A storm stalled over Southcentral this week, dumping snow on the region, wreaking havoc on the Tuesday evening commute and prompting the National Weather Service to issue a winter weather advisory for Anchorage and the Mat-Su into today.

http://www.adn.com/news/alaska/anchorage/story/1057204.html

http://www.akbrinkteam.com

Next summer's Arctic Thunder scheduled

Elmendorf Air Force Base's air show and open house -- Arctic Thunder -- is scheduled for July 31 and Aug. 1 next summer. It will feature precision flying performances by the Navy's Blue Angels squadron and the Canadian Forces Snowbirds, Elmendorf said. Other acts are still being confirmed for the show, Elmendorf said. The event also will feature demonstrations from aircraft based in Anchorage, such as a C-17 and an F-22 .

http://www.yourhomeandlifestyle.com/pages/article/YHL_DEC_09_02/34914/index.html

IRS Sets New Rules for Tax Credit www.realtor.orgThe Internal Revenue Service released new guidelines for the home buyer tax credit concerning purchases by co-borrowers.

IRS Sets New Rules for Tax Credit 
The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.

When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount.

The IRS says the parent doesn't qualify for any portion of the credit, but if the child hasn't owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.

When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.

Source: Washington Post Writers Group, Kenneth R. Harney (12/04/2009)

Brink & Associates at Keller Williams Realty Alaska Group Check out this article from Smart Money on the 10 mistakes First Time Buyers make
10 Mistakes First-Time Home Buyers Make at SmartMoney.comwww.smartmoney.comWant to buy a house? To nab the best deal, don't make these moves.

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FHA will tighten up in 2010

Borrowers will need more cash, minimum FICO score

BY MATT CARTER, THURSDAY, DECEMBER 3, 2009.

Inman News

The Obama administration is moving to tighten underwriting standards on FHA-backed loans by increasing the amount of upfront cash homebuyers must bring to the table, raising minimum FICO scores for new borrowers, and reducing maximum seller concessions from 6 percent to 3 percent.

The most obvious way to increase upfront cash requirements would be to raise the 3.5 percent minimum downpayment requirement for loans guaranteed by the Federal Housing Administration.

A bill introduced Oct. 1 by Rep. Scott Garrett, R-N.J., would raise the minimum downpayment for FHA loans to 5 percent and prohibit financing of closing costs.HR 3706, which has 27 co-sponsors, has been referred to the House Financial Services Committee.

Housing Secretary Shaun Donovan, briefing committee members on the administration's plans Wednesday, said there are several ways to make sure borrowers have more "skin in the game" currently under consideration.

HUD has "made the decision to exercise our authority to increase the upfront cash that a borrower has to bring to the table in an FHA-backed loan," Donovan said, but there "are several ways to accomplish this, and so we are currently analyzing various options to determine which is the most effective and consistent with our mission."

Testifying on behalf of the National Association of Realtors, Vicki Cox Golder urged Congress and the administration to "exercise caution before introducing proposals that may have a profound adverse impact on our economic recovery."

NAR is strongly opposed to HR 3706, she said, because increasing FHA's downpayment requirements would make it impossible for many borrowers to use the program, and "not add a penny to FHA's reserves."

Dan Green, a Cincinnati-based loan officer for Mobium Mortgage Group Inc., said an increase in minimum FICO could have "a much larger impact than increasing downpayment requirements from 3.5 to 5 percent."

The minimum FICO score for FHA-backed loans was raised from 500 to 580 earlier this year, he said, although most lenders already have even higher minimums.

"Most consumers are going to walk into their bank, and their bank will say 620" is the minimum score needed to obtain a mortgage, Green said.

FHA is in a difficult position, Green said, because Fannie Mae and Freddie Mac continue to tighten their guidelines, and that pushes more borrowers who are less creditworthy into FHA loans.

"They are trying to limit their exposure to the riskiest borrowers," Green said. "Your median FHA borrower looks decidedly worse today than 18 months ago." ...CONTINUED

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Mortgage rates breaking records again

15-year, 30-year fixed-rate loans at all-time lows

BY INMAN NEWS, THURSDAY, DECEMBER 3, 2009.

Inman News

Rates on 15- and 30-year fixed-rate mortgages fell for a fifth consecutive week to new lows, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.71 percent with an average 0.7 point for the week ending Dec. 3, down from 4.78 percent last week and 5.53 percent a year ago. That's a new record dating back to 1971, when Freddie Mac began the survey.

The 15-year fixed-rate mortgage averaged 4.27 percent with an average 0.6 point, down from 4.29 percent last week and 5.77 percent a year ago. Rates on 15-year fixed-rate mortgages have never been lower since Freddie Mac started tracking them in 1991.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loan averaged 4.19 percent this week, with an average 0.6 point, up slightly from last week's record low of 4.18 percent, but down from 5.77 percent a year ago.

The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.6 point, down from 4.35 percent last week and 5.02 percent a year ago. The 1-year ARM has not been this low since the week ending June 30, 2005, when it averaged 4.24 percent.

Those rates are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loans too large or risky for purchase or guarantee by Freddie Mac can expect to pay more.

A Federal Reserve program that's helped keep mortgage rates low through purchases of up to $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae is scheduled to wind down at the end of March 2010.

The Mortgage Bankers Association last month projected that 30-year fixed-rate mortgages will hit 5.4 percent next year, 6 percent in 2011, and 6.3 percent in 2012 (see story).

Who do you know that does not own a home?

FHA is getting ready to make some major changes to their guidelines and now is the time to get approved. Changes will be increased requirements in down payments, higher credit score requirements and increased mortgage insurance costs...bottom line..now is the time. Call or email at 907-351-9434 victoriabrink@gci.net