Blog :: 02-2009

The America Recovery Act of 2009

The America Recovery Act of 2009 is a result of the new stimulus package Obama has recently signed. I have been receiving some great information regarding this act and how it will effect 1st time home buyers, tax credits and real estate as a whole from Jeff Teplitz over at National City Mortgage in Burlington VT. I wanted to share the information with you here. Below you will find 2 files. One outlines the tax credit 1st time home buyers who purchased last year after April 9, 2008 or who purchase this year can expect. The other is more general information outlining the highlights of the Act.

I hope you find them useful!

Recovery Act of 2009 for First-time Homebuyers

Recovery Act of 2009 Highlights

Stowe VT Schools Out 3-Day Lift Ticket

Stowe Mountain is running a great ticket special for Vermont students who are now on spring break. The deal also extends to their families. A 3 day lift ticket for the price of $99! Even if you only go 2 days, you get your moneys worth.

Here are details: Adult or Child 3-Day Consecutive Lift Ticket for $99 (includes VT Sales Tax). Available Monday Feb. 23 through Friday Feb. 27, 2009. You must present a valid VT ID. This promotion cannot be combined with any other offer, promotion or discount.

For more information visit www.stowe.com or call 800.253.4SKI

Mortgage Rate Update 2-4-09

Check out the latest interest rates I received from Jeff Teplitz of National City Mortgage in Williston, VT. FHA rates are slightly stronger than the conforming 30 year loan.

Paying points may be back in style. At this time the difference between the 30 year, no point loan and the 30 year 1 point is .875%.  The net savings is $54.72 per $100,000 of loan amount per month.

It will only take 18 months to realize the savings of paying the 1 point.  Well worth it to get a 5.00% interest rate.

Conforming 30 Year Fixed 30 day lock rate 0 points: 5.000% 30 day lock with 1 point: 5.875%

Conforming 15 Year Fixed 30 day lock rate 0 points: 5.250% 30 day lock with 1 point: 4.625%

Conforming 20 Year Fixed 30 day lock rate 0 points: 5.375% 30 day lock with 1 point: 4.625%

FHA 30 Year Fixed 30 day lock rate 0 points: 5.500% 30 day lock with 1 point: 5.250%

FHA 15 Year Fixed 30 day lock rate 0 points: 4.500% 30 day lock with 1 point: 4.500%

*rates effective 2/03/09 for 30 day lock.  Credit score and loan to value will effect rate **rates may change at any time with out notice - rates quoted are for best credit score customers

Provided by: Jeff Teplitz National City Mortgage 75 Talcott Road Suite 70 Williston Vermont 05495 (802) 879 4424 ext 234

Vermont Thrift Saved the Day?

This is a great article talking about why Vermont has the lowest rate of foreclosures in the country. Something that has allowed homeowners to maintain a truer property value than a lot of other states. The article is from bloomberg.com "Vermont Foreclosures Held Off by Yankee Ways, Land-Use Laws"

By Brian K. Sullivan

Jan. 29 (Bloomberg) -- Vermont is avoiding the foreclosure crisis plaguing homeowners across the U.S., perhaps owing to traditions of thrift, modesty and self-reliance -- bolstered by laws that protect buyers and land.

The foreclosure rate in Vermont is the lowest in the U.S., 0.04 percent of all homes in the state, according to RealtyTrac Inc. of Irvine, California.

To read the full article click here.