If your are looking for a mortgage in the Lehigh Valley, we wanted to let you know about http://lehighvalleymortgageloans.com/. This is a great new site, specifically set up for Lehigh Valley home buyers looking to get pre-qualified for a low interest mortgage.

http://lehighvalleymortgageloans.com/ is a direct lender, dealing in FHA, USDA, VA, Conventional, and self-employed mortgage loans. Zero down, and low down payments are available to qualified buyers.

The whole process takes about 24 hours and is 100% FREE. All you have to do is visit the site and fill out the quick, easy online form. Within 24 hours you will be contacted and given your mortgage pre-approval to use when making an offer on your home of choice.

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LEHIGH VALLEY MORTGAGE LOANS

The clock is ticking for Lehigh Valleuy buyers who want to take advantage of a $8,000 first-time homebuyer tax credit because all sales must close by the Nov. 30 deadline.

The American Recovery and Reinvestment Act of 2009 authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence between Jan. 1 and Dec. 1 of this year. Eligible buyers include those who haven’t owned a home in the past three years, and who plan to live in the home for 36 months after closing.

The maximum credit is either 10 percent of the purchase price up to $8,000 for a single taxpayer or married couple filing jointly, or $4,000 for married individuals filing separately.

The income limit for single taxpayers is $75,000, while the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

“The American Recovery and Reinvestment Act … extended the first-time home buyer credit into the current year and expanded it from the old amount of $7,500 as the maximum benefit,” said Bill Brunson, Internal Revenue Service spokesman in Phoenix. “That in essence was an interest-free loan that you had 15 years to pay back. This is an $8,000 credit and you’re not required to pay that item back as long as you reside in that home, that’s your principal, primary home, for the next 36 months.”

Taxpayers can claim the credit on their 2008 or 2009 income tax returns, even if they’ve already filed their 2008 returns, he said. IRS Form 1040X can be used to amend your 2008 return, he said.

“Now is a good time to start looking for a new home or to start to close on the paperwork if you qualify for the credit,” Brunson said.

Closing is when all parties sign the papers officially finalizing the deal, and ownership of the property is transferred to the buyer.

FOR MORE INORMATION, OR TO SEE IF YOU CAN STILL QUALIFY – CALL ME TODAY 610-533-4549
Chris Hoffman, Realtor

If you are looking for homes for sale in Bethlehem Township PA, then you should visit http://bethlehemtownshiprealestate.com/. This a free site which allows you to browse all the MLS listings for Bethlehem Township. You can view pictures prices, descriptions, and also schedule showings or inquire about a home for sale in Bethlehem Township.

http://bethlehemtownshiprealestate.com/ is brought to you by Chris Hoffman, one of the top selling Realtors in the Lehigh Valley. Chris works as a Buyers Agent and has helped many people, including first time buyers, find the home of their dreams.

Bethlehem Township is one of the most requested areas to live in the Lehigh Valley because of low taxes, beautiful homes, and close proximity to major highways like route 22 and 78. For more information or to view all the homes currently for sale in Bethlehem Township, please visit http://bethlehemtownshiprealestate.com/ or Chris directly at 610-533-4549

Self employed applicants for a home mortgage loan are income qualified based on the business net profit from the income tax returns.  New rules and laws require lenders to verify a borrower’s ability to repay the loan by this method.    Sometimes self employed mortgage loan applicants are penalized under mortgage loan underwriting rules.  Preparation is important because it may take a year or two to fix some problems.  Any self employed person who thinks there may be a mortgage loan in their future should read this guide.  Please consult your tax adviser or CPA before making changes to your business. 

Who is considered self employed?

If you own 25% of more of a business, the underwriter will consider you self employed.  If you are an independent contractor, file a schedule C for your work income or your employer does not withhold income taxes, than you are considered self employed by a mortgage underwriter.  Employees of Corporations who own 25% or more of that corporation are considered self employed.  The underwriter will use your W-2 income plus or minus the net business income for the previous one to two years.

How does the underwriter calculate qualifying income?

