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Course 1000 Series Michigan
Real Estate Continuing Education |
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UPDATE!
Public Law 111-008 (61k), titled the Omnibus Appropriations Act of
2009 and effective March 11, 2009, permanently bans national banks and their holding
companies from entering the real estate brokerage and management businesses. It prevents the
U.S. Treasury and Federal Reserve System from adopting any rule or order that defines such
activities as "financial in nature" or "incidental to a financial activity." |
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Public
Law 111-008 does not prohibit national banks from engaging in such
activities with respect to properties they own, such as those acquired through foreclosure.
Likewise, it does not affect either state-chartered banks in those states that allow such
activities, or credits unions which to a limited extent may continue to engage in these
activities through entities called "credit union service organizations." |
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UPDATE!
Public Law 111-005 (123k), titled the
American Recovery and Reinvestment Act of 2009 and effective February 17, 2009, retired
the $7,500 first-time homebuyer tax credit as of December 31, 2008 and replaced it with a new
tax credit for 2009. A homebuyer can't claim the 2008 credit before the transaction closing
date (see the second update below regarding the 2009 credit). |
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Under Public
Law 111-005, the new credit is $8,000 or 10 percent of the purchase price,
whichever is less, for a first-time homebuyer who closes on the purchase of a home
from January 1, 2009 - November 30, 2009. The requirement for repayment is eliminated if the taxpayer occupies
the home for at least 36 months. The credit phase-out for taxpayers in higher income
brackets remains unchanged. |
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A taxpayer who sells the home after occupying it less
than 36 months must repay the entire credit, but only up to the amount of the profit
realized by the sale. |
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UPDATE! On May 29, 2009, the U.S.
Department of Housing and Urban Development (HUD) announced that the Federal Housing
Administration (FHA) will allow FHA-approved mortgagees, FHA-approved nonprofit organizations,
and federal, state and local governmental agencies to "monetize" up to the full amount of the
$8,000 maximum credit for 2009. This means that they may lend funds in the form of a second
mortgage, which qualified homebuyers may use as additional down payment (in excess of the
minimum 3.5 percent statutory cash investment) or for other closing costs, and which may help
achieve a lower interest rate (refer to HUD
Mortgagee Letter 2009-15 (35k) for more details. |
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UPDATE! HUD has extended the 90-day
resale waiting period
waiver for an additional year to May 10, 2010. Refer to the HUD
Waiver Extension (97k) document for more details. |
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