up with the enormous volume that was booked three weeks ago.  We need to get you started so when it happens (very soon) you don't miss out again!

Respond to this email and I'll take care of the rest.  That's it!  No headaches, no hassles.

Our drawing for the completely FREE, absolutely NO-STRINGS-ATTACHED 8GB iPod Touch will be held on Monday, January 12 at an undisclosed location at 1759 S. Millennium Way, Suite 100, Meridian, Idaho under armed guard's surveillance!

We've had quite a few questions about the contest.  Here are some with the answers:

1. What strings are attached to win the iPod?  Honestly, there are no strings attached.  We're wanting to meet some new people, get our name out, and see how well the Social Marketing really works.  It has been a BLAST to see how the Facebook wildfire spreads.  This will not be the last time we try something like this.

2.  Do we have to write a loan with LLG in order to win?  NO!  Although you'd be much cooler if you did!  The iPod is going to have a stink bomb secretely included into the casing.  The stink bomb will know if you do a loan with LLG and will not detonate.  So, strictly in the interest of safety, you'd probably better take advantage of the historical low interest rates and let LLG.  Nobody likes a Stinky Pete.

3.  When will the drawing be held?  The drawing will be held at lunch time on January 12th (Monday).

4.  When and how will the winner be notified?  I'll call my wife and tell her to come to the office to pick up her winnings!    Actually, we're going to announce the winner in our FREE weekly email Rates Report.  If you're not currently signed up for the rates report go to out home page and sign up immediately!  You don't want to miss out!  Once the winner is announced via our Rates Report they'll have 24 hours to contact us.  If the winner doesn't contact us we'll put the iPod back into the pool and draw a new winner.  I know, doesn't seem fair, but we have to put at least one shameless plug in here!!

5.  Rates?  Yeah, they're still awesome.  If you haven't contacted your Legacy Lending Group loan advisor you really need to do it now.  Here are a couple of the loans we've locked just yesterday and today:

         $301,000 loan amount on a 15 year mortgage - 4.5%

         $298,000 loan amount in Nampa on 30 year mortgage - 4.875%

         $149,000 loan amount in Boise on a 30 year FHA mortgage - 4.75%

You can't afford to miss this boat!!

Good luck on the drawing!  

 

Jason O.

 

Another week has gone by and we are now in a New Year!!!! Hopefully you haven't broken 50% of your New Year resolutions like I have. My two goals were to get in shape, and stay on top of my weekly emails. And you got my weekly email so unfortunately that means I haven't been to the gym yet this year. It's still early though, RIGHT ?!?!?!

A few weeks ago I told you about our company's new website and Facebook company page. I told you about a FREE GIFT if you would participate. Remember >>>>??

Recap :

Here is our Facebook.com company page :

http://www.facebook.com/home.php#/pages/Idaho-Legacy-Lending/39384579626 

Here is our company Blog :

http://www.idaholegacylending.com/blog.aspx 

I then told you about a FREE GIFT we were giving away for participation in the Blog and Company Facebook page. I think you were waiting for the gift because I didn't see you sign up or post on either one.

So, here it is. I'm not playing around any more. I'm giving away an 8 GIG I-POD TOUCH !!! This I-POD is a $250 value.

What does it take to get a shot at it? Here is the deal to get your FREE 8 GIG I-POD TOUCH :

You get ONE entry for posting on our company Blog.
You get ONE entry for becoming a "FAN" of our Facebook Company page.
You get FIVE entry's for doing the above and posting a link in your Facebook or Twitter or other social media link site.
You get EIGHT entry's for the above and adding a blog entry on your Personal blog about our company and it's website.

Think about how much you've had to do to get a chance at a $250 value prize before. Your odds are good on this one. To show you've done the above just reply back to me with your Blog address and post.

As a side bonus, if you forward this to all your friends you think would be benefit from getting our Weekly Email we'll kick you 2 extra entries!!  That's a total of 10 entries!  Simply carbon copy me on the email so I know you've sent one out.


As far as Rates, they are stable as of today. The good news is that the Fed's have started buying Mortgage Backed Securities (MBS). Basically this will mean that the money that the government allocated to secure loans is starting to hit the market and should, in theory hold the rates down at the lower levels.

As of right now here are today's rates. Although a little fluctuation, rates are right at where they were last week around this time.  Feel free to distribute this to anyone that you may think would be interested in this information.

Have a great day!!

Current Market Interest Rates:

30 Yr. Fixed: 5.125% (5.49% APR)
15 Yr. Fixed: 5.0% (5.34% APR)
FHA 30 Yr. Fixed 5.0% (5.54% APR)
IHA 30 Yr. Fixed: 4.88% (5.12% APR)


Assumptions: These rates are based on an assumption of at least 20% down payment (with exception of IHA which is 95% LTV), with a minimum FICO score of 700, and full income documentation.

