Archives for January 2013

New Loan Rules started January 21st

There’s a new Sheriff in town, well actually it’s new rules for mortgages and lenders and they will affect how you are able to get a home loan in the Cedar Rapids, Iowa, area. All lending institutions from huge national banks to community banks to credit unions will now have to follow the new rules. Essentially, everywhere you get a loan and will taking effect as soon as January 21st of THIS year, but lenders will have a full 12 months to implement the new rules fully. HINT: You may want to start your loan process to buy a home in the Cedar Rapids or surrounding area SOONER than … [Read more...]

Iowa Homes Sales UP Significantly in 2012

A new report says home prices and sales in Iowa are up significantly. The Iowa Association of Realtors says the median sale price for a home was $125,000 in December. That's a 7.8 percent increase, compared with the same period a year before. The average sale price for a home was about $134,000 in December, a jump of 11.6 percent compared with December 2011. More than 2,500 homes were sold or closed last month, a slight jump compared with December 2011. The group's housing trends report shows 34,860 homes were sold across the state in 2012. Just over 31,000 homes were sold in 2011. … [Read more...]

1st Time Iowa Home Buyers to Reduce Federal Tax Liability

 OFFICE OF THE GOVERNOR Governor Terry E. Branstad  Lt. Governor Kim Reynolds FOR IMMEDIATE RELEASE: Monday, January 7, 2013 Contact: Governor’s Office 515-725-3518 Ashley Jared, Iowa Finance Authority 515-725-4934 Branstad, Reynolds Announce New Program that will Allow Iowa Home Buyers to Reduce Federal Tax Liability Mortgage Credit Certificates may provide Iowa home buyers with up to $2,000 in annual federal income tax credits (DES MOINES) – Gov. Branstad and Lt. Gov. Reynolds were accompanied by Iowa Finance Authority Executive Director Dave Jamison today to announce that eligible … [Read more...]

Real Estate Provisions in “Fiscal Cliff” Bill and what they mean

Whew! We didn’t fall off the cliff, but it was a real nail-biter, wasn’t it? So after the fiscal cliff dust settled and is now signed into law, what does that mean? According to the National Association of Realtors®, H.R. 8 legislation contained the following: “Real Estate Tax Extenders Mortgage Cancellation Relief is extended for one year to January 1, 2014 Deduction for Mortgage Insurance Premiums (PMI) for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012 Leasehold Improvements: 15 year straight-line cost recovery for … [Read more...]