No Other Company Offers a Similar Guarantee
Clients spend hours researching themselves, calling multiple companies to get the lowest rate. Others save time and apply with Gateway Capital because they know we’ll get them the lowest mortgage rates guaranteed. If you can find a lender with a lower rate and fee combo than Gateway Capital, we will give you $500.00*.

* – This guarantee is applied toward purchases or refinancing; applies only to fully documented Conforming 15 year and 30 year fixed rate first mortgages starting at $100,000 up to a maximum loan amount of $417,000. In order to receive payment under this guarantee, a customer must first provide a complete, system-generated (not hand-written) Good Faith Loan Estimate, listing a specific lender’s name, and dated the same date as the rate quoted by us. If such Good Faith Estimate indicates an interest rate and closing costs package that is equal to or lower than our interest rate and closing costs package for the same loan program, and we have verified the accuracy of the rate and costs listed, we will either beat the total loan costs by $100 or pay the customer $500 within ten business days after the customer’s loan is closed and the customer provides us a copy of the fully executed Note and HUD-1 Settlement Statement from such closing.

Why Choose Us?

We offer a wide range of Tampa home mortgage solutions.

Because our representatives are Tampa mortgage broker experts, and can help you with making the right decision.

We offer Tampa home mortgages to those with past bad credit problems (foreclosure, bankruptcy, judgments, and collections).

We have the best Tampa mortgage rates for all credit grades in Florida.

Florida VA Loans & Florida FHA Loans
Refinance Cash Out for any reason
Florida Jumbo Mortgage
1st Time Home buyers
Florida USDA Loans
FHA Bankruptcy Buyout
Florida Credit Repair
Current Home Mortgage Rates

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]]> http://www.gatewaycapitalmtg.com/tampa-florida-mortgage-loans/feed/ 0 http://www.gatewaycapitalmtg.com/extend-tax-credit-please/ http://www.gatewaycapitalmtg.com/extend-tax-credit-please/#comments Thu, 03 Sep 2009 13:23:55 +0000 admin http://www.gatewaycapitalmtg.com/?p=592 Should the First Time Home Buyer tax credit be extended?
We love the $8,000 first-time homebuyer (“FTH”) tax credit! We’ve deemed this credit “the stimulus that actually stimulates!” because it made our mortgage firm phone ring with buyers wanting to take advantage of it, unlike the other dozen stimulus measures that have had no obvious, direct results on the consumers we work with.
If you’ve been underneath a real estate-free rock for the first half of the year, let us brief you on the details of this program. Folks who (a) haven’t owned a home for the past three years, (b) earn a “modified adjusted gross income” (don’t even ask — check with your tax pro) of $75,000 or less for singles/$150,000 or less for married filing jointly, and who (c) close escrow on a home purchase no later than Nov. 30, 2009, can qualify for the tax credit. Why, you might ask, does this particular tax work so well? Mostly in the ways that it is different from previous credits: It doesn’t have to be paid back (like its Bush-era predecessor), it is accessible immediately (buyers can actually file an amended 2008 return right after closing to get their dough), and it is fully refundable — eligible FTHs can actually walk away with a check from the IRS for $8,000, rather than the credit working only to offset tax liability.
The FTH tax credit question I’ve been asked increasingly over the last few weeks has nothing to do with the pros and cons of the credit itself, but rather, with its duration. Inquiring minds (buyers, sellers and Realtors alike) all want to know: Will the $8,000 FTH tax credit be extended another year? There are really two intertwined questions latent in the issue: 1) Should the tax credit be extended? and 2) Is an extension likely?
There are scores of arguments in favor of extending the program — well, for those who agree that the goal should be to stimulate home buying. (If you think this goal is way off-base, which, believe it or not, some folks do, feel free to stop reading now.) Some might argue the tax credit should be extended for another year (or even more) or broadened to encompass move-up buyers (not just first-timers) because it has been effective: The combo meal of low home prices plus the FTH credit has definitely driven buyers off the fence and into the market in the first quarter of 2009, especially in the areas hardest hit by the foreclosure crisis.
But, even though it wasn’t broke, the Department of Housing and Urban Development went right on ahead and fixed the FTH tax credit — or announced its intention to fix it anyway — a couple of months ago when it announced a plan to allow buyers using FHA loans to monetize the credit upfront, to be applied toward down payment in excess of the 3.5 percent minimum or toward closing costs. The catch, if you want to call it that, is that the upfront monetization logistics haven’t yet been completely worked out, so by the time the FTH tax credit becomes available for upfront use, it will be available for only five months, perhaps less, if the current deadline for the program remains in place. Just when the program gets turbocharged, if the Dec. 1 expiration is not extended, it will go away.
While we’ve seen more and more activity in the market lately, and things appear to be looking up, there are lots of reasons why we still need and could really use the FTH tax credit going forward another year or more. While actual foreclosures seem to be slowing down, this might be an artifact of the various moratoria that were imposed during the first half of the year — we’ll see what happens during the rest of the year. Also, the adjustable-rate-mortgage reset numbers peaked last year, but there are still many hundreds of thousands scheduled to reset this year and next.
Should the FTH tax credit be extended?
Yes, please! If you are in the market to refinance or purchase, we offer the lowest rate and fee combination.

