Can I Claim the Mortgage Interest Deduction?

Details can be tricky. Double-check yourself with these tax rules affecting home owners.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Shopping for a Mortgage? Avoid These Mistakes

When buying a home, the mortgage process can be stressful. Don't fall for one of these missteps to ensure you get the best rates and terms. Also, contact me, I'm an Accredited Buyer's Representative and can help guide you through the process!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Comparing the Candidates: Real Estate Issues

To say that there are strong feelings about this year's election would be an understatement. There's a lot to pay attention to, but let's take just one issue today and break it down. How do Trump and Biden approach housing issues?

Discrimination

• Trump repealed the Affirmatively Furthering Fair Housing Rule, which requires jurisdictions that receive federal housing funds to assess any patterns of discrimination and plan to diminish them. Advocates say that the rule gave HUD the teeth to enforce provisions of the Fair Housing Act of 1968. Trump pursues actions that generally loosen regulations for various industries, and has stated that the AFFHR represents further government encroachment.
• Biden, on the other hand, plans to use legislation to enforce fair housing policy, although he does want to prohibit certain local exclusionary zoning laws. He's interested in creating a Homeowner and Renter Bill of Rights to add more consumer protections in the lending process and housing access.

Affordability

• The AFFHR repeal also broadens the definition of affordable housing and allows jurisdictions more leeway to decide what actions they need to take, if any. HUD Secretary Ben Carson says it will reduce the barriers to compliance for cities and developers. Critics say the subjectivity will scale down efforts to provide affordable housing. Trump's 2017 tax cuts also included incentives for developers to build in "opportunity zones." 
• Like Trump, Biden takes a supply-and-demand approach to housing affordability. He has stated that he would invest $640 billion over the next 10 years to both provide direct financial assistance to consumers and increase support of other initiatives that address efficiency and accessibility.

Taxes

• Trump's tax plan also limited the amount of state and local property taxes that people could deduct on their federal tax returns. The effects of this action were predominately felt in higher priced housing areas such as New York and San Francisco where mortgages regularly exceed the new cap.
• Biden has said, if elected, her will roll back Trump's tax cuts. He has also mentioned enacting a $15,000 tax credit for first-time homebuyers.

Renting

• The administration mandated a 4-month moratorium on evictions for federally assisted properties during the COVID crisis. His most recent order did not extend the moratorium but encouraged landlords to try to find ways to work with tenants to allow them to stay.
• Biden would encourage localities to create "eviction diversion programs" including mediation and payment plans. He would also like to provide tenants facing eviction with legal assistance. He is calling for rental relief for those suffering from the coronavirus.

Homelessness

• Trump has been very vocal in his criticism of the California governor and mayors in their handling of the homelessness crisis in that state. The coronavirus relief packages included nearly $3 billion in homeless assistance funding. 
• Biden is taking a "housing first" strategy to address homelessness, calling for housing funding, vouchers and special programs for certain groups like veterans and the disabled.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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What To Do If You Can't Pay Your Mortgage Because of Coronavirus

COVID-19 has caused companies across the U.S. to close temporarily and to furlough or lay off employees. Even with unemployment benefits and direct payments from the government, families may still struggle to make ends meet. That has many homeowners knowing they won’t be able to pay their mortgages and wondering what to do. If you can't pay your mortgage because of the virus, check out this article of resources.
  

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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What is PMI? (And Why You Want to Avoid It)

If you want to buy a home, then PMI (Private Mortgage Insurance) might be necessary. If you'd like to talk about mortgage options, or be referred to a knowledgeable mortgage broker, please let me know!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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3 Things Banks Check Before Making a Mortgage Loan

Buying a home is a major investment. Make sure you and your credit score are fully prepared for your meeting with the bank. As an Accredited Buyer’s Representative, I always tell my clients that it’s important to get pre-approved. Not only will getting your financial information in order make your home searc more productive, but it will let sellers know that you are a serious buyer.

 3 Things Banks Check Before Making a Mortgage Loan, 2016 REBAC.net

Please let me know if you have other questions about choosing a lender - I know a few who have earned my trust over the years to whom I'd be happy to refer you!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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You Can Buy Again

It can take quite a while to recover from negative financial events like a bankruptcy and get your life back in order. Part of the high buyer demand in real estate right now is a result of those homeowners who went through a short sale or foreclosure during the recession now returning to the market, often called "boomerang buyers." If you had financial trouble in the past and are wondering when you might be able to qualify for a mortgage loan again, below are some general guidelines to help you plan.

Conventional / Fannie Mae

• Chapter 7 Bankruptcy - 4 year seasoning required from the discharge or dismissal date to the lender's credit report date.
• Chapter 13 Bankruptcy - 2 years from discharge date of 4 years after dismissal date to the lender's credit report date.
• Foreclosure - 7 year seasoning required from the completion date to the disbursement date of the new loan.
• Deed-in-lieu of Foreclosure - 4 year seasoning required from the completion date to the disbursement date of the new loan.
• Short Sale - 2 year seasoning required from the completion date to the disbursement of the new loan.

FHA

• Chapter 7 Bankruptcy - 2 year seasoning required from discharge date to loan application date.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout according to the repayment plan at time of application along with trustee permission letter for new mortgage.
• Foreclosure, Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - 3 year seasoning required from foreclosure end date to loan approval date.

VA

• Chapter 7 Bankruptcy - 2 year seasoning from date of discharge.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout required according to the replayment plan at time of application along with trustee permission letter for new mortgage.
• Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - Case by case basis as event may have been beyond the borrower's control.
• Foreclosure - 2 years seasoning from date of foreclosure.

USDA Rural

• Chapter 7 Bankruptcy - 3 year seasoning required.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout according to the repayment plan at time of application along with trustee permission letter for new mortgage.
• Foreclosure, Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - 3 year seasoning required from foreclosure end date to loan approval date.

Downpayment requirements may also change depending on the type of loan sought. If you think you may be able to qualify for a new loan, be sure to talk with a mortgage expert about your specific situation to make sure that these timelines apply. If you need a referral to an experienced mortgage lender, don't hesitate to contact me; I have good relationships with several great professionals who will take good care of you.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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