The underwriter will look at your net profit to determine your qualifying income.  Net Profit is line 31 on the 2008 IRS Schedule C.  Depreciation (line 13) and sometimes expenses for business use of your home (line 30) can be added to qualifying income.  If you own a partnership or corporation, a few other business expenses can be added to the qualifying income such as amortization/casualty loss and depletion.  Farms can add back Co-ops and depletion.  Usually income is averaged from the previous two years’ tax returns, but not always.  We have been able to use the most recent year’s income only in some cases.

What should you do to help qualify for a mortgage loan?

•        Open a separate business bank account

You business should have a separate bank account and all business bills should be paid from that account.  Debts on your personal credit report can be removed from the qualifying debt ratio if you can demonstrate the business pays that debt by showing the last 12 months of cancelled checks from the business account.  If the account is not old enough, you paid one month from a personal account or in cash, or debt payments are co-mingled with personal accounts – then that debt cannot be removed from your qualifying debt ratio. 

•        No new debts

If a debt is too new to provide 12 months of cancelled business checks, then that account will probably be included in your debt ratio.  Also, new debt is a usually a derogatory credit score factor.  If you plan to apply for a mortgage loan in the next year, hold off on all other new credit.

•        Obtain business credit

True commercial accounts usually do not show up on your personal credit report and therefore will not be counted in your debt ratio.  Just in case, be sure to pay the debt from your business bank account.

•        Co-borrowers and co-signers

A co-borrower is typically a person who will reside in the home and be on the title with the borrower.  Income and debts of borrowers and co-borrowers are combined to determine the debt ratio.   Often, a co-borrower is a spouse but not always.  Co-borrowers equally share individual responsibility for the debt with the borrower. 

A co-signer is usually someone who does not live in the home and often is not on title.  A co-signer is personally guaranteeing your mortgage loan.  They are responsible for the debt.  If your business income is not sufficient to qualify, a qualified co-signer can make the difference.  Not all loan programs allow co-signers. 

•        Establish a history

Two years is the typical requirement to use self employed income.  Sometimes, a shorter time period is acceptable.

•        Get listed

Often, the existence of the business for two years must be verified.  Typical ways to do this are by business licenses, a CPA letter or a yellow pages listing.  I have encountered some self employed borrowers who can provide none of these.  This can present a challenge.  We find a way to verify the business exists, but it is faster and easier to do so if you follow the conventional means.

•       Balance deductions with qualifying

No one enjoys paying income taxes.  There is sometimes a choice to be made between paying income taxes and the ability to qualify for a mortgage loan. 

•       Get pre-approved for your home loan

The first step to buying a home is a pre-approval for your home loan.  Bring your income tax returns to your mortgage loan officer.  Different loan programs have their own rules – Fannie Mae, Freddie Mac, FHA, VA, USDA and so on.  Meeting with a mortgage loan expert is especially important for the self employed applicant.

Apply Now: LEHIGH VALLEY MORTGAGE LOANS

Contact me when you are ready for your mortgage loan pre-approval.  Small business owners and self employed customers are a specialty of mine.  I serve the business community on the executive board of the Nazareth Area Chamber of Commerce and other organizations. In addition, my eleven years experience in the mortgage loan industry and personal experience as a third generation small business owner helps me relate to and assist my self employed customers.

WASHINGTON) – HUD has announced that consumers may now use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages.
The move will allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or “bridge loans” up to the amount of the $8,000 first-time home buyer tax credit.

Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.

Housing industry leaders are applauding the move as certain to help boost the number of first-time home buyers coming into the market.

If you are planning to buy a home her ein the Lehigh Valley, an dyou would like more informnation on how to use the $8,000 tax credit for yoru down payment – CALL ME 610-533-4549 to see if you qualify! Chris Hoffman, Keller Williams Real Estate. www.GoValleyHomeFinder.com

Here is a list of current Bethlehem Real Estate Listings – Updated daily form the Lehigh avlley MLS. Please Use the search naviagtion buttons below to search by price, style, etc. Bethelhem Real Estate Listings are posted here courtesy of GoValleyHomeFinder.com