The credit can be claimed on 2008 or 2009 tax returns. Homebuyers who get a loan backed by the Federal Housing Administration can use the money to cover closing costs and other fees, and at least 10 states offer ways to use the tax credit faster.

“There are some real neat tax planning strategies you can apply now,” said Bob Meighan, vice president of TurboTax.

To be eligible, a buyer cannot have owned a home in the past three years. So if you’re ready to buy, here are some tips:

INCOME CONSIDERATIONS: The tax credit, for home purchases made through end of November, comes with income thresholds, $75,000 for individuals and $150,000 for joint filers. After those limits, the credit begins to phase out. If you bought a home this year and expect your 2008 income to be lower than next year’s, it makes sense to file for the credit this year using a 2008 amended return.

However, if you think your income will decrease, due to job loss, wage cuts or hour reductions, it makes more sense to file for the tax credit on your 2009 tax returns to get the most out of the credit, Meighan said.

TAX WITHHOLDING: Another benefit to waiting until 2009: You can increase your take-home pay. By taking the credit next year, you can change your tax withholding status with your employer now and get more on a paycheck-to-paycheck basis, Meighan said.

You’ll be giving up a “fatter” tax refund next year, but each month you’ll have more change in your pocket.

Also, don’t forget to reduce your federal and state tax withholding to account for the tax deduction you can take on the mortgage interest and property taxes you pay.

BRIDGE LOANS: Ten states (and the list keeps growing) are offering so-called “bridge loans” for the federal tax credit, so homebuyers can take advantage of the $8,000 before the 2010 filing season. Qualified homebuyers in Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania and Tennessee can receive a loan with little to no interest and repay it with the tax credit refund next year.

“I see it as an upside,” Meighan said. “It gives homebuyers more flexibility,” with the money.

Each state program varies and some require a minimum down payment contribution from the buyer.

Some nonprofit organizations like NeighborWorks America are also offering bridge loans for the tax credits.

California also enacted its own one-time home buying credit for newly built homes purchased between Feb. 28 and March 1, 2010. The nonrefundable credit, which is for all buyers, not just first timers, is equal to 5 percent of the purchase price up to $10,000. It can be claimed over a three-year period. The property must be a single-family residence, the principal residence and eligible for the property tax homeowners exception.

A California resident can take both the federal and state tax, according to Kathleen Thies, a state tax analyst at CCH Inc. However, only $100 million has been put aside for the state credit and that money is expected to run out this month or next. And there are no plans to add more funding to the program.

“It’s on a first-come, first-serve basis,” Thies says.

ADVANCE CREDIT: Last month, the FHA said its borrowers can receive advances on the $8,000 first-time homebuyer tax credit from lenders, so they don’t have to wait to get the money next year from the Internal Revenue Service.

Borrowers will still have to come up with the FHA’s required 3.5 percent down payment, but the advance from the tax credit can be applied toward closing costs, fees or to increase the down payment.

John W. Roth, a senior tax analyst at CCH, believes some lenders won’t participate. The process involves more work for lenders, but lenders can only charge an additional 2.5 percent fee for that.

