10 Best Towns for Families: 2010
Meridian, Idaho

Population: 45,295
Median Income: $66,888
Median Home Price: $177,000
Households with Children: 47%
Student/Teacher Ratio: 20:1
Great Schools Rating: 7

The population has quadrupled in the last decade, but for Debbie and Mark Bennett that just means there’s more Meridian to love. “It’s still a place where people value a low-key, no-fuss lifestyle,” says Mark, 54, a real estate agent. “Everything is comfortable here.”

Along with sons Tyler, 20, and Dustin, 18, the Bennetts like to kick back at Settlers Park, where families gather round with lawn chairs and blankets for free Friday night movies in summer. Debbie, 50, who co-owns a construction firm, gives the schools rave reviews. “The high schools let kids focus on specific interests, whether it’s a vocational trade, computers, or the culinary arts,” says Debbie. “The opportunities for students are tremendous, whether or not they want to go to college.”

The Bennett boys attended a charter institution specializing in medicine. Dustin, who graduated in June, has already passed the state EMT exams and will start at the University of Idaho this fall, and Tyler is enrolled in a pre-veterinary program there. “The education system here doesn’t just make people better students,” says Debbie. “It also prepares them for the real world and helps each kid find a way to contribute.”

Good Deeds: Meridian’s Promise, a coalition of local businesses, nonprofit organizations, schools, and churches, sponsors events year-round, from town cleanups to job fairs, to teach kids the value of volunteering and help those at risk get the guidance and support they need to graduate from high school and succeed in life.

Corteousy of Family Circle Magazine

After a close brush with the deadline, Congress has passed the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

The Senate also passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

NAR is still working on restoring the 502 single-family rural housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill that is currently in conference between the House and Senate. We expect the House to pass that bill shortly and are hopeful the Senate will do the same when they return the week of July 12. When that bill passes, the program will be restored through the end of the fiscal year.

ACAR and IAR will continue to work with our Idaho Congressional delegation on the issue of HUD using an exclusive escrow agent outside of Idaho for the purchase of HUD foreclosures.

The House voted 409 to 5 in favor of extending the tax homebuyers credit for closing mortgages.

The Senate can approve the measure in the next 24 hours, and with Presidential ratification, it’s possible that no contracts fall through the cracks with the current deadline of June 30 looming.

As it stands, homes currently under offer will be provided three more months to close in order to be eligible to receive the credit.

Mortgage finance players were not surprised and reacted mutedly and with full expectations the bill will become law. One secondary market trader said in an email stream that he half expects the tax credit to come back after a few more rounds of dismal housing stats.

Another said that the bill represents no new money coming to market and therefore, no change to their outlook for housing finance

FNMA has announced that effective with application dates on or after July1, 2010 the following guidelines will apply to borrowers with a pre foreclosure sale/short sale or deed in lieu:

Waiting Period After a Pre foreclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure

Pre foreclosure Event Current Waiting Period Requirements New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure 4 years
Additional requirements apply after 4 years up to 7 years

• 2 years – 80% maximum LTV ratios

•4 years – 90% maximum LTV ratios

• 7 years – LTV ratios per the Eligibility Matrix
Pre foreclosure Sale 2 years
Short Sale No policy currently exists specific to short sales

Exceptions to Waiting Period for Extenuating Circumstances
Pre foreclosure Event Current Waiting Period Requirements New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure 2 years
Additional requirements apply after 2 years up to 7 years 2 years – 90% maximum LTV ratios
Pre foreclosure Sale No exceptions are permitted to the 2-year waiting period
Short Sale No policy currently exists specific to short sales

(1) The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix.
Bankruptcies The multiple bankruptcy policy is being clarified to state that two or more borrowers with individual bankruptcies are not cumulative. For example, if the borrower has one bankruptcy and the co-borrower has one bankruptcy, this is not considered a multiple bankruptcy. The current waiting periods for bankruptcies remain unchanged.

Homebuyer Tax Credit Extension- The Waiting Game

The Senate has adopted Senator Harry Reid’s (D-NV) amendment to the pending jobs and extenders legislation (HR 4213) that would extend the closing date for the homebuyer tax credit from June 30, 2010 to September 30, 2010. The amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit. Once through the Senate, the bill must go back to the House for their approval before obtaining the President’s signature. While the timing remains uncertain, completion is expected sometime next week.
Congress will be in session during the weeks of June 21 and June 28, so votes on the legislation are still possible before the June 30 deadline.

The Idaho Housing and Finance Association (IHFA) have launched a new program to make home ownership a reality through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on the mortgage payment every month.

“This IHFA exclusive financing option is a great tool for home buyers as the housing market in Idaho continues its recovery,” said Gerald Hunter, IHFA president and executive director. “It offers another affordable lending option for low- to moderate-income home buyers across the state.”

Affordable Advantage Loan
Features of the Affordable Advantage Loan include:
• As little as $1,000 needed from borrower to close
• A low-cost, 30-year fixed interest rate
• No mortgage insurance required, reducing a borrower’s monthly payment
• Financing to first-time home buyers (including those who have not owned a home in the past three years) with good credit histories
• Income limits apply
• Loans are serviced in Idaho by IHFA

Help your clients check their eligibility for an IdaMortgage loan by visiting www.IdaMortgage.com

Great for first time Home buyers!

Rate are at historic lows right now!

Selection is great…a fantastic time to buy!