• Compass DRE# 01991628
  • Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

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LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

Buy Today or Pay More Tomorrow

Recently our government announced that it will stop purchasing Mortgage Back Securities (MBS) at the end of March of 2010. That means there can be a rise in mortgage rates in our near future, couple that with the $8,000 1st time buyer tax credit and the $6,500 move up tax credit ending at the end of April 30, 2010. We may likely see fewer buyers and higher interest rates in our near future.

Buy Today

Purchase Price $662,000

ScreenHunter_01 Feb. 01 07.31

Down payment 20%
Loan Amount 529,600
Rate 5.00% fully Amortized for 30 years
Mortgage payment $2,843.01
Home Owner Insurance $66.20
Property Tax (L.A County) $ 689.58
Total PITI $3,598.79
Or Buy Tomorrow

Purchase Price $575,000

ScreenHunter_02 Feb. 01 07.31

Down payment 20%
Loan Amount $460,000
Rate 6.50% fully Amortized for 30 years
Mortgage payment $2,907.51
Home Owner Insurance $56.88
Property Tax (L.A County) $598.96
Total PITI $3,563.35

The above scenario is based on net income of $8,000 and 45% overall debt to income ratios with credit scores above 720. It is strictly meant for illustration purposes. Rates are subject to change without notice

Lender Information
Edward Uriarte * Loan Consultant
(626) 8172449 dir. * (626) 4622270 Cell
This email address is being protected from spambots. You need JavaScript enabled to view it.

Remember, you have until April 30, 2010, to open escrow on your first time buyer purchase or your long-term owner sale/purchase to qualify for the federal housing tax credits. For all the details, go to www.federalhousingtaxcredit.com .

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Federal Tax Credit for Home Buyers Expanded and Approved for Eagle Rock Home Buyers!

Federal Tax Credit Extended and Expanded!

The best way to find out all the details is to go to this website: www.federalhousingtaxcredit.com. It’s a simple, clear, comprehensive website from the National Association of Home Builders (NAHB) that answers most questions you might have about the new law.

Highlights include:
You must enter escrow by April 30, 2010, and close by June 30, 2010.
The income limits have been expanded to $125,000 Modified Adjusted Gross Income (MAGI) for singles, $225,000 MAGI for married couples filing jointly.
Some move-up buyers now qualify for up to a $6500 tax credit, if you have owned and lived in your principal residence for 5 of the last 8 years. Your new home does not have to cost more than your old home. I don’t see any discussion of what you have to do with your old home, either, so you might be able to keep it and rent it out if you want. The new home cannot cost more than $800,000.
Of course, for tax and legal advice, you must consult your own appropriate professional.

If you have been thinking about selling and you can accept what the market brings you today, this is a great time to sell. The pent-up demand from first time buyers is terrific, but this new law opens up a whole new market of long-time home owners who now have a new incentive to make a move. If you want to find out more about your own housing situation, please contact me.

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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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