FHA plan will stimulate Florida Home Buyer sales and help stabilize housing market

WASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 Florida First Time Home Buyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FL FHA Loans-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.
“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FL FHA Loans allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit. Florida Mortgage

Clearwater Refinance for your current mortgage has never been easier. We will provide full disclosures to make sure there are no surprises at the closing table. We make it worry-free to reduce your current mortgage rate, and your current mortgage payment. Our professionals will help guide you with the best Florida Refinance Rates, and provide you with the Florida mortgage information that will suit your needs.

Here are some of the Clearwater mortgage options we offer to our borrowers.

Florida VA Loans & FL FHA Loans
Refinance Cash Out for any reason
Florida Jumbo Loans
1st Time Home buyers
Florida Refinance Rates

Cape Coral Refinancing for your current mortgage has never been easier. We will provide full set of disclosures to make sure there are no surprises at the closing table. We make it worry-free to reduce your current mortgage rate, and your current mortgage payment. Our mortgage loan professionals will help guide you with the best Florida Refinance Rates, and provide you with the mortgage information that will suit your needs. From start to finish, we’ll make sure you’re satisfied with our services!

Here are a few of our products that we offer to our borrowers.

Florida VA Loans & FL FHA Loans
Refinance Cash Out for any reason
Florida Jumbo Loans
1st Time Home buyers
Florida USDA Loans
FHA Bankruptcy Buyout
Florida Refinance Rates

Gateway Capital also offers Tallahassee Refinancing for those looking to lower their current mortgage rate or to lower their monthly mortgage payment. Even after closing you’ll receive a 3 day right of rescission to help put you at ease. We provide a full set of disclosures before closing to make sure there are no surprises at the closing table. We make it worry-free to reduce your current interest rate, and your current mortgage payment. Our professionals will help guide you with the best Florida Refinance Rates, and provide you with the Florida loan information that will suit your needs.

We have the best Tallahassee mortgage rates for all credit grades in Florida.

Florida VA Loans & Florida FHA Loans
Refinance Cash Out for any reason
Florida Jumbo Loans
1st Time Home buyers
Florida USDA Loans
FHA Bankruptcy Buyout
Florida Credit Repair
Current Home Mortgage Rates

One area of the economy that continues to struggle is the Job market…654,000 filed for Initial Jobless claims this past week, a bit more than expectations of 644,000. The number of people receiving unemployment checks in the week ending Feb. 28 rose 193,000 to a record 5.32 Million. Let’s hope that this economic stimulus plan gets to work and starts boosting confidence and creating jobs, so that this negative jobs trend can reverse.

Also today at 10am, the curtains open on what could be an extremely important hearing on mark-to-market accounting. Today, the SEC’s Chief Accountant, the FASBs Chairman and the Deputy Comptroller for Regulatory Policy in the Treasury Department are expected to testify in front of the House Financial Services committee on mark to market. We will be watching this very closely, as this will no doubt have a dramatic effect on market trading today and well into the future. Fl Mortgage Rates are very low.

Stocks are near unchanged today after posting their largest one day rally in four months. It appears solutions to mark-to-market and the Uptick rule may be near. It’s almost comical to finally see some attention given to the FASB 157 or “Mark to Market” issue. It has become the new buzz in the media – and talks of a possible fix are helping to boost confidence in Stocks. We have always stated that the rule should not be abolished or even suspended because we do not want to go back to the non-transparent days of Enron. But there are other ways to retain transparency, while not imposing the restrictions on capital that are shutting off lending. Remember that there is a congressional hearing on this tomorrow. If they get it right – stocks should rally and mortgage bonds could lose ground, Florida Refinancing is at an all time high. But if they mess this one up, there will be an angry sell-off in stocks. Bonds may benefit a bit, but at the price of a longer, deeper recession.

Much criticized Secretary Treasurer Tim Geithner reassured Wall Street in an interview last night saying that the government will do what is necessary to pull the ailing economy out of the current recession. He hinted that a help for troubled or bad assets may come soon. This comes after Fed Chairman Bernanke said yesterday that if the banking system can get stabilized, the recession could be over by years end.

