”These record low rates offer Missourians an incredible opportunity to purchase their first home at an affordable cost,” said Greg Spurgeon, Single Family Homeownership Administrator for MHDC. “The historically low mortgage rates now available through MHDC will encourage sustainable homeownership and help support the state’s housing market.”

The MHDC Cash Assistance Loan allows qualified first-time homebuyers to borrow an additional amount, up to three percent of their loan, to use for down payment and closing costs.  MHDC will forgive this amount after the homebuyer has lived in the house for five years.  Having determined that the primary obstacle faced by many first-time homebuyers is the lack of a significant down payment, MHDC created the Cash Assistance Loan program to allow more Missouri residents to purchase a home, with the added result of stimulating the housing market. 

For first-time homebuyers not needing assistance with a down payment or closing costs, the Non-Cash Assistance Loan program provides a lower interest rate than is available elsewhere. Both the Cash Assistance and Non-Cash Assistance mortgages are funded primarily through capital, raised by the sale of MHDC’s mortgage revenue bonds in the municipal bond market and the U.S. Treasury New Issue Bond Program.

MHDC’s first-time homebuyer program experiences a lower foreclosure rate as compared to the industry average, as the program’s focus on providing sustainable housing mandates prudent underwriting practices, including requiring fully documented proof of income and issuing only fixed-rate loans. MHDC intentionally avoided the practices of subprime lending institutions that helped lead to the country’s recent housing market collapse.

To take advantage of these record-setting low rates, Missouri residents interested in purchasing a first home are encouraged to contact one of MHDC’s 50 certified lenders who are authorized to offer its programs, found at www.mhdc.com. MHDC’s establishment of this network of lenders allows homebuyers to apply for a mortgage through their local financial institutions.

In addition to its first-time buyer programs, Missouri Housing Development Commission provides financing for the construction and rehabilitation of affordable housing in Missouri, and administers the Missouri Housing Trust Fund to help prevent homelessness and to provide emergency housing assistance for very low-income Missourians.

“10% Jump in September Existing-Home Sales
Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 10 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.35 percent in September from 4.43 percent in August; the rate was 5.06 percent in September 2009.

The national median existing-home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.

NAR President Vicki Cox Golder said opportunities abound in the current market. “A decade ago, mortgage rates were almost double what they are today, and they’re about one-and-a-half percentage points lower than the peak of the housing boom in 2005,” she said. “In addition, home prices are running about 22 percent less than five years ago when they were bid up by the biggest housing rush on record.”

Read the full article from REALTOR Magazine

http://www.usatoday.com/money/economy/housing/2010-09-21-housing-starts_N.htm

Housing Stats Report

“GMAC Mortgage and JP Morgan Chase have already halted foreclosure proceedings in 23 states, following allegations that workers the companies employed failed to follow the proper legal procedures in filing paperwork related to judicial foreclosure proceedings.”

“Attorneys general in California, Florida, Colorado, Ohio, Illinois, Iowa, North Carolina and Connecticut are also looking into lenders’ foreclosure procedures. Connecticut Attorney General Richard Blumenthal today asked the state’s Judicial Department to freeze all home foreclosures for 60 days.”

“Ohio Secretary of State Jennifer Brunner has accused lenders of attempting to “concoct a chain of title they never had” in signing off on documents that supposedly demonstrated they had the right to foreclose.”

Read the full article from Inman News.

There were many goals of the competition and all five of the plans are of grand scale.  You can view the designs on the website or at one of the 3 remaining traveling exhibits.  Many have differing opinions regarding the best design but nearly everyone I talk to believes something needs to be done to “attach” the arch to the city.

Details of the announcement have not yet been released.

Beginning April 22, 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb more than six square feet of paint in homes, child care facilities, and schools built before 1978 must be certified and trained to follow specific work practices to prevent lead contamination.

Protect your family and make sure you only hire a contractor who is in a Lead-Safe Certified Firm. Find a Lead-Safe Certified Firm near you.

Read about EPA’s requirements for renovation, repair and painting.

Read EPA’s pamphlet on renovation, repair and painting:

• Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools (PDF) (20 pp, 3.7MB)

1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.
2.  Decide whether to: 
   • apply the credit to your 2009 tax return, filed on or before April 15, 2010;
   •  file an amended 2009 return; or, 
   • apply the credit on your 2010 return, filed on or before April 15, 2011.
3. Attach documentation of purchase to your return.

Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

Buyers purchasing in 2010 will have the option to:

•  Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•  File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•  Claim the credit on their 2010 tax returns.

If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:

1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.

Applying the Home Buyer Tax Credit to Your 2009 Tax Return

Bridge Loans: Using the Home Buyer Tax Credit Up-Front

Copyright NATIONAL ASSOCIATION of REALTORS® Reprinted with Permission

Home Sales Rise on Tax Credit, Favorable Market

St. Louis home sales soar 22 percent in March

Find out if you qualify and ACT NOW to take advantage of the tax credit.

Consumers are offered free counseling from well trained non-profit counselors as well as details on preventing foreclosure.