A quick summary on the stimulus Bill of 2009 as it relates to home buyers in Carmel, Carmel Valley, Pebble Beach and other areas of Monterey County. > First Time Homebuyer’s Credit – First time homebuyers (which is defined as not owing a home within the past three years), are now eligigle for a tax credit of $8,000 or 10 percent of the purchase price, which ever is less. The entire $8,000 should apply for Monterey County as we’re not … Continue reading Stimulus Impact on Monterey County Home Buyers
The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
Admittedly many of the homes that sell in Carmel, Pebble Beach, Carmel Valley and over the hill in Monterey and Pacific Grove are priced such that most buyers need a “jumbo” or “non-conforming” loan. “Jumbo” loans are the loan product that has been most changed by the current credit crunch. The cost of these higher principal loans is much higher and the hurdles that have to be overcome to be approved can be extremely tight. Lenders used to make these loans … Continue reading The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
Posted in Loans and Lending, Overall Market Also tagged Conforming loans, Loans and Lending, Monterey Peninsula Comments closed