The government will auction $18B of 10 year Notes this afternoon at 1:00pm ET and this might put some pressure on prices later today. Now is a great time for a Florida Home Buyers.

Stock markets are lower again today and are trading at levels not seen since the mid-1990s, when Alan Greenspan made his famous “irrational exuberance” quote. Since inauguration day, the Dow Jones has fallen over 20%, marking the fastest drop under a newly elected President in over 90 years. A big part of the problem the markets are having is that there is no clear plan as to how we are going to get the economy back on track and how we are going to get lending moving again. Warren Buffet isn’t bolstering any confidence in the markets this morning, saying that the US economy has fallen off a cliff. What was good to hear from this legendary investor, is his comments on mark-to-market, where he said it is “gasoline on the fire”. On March 12th, there is a Congressional hearing on mark-to-market. The Securities Exchange Commission (SEC) Chief Accountant and the Chairman of the Financial Accounting Standard’s Board (FASB) will be testifying. Let’s hope the government can do something to get it right and come up with solution that would get the credit system flowing again. With rates at these levels we suggest Florida Refinancing.

Over the past few weeks, we’ve seen the birth of unprecedented stimulus plans and legislation that impact the housing and home loan industries. The provisions of these plans could have huge implications for those who are considering purchasing or refinancing a home. Please contact us about this article and we will provide an overview of some benefits of the Economic Stimulus Plan and the Homeowner Affordability and Stability Plan that may impact you.

President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes. The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. One is an incentive for homeowners who have less than 20% equity in their homes, or who owe more than their home is worth. FL FHA Loans allows up tp 95% refinancing. The second part attempts to lower monthly payments for homeowners at risk of losing their home. Please email us for more information.

The National Association of Realtors revealed Tuesday morning that pending home sales fell 7.7% in January, after unexpectedly rebounding in December.

Economists were expecting a 3.5% decline in the month. December’s gain was also revised down to 4.8% from an initially reported 6.3% increase.

Pending home sales are real estate contracts that have been signed but not finalized, and are used to predict existing home sales.

Existing home sales in January fell 5.3%, against expectations for a 1.1% increase.

Other housing data released recently showed new home sales fell to an annualized pace of 309k in January, a 10.2% decline from December. Economists were expecting a 2.1% fall.

By Stephen Huebl and edited by Megan Ainscow
©CEP News Ltd. 2009

The Federal Deposit Insurance Corp. (FDIC) voted to charge banks an additional $27 billion this year due to an expected rise in bank failures. The government-run corporation reimburses customers for up to $250,000 when a bank is forced to close its doors.

The board estimates that bank failures will cost $65 billion through 2013. The fund has fallen far below its government-mandated cushion; it sat at an estimated at $18.9 billion in the fourth quarter.

“We’re taking steps today to ensure that the deposit insurance system remains sound,” FDIC Chairman Sheila Bair said at a board meeting broadcast on the FDIC website. “These steps are necessary because banks, and not taxpayers, are expected to fund the system.”

A one-time fee of 20 cents per $100 in insured deposits will be collected in the third quarter, generating $15 billion according to a Bloomberg report.

The regular fee will also be increased to 12-16 cents from 10-14 cents beginning in April. In 2007, FDIC insurance premiums averaged 5.4 cents and before that, more than 90% of banks didn’t pay for deposit insurance.

There was also considerable speculation that the FDIC would extend the Temporary Liquidity Guarantee Program (TLDP). The program allows FDIC-insured banks and bank holding companies to issue government-insured debt with a maturity date of no later than June 30, 2012.

Market watchers suggested the deadline could be extended as late as 2019. The companies pay the FDIC a premium of up to 100 basis point per year to insure senior unsecured debt.

Last week, JPMorgan Chase and Co. used the program to raise $10 billion at a spread of 71.4 – 89 basis points above comparable Treasury notes.

Officials did not announce an extension of the maturity but instead voted to expand the program to include mandatory convertible debt. Officials called it a “very narrow targeted improvement.”

