The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and close and occupy the property before December 1, 2009.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phase-out range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

Find out more by visiting www.federalhousingtaxcredit.com or Follow them on Twitter at www.twitter.com/FTHBtaxcredit
This leads me to my next point, technology.

You need to embrace change or become obsolete. Facebook, Twitter and the internet in general are your friends. There is absolutely nothing that can not be found online to help you. See what is going on in the mortgage world and determine if it is the right time for you to purchase or refinance. You can start by following me on www.twitter.com/RodManrique to stay informed about all things mortgage. The more you know the better decisions you will make.

Call your Aequor Funding mortgage professional and see what programs and rates are available for you.

All my best,
-Rod Manrique
Senior Loan Officer

The National Association of Realtors recently released its quarterly metropolitan home sales report. This report reflected the first quarter to quarter price gain in almost 2 years. As a whole, national median price sales have increased by approximately 4% in the 2nd quarter vs. the 1st quarter of 2009. However, median home prices are still 15% below levels of 1 year ago. Hopefully this upward trend will continue due to low mortgage rates and the first time buyer tax credit. These factors lead one to believe that “hitting bottom is good”, not only for current home buyers, but home refinancing as well. I will be closely monitoring these trends and updating readers of Aequor Funding’s news letter periodically.

Article By:
Martin Cornbluth
Senior Loan Officer

It has been the common practice here at Aequor Funding Corp. from the beginning to make sure that consumer education and ensuring a benefit to any note written has been the top priority when originating new loans for our clients. The mortgage industry has been given a bad reputation in past years with Loan Officers and lenders who have been out for themselves without giving any thought to the consumer’s best interest or their own for that matter. Well this time has come and gone and we are now in a new era, one which focuses on the consumer and their best interests rather than that of the Loan Officer or Lender. On top of it being just our outlook and primary goal to focus on our clients in such a way it is also the main focus of all of our Wholesale Lenders. They will not allow us to originate any loans that do not show a financial benefit to the customer. This new way of thinking and executing loans has gained such acceptance in an attempt to right the misguided beliefs that a select few have brought upon this industry that a nonprofit group has emerged whose single purpose is to ensure the fair execution of originating loans such that they will protect the consumer’s best interest while helping to rectify a malice public perception that shadows the industry on a daily basis.

The Fair Mortgage Collaborative, which is a collective effort of lenders, brokers and mortgage technology providers, made its debut in June. The purpose, the organizers say, is to make only those loans in a borrower’s best interest and to identify and certify the lenders that adhere to certain strict standards. The group is based out of Washington and currently has eight members to speak of, some of which are going as far as providing debt counseling and loan referrals as well. The collaborative works with roughly 300 approved lenders which are all constantly under review to make sure that they are in fact suitable lenders for today’s borrowers, and none of the so-called major lenders such as JPMorgan Chase, Bank of America, Wells Fargo and Citigroup have yet to jump on board with this initiative. In fact, one spokesperson from Bank of America has recognized the collaborative, however has said there has been “no time” to investigate its certification process. Fortunately the brokers and companies working with those wholesale lenders have given the collaborative the time of day and have realized that it is a great step forward in resurrecting a positive image of the mortgage industry.

The difference comes when I look into my clients eyes and tell them that I will not originate a loan for them unless there is a true benefit to that loan and their financial situation. I can see the change from an uneasy, untrusting stare to hope and faith that I will do the best I can to get them in a program that will help them achieve short-term and long-term financial goals. The common goal of this new initiative is to get consumers pointed in the right direction. To the right lenders and to the right Loan Officers that actually will have their best interests at heart, moreover if successful this will be a means for a consumer to know the difference between which lenders and Loan Officers will work their very best on the behalf of the consumer and those that merely disguise themselves as such a lender or Loan Officer.
This is the difference we here at Aequor bring to the table, and when I say table I mean the kitchen table in your house while we look you in the eye and shake your hand. The next time you have a question, concern or just want to know if there is something we can do to help please do not hesitate to call as we will always have your best interests at heart and your financial goals will be our motivation to find the best program possible for you. Have a great day and always remember to make sure you are working with an approved Loan Officer or lender!

By: Thomas Calabrese
Aequor Funding Corp.

Hi, my name is Jade Carr and I have recently been recruited to the join the Aequor Funding Corp. mortgage team. I am a direct, concise and positive individual. My goal is to provide my clients with a refreshing experience and also to ensure them that they will be educated throughout the entire loan process. I am one to always put my clients financial needs before all else. Please never hesitate to call and I look forward to meeting and helping you in the very near future.

Article By:
Jade Carr
Loan Officer

We at Aequor Funding Corp wanted to take a moment to make sure all of our clients, potential clients and friends are aware of our internal policy when it comes to not only helping but educating anyone who may wish to utilize AFC’s knowledge and experience. We have an open door and phone policy that is open to the public. It is our job to stay focused and educated on what is happening within not just the mortgage industry but the economy as a whole. We love being able to help answer questions or shed light on any issue or concern that one of our friends may have. We encourage you to pick up the phone should you have any need or question and we love dispensing free advice whenever we can. Our entire team is ready and willing to help guide or advise you on any mortgage or economic matter. This team loves to talk and meet new people, so make sure to you take advantage of this opportunity. Don’t worry if you don’t need or want a mortgage, if you have a question just give us a buzz and we help in any way that we can. We look forward to hearing from you and hope that everyone is doing great. We will talk to you soon.


Gregory J. Greco Jr.
VP of Sales
Aequor Funding Corp