mortgage financing and programs

Archive for March, 2009

Fed Pumps $1.2 Trillion into Financial Markets Pushing Rates Even Lower

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On Wednesday the Federal Reserve went on a spending spree to the tune of $1.2 trillion. The Fed is spending the money to buy long term government bonds and mortgage backed securities. The intent is to drive rates lower which should spur consumer spending to help revive the economy. This spending effort by the Fed has had an almost immediate effect as mortgage rates have now plunged below 5%. To take advantage of these extremely low rates fill out an Chosad loan request form, or give us a call at 604-916-2321.

Tax Tip: Apply your 2009 Home Buyer Tax Credit to your 2008 Tax Return

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Here is some important tax information you may not be aware of. The $8000 First Time Home Buyer Tax Credit available for purchases between January 1, 2009 and December 1, 2009 can be applied to your 2008 tax return. Which means if you are a qualified first time home buyer and you have purchased a home this year you don’t have to wait until next year to claim the credit. If you are buying a home and would like to claim it on your 2008 tax return, but have already filed your 2008 return, you may file an amended 2008 return in order to claim the credit. Consult with a tax professional for more details.

Stimulus Bill Increases Reverse Mortgage Limits to $625K

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The American Recovery and Reinvestment Act that was signed into law on February 17, 2009 includes increased loan limits for FHA Home Equity Conversion Mortgages (HECM). HECM Loans are commonly referred to as reverse mortgages. Reverse mortgages are becoming increasing popular for senior Americans to help meet their financial needs. The new HECM loan limit is now $625,000. The increased limit will allow even more seniors to participate than ever before. This limit is only effective for 2009.

If you know someone 62 years or older that owns their home and is struggling to make their payments you should have them contact Chosad immediately to discuss how a Reverse Mortgage can help. Visit for more information, or call us at 1-866-377-2111.

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