By Adam Button and edited by Stephen Huebl
©CEP News Ltd. 2009

The Department and the Internal Revenue Service which will manage it announced on Wednesday that forms and regulations are already in place for homebuyers who wish to claim the first-time credit enabled under the act.

The credit is available to homebuyers who purchase a home before December 1 of this year. In an effort to make the effects of the credit felt quickly in the economy, homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008 return due in April.

The tax credit represents 10 percent of the purchase price of a home up to a maximum of $8,000 or $4,000 for married taxpayers filing separate returns. The $7,500 credit that was authorized under earlier legislation last year was actually a 15 year loan; the new tax credit does not have to be repaid by the homeowner under ordinary circumstances.

The credit does have to be repaid if the homeowner sells the home in less than 36 months or if the home ceases to be his principal residence during that time.

For the purpose of this credit, a first time homeowner is defined as one who has not owned a home for the 36 months ending on the date of purchase.

The credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000 for married taxpayers filing jointly. Above those income levels the credit is phased out gradually.

Homeowners who purchased a house between April 8 and December 31, 2008 are not eligible for the new credit. They are covered by the earlier legislation and can claim the $7,500 repayable credit.

Treasury Secretary Tim Geithner said in a press release from his department, “The expansion of the first-time home buyer tax break as part of the President’s recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers. We view our economic recovery plan, our financial stability plan, and now this homeowner affordability plan as three legs of the same stool – an integrated whole that represents our immediate response to the current crisis.”

Forms and instructions for claiming the credit on 2008 tax returns are available at www.irs.gov. The form number is 5405.

Funds Will Help More Than 45,000 Rural Customers in 10 States

WASHINGTON, Feb. 6, 2009 -Agriculture Secretary Tom Vilsack today said that 16 rural utilities and cooperatives in 10 states have been selected to receive $356 million in loans to build and repair 3,830 miles of distribution and transmission lines and make system improvements that will affect more than 45,000 rural customers.

“Investing in core rural infrastructure is a priority for the Obama Administration,” Vilsack said. “These loans will provide affordable power by financing improvements for key generation, transmission and distribution systems to rural residents and businesses. These funds are an investment in rural America that will help strengthen rural communities.”

The funding announced today is being provided through USDA Rural Development’s Electric Programs, which Congress authorized under the Rural Electrification Act of 1936 to provide loans and loan guarantees to help utilities, cooperatives, states and local governments provide or improve electric service in rural areas. The Electric Programs also help finance energy conservation and renewable energy systems.

“HUD is committed to helping people affected by these terrible disasters to re-establish their lives,” Jackson said. “We want to give these families and individuals an opportunity to start over – as homeowners – whether they owned or rented their previous residences.”

Under the special mortgage program, called Section 203(h), HUD, through the Federal Housing Administration (FHA), will insure mortgages for individuals or families in a Presidentially-declared disaster area whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary.

Gateway Capital Mortgage also provide refinances for South Florida. As a mortgage lender, we’ll provide full disclosures to make sure there are no surprises at the closing table. We make it worry-free to reduce your current interest rate, and your current monthly payment. Our mortgage professionals will help guide you with the best South Florida Mortgage, and provide you with the florida mortgage information that will suit your needs.

We can also provide a Florida Reverse Mortgage through the HECM mortgage program. This HUD program has been helping a lot of senior residents in South Florida. Please contact us or apply online for direct consultation!

Finding mortgage help can be hard to find when purchasing a new house for the first time. Picking the right house can be a great task, but you will need to have the right mortgage to go with it. With our guidance, you’ll be able to find the help you need to finance your new house. We can provide a smooth loan transaction with great mortgage rates, and low closing costs. From application to decision, we’ll hold your hand to guarantee your satisfaction. As a Florida FHA lender we can provide a mortgage program with a low down payment of 3.5%, and seller paid closing costs of up to 6%.

We also can refinance your current mortgage to a lower payment or lower rate. We will provide full disclosures to make sure there are no surprises before closing or at closing. We make it worry-free to reduce your current rate, and your current monthly payment. Our professionals will help guide you with the best Florida Refinance Rates, and will provide you with the mortgage information that will suit your needs. All refinance on primary homes are provided with a 3 day right of rescission.