Note: There are many different loan products/programs to fit nearly every client's needs. Each situation is unique to the individual, thus rates are subject to improve/worsen depending on the buyer's ability to meet qualification requirements. As you can see from the above rates, fixed rate products are much more advantageous than ARM products currently.

Please call me with any questions.

Oscar Williamson

I hope you've had a great holiday season so far and that Christmas was as rewarding to you as it was to me and my family.  Nothing like eating too much, nearly getting snowed in, and spending time with family to end a good year! 

I wanted to start off today's report by sharing a couple of websites I've bumped into the last couple of weeks that I think are really cool.  You may already have these two dialed in, but I thought of you when I found them.  Oh, and by the way, this is informational only...I'm not promoting these.  I just think they're cool.

The first is www.pandora.com.  Pandora is a free internet radio that lets you customize your radio stations based on specific songs or artists.  I like it because I can add a couple of my favorite songs and it will build the stations based off of those songs.

The other website is www.woot.com.  Woot is a discount site that sells only one item each day.  The deals are super good and they're typically items that have value to me.  Careful, this one can be addictive!! :)

One other item I got a chuckle out of this week.  Seems that since the American dollar is struggling in the world markets that the CIA has had to use other more 'progressive' means of currency to accomplish their goals.  You have GOT TO READ this!  http://news.bbc.co.uk/2/hi/americas/7800549.stm.  Hit me with a comment if you like or don't like the article.

As of right now here are today's rates.  Feel free to distribute this to anyone that you may think would be interested in this information.

Have a great day!!

Current Market Interest Rates:

30 Yr. Fixed: 5.125% (5.49% APR)

15 Yr. Fixed: 5.0% (5.34% APR)

FHA 30 Yr. Fixed 5.0% (5.54% APR)

IHA 30 Yr. Fixed: 4.88% (5.12% APR)

Assumptions: These rates are based on an assumption of at least 20% down payment (with exception of IHA which is 95% LTV), with a minimum FICO score of 700, and full income documentation.

Note: There are many different loan products/programs to fit nearly every client's needs. Each situation is unique to the individual, thus rates are subject to improve/worsen depending on the buyer's ability to meet qualification requirements. As you can see from the above rates, fixed rate products are much more advantageous than ARM products currently.

 Make it a great week!!

 Jason O.

Hopefully you're all bundled up because winter is officially here!! We've been wondering at the office why the weather hasn't kicked in earlier and assumed it's because Mother Nature was waiting for one of the Government bailout programs to come in and pay her more for doing her job. Apparently, something broke through because the snow unleashed on us yesterday and today has been coming down in full force.  Please be careful if you're planning on traveling this weekend!!

What's new with us at Legacy Lending?? Well, glad you asked.  We're taking advantage of giving you FREE information. We would like to be a portal to everyone who wants to know what's going on in the markets via different outlets. Here is how we are doing it:

First, we officially started our Legacy Lending Blog. You can visit it by clicking below :

http://www.idaholegacylending.com/blog.aspx

Come the first of the year watch our blog for FREE GIFTS for interaction.  We will be telling you more over the next few weeks on what we have going on but it will be BIG!!  We're just looking for some participation and some feedback.

Next, most of us have a Facebook account.  RIGHT?!?!  It's fun to keep in touch with family, friends and business associates. Please take a look-see and find me on there if you have an account. If you don't have an account set one up. Here is our company page, please join our page:

http://www.facebook.com/home.php#/pages/Idaho-Legacy-Lending/39384579626

We've also setup a financial question page on Facebook. We will be offering prized for linking us to your profile, making comments or even by just giving us Feedback.

 

Now for the real reason of our weekly report.  Although higher then last week, rates are still good right now.   They're the lowest they've been in several years.

As of right now here are today's rates.  Feel free to distribute this to anyone that you may think would be interested in this information.

Have a great day!!

Current Market Interest Rates:

30 Yr. Fixed: 5.5% (5.85% APR)

15 Yr. Fixed: 5.375% (5.72% APR)

FHA 30 Yr. Fixed 5.625% (5.92% APR)

IHA 30 Yr. Fixed: 5.375% (5.72% APR)

Assumptions: These rates are based on an assumption of at least 20% down payment (with exception of IHA which is 95% LTV), with a minimum FICO score of 700, and full income documentation.

Note: There are many different loan products/programs to fit nearly every client's needs. Each situation is unique to the individual, thus rates are subject to improve/worsen depending on the buyer's ability to meet qualification requirements. As you can see from the above rates, fixed rate products are much more advantageous than ARM products currently.

Please call me with any questions.