If you’re thinking of buying a home, then I personally think that this is the best time to do so as this is still a buyers’ market. The low prices and low mortgage rates are here to remain for some more time. Those who wanted to refinance their home for quite sometime now, can also go for it now as the rates are quite low now.  Some of the housing and mortgage trends you can expect to see in the first quarter of 2012 are listed below:

1. Property prices begin to become stable: The property prices have bottomed out in most of the areas. So, it is expected that henceforth, the property prices will begin to become stable. Many housing experts are also of the opinion that there’s not much room for prices to drop down further. So, this can be a great time to buy your dream home.
2. Refinance may increase due to new HARP: Underwater borrowers have always remained tensed and have anxiously awaited for the day when they will be able to benefit from low mortgage rates. They won’t have to wait much longer. The New Home Affordable Refinance Program or HARP 2.0 will allow borrowers to refinance and get a low mortgage rate irrespective of how much underwater they are.
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Have you moved to US and looking for an apartment to take on lease? If yes, then you should know that it may be difficult for you to do so without a credit record. However, it doesn’t mean that you cannot get a suitable apartment to stay. Go through this article to know how you can take a suitable apartment on rent without a credit record or even before you get your Social Security Number or SSN.

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The Internal Revenue Service (IRS) opened the 2012 electronic tax return filing season on 17th January, 2012. This is a reminder to the taxpayers that the best way to get quick refunds and tax returns is to e-file their taxes.  It should be noted here that tax returns can be e-filed in the following three ways:

• Through a tax return preparer
• Through self-preparation software
• Through IRS Free File

This e-filing facility has gained immense popularity in the recent times and has surpassed the milestone of 1 billion returns processed. It is estimated that more than 112 million income tax returns were e-filed last year.
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With the start of a New Year, most of us have a New Year’s resolution in mind. Why don’t we take a resolution to save money? I guess that will be a better New Year’s resolution compared to anything else. Here are some of the ways by which you will be able to save money this New Year:

Organize your finances: It’s a new year. So, you can take steps in order to get your finances organized. You should get all your paperwork under control. Create a separate place to put the mail that needs attention. This will help you avoid losing important documents and incurring late fees. This will also help you in managing your finances in less time.

Create an emergency fund: Financial crisis can hit you at any moment. It won’t give you a prior notice. In such a situation, the best option is to create an emergency fund.  This will help you in handling an emergency medical situation or car wreckage without any problem.

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Started by Governor Robert Bentley, Hardest Hit Alabama (HHA) is foreclosure prevention program which aimed at mainly helping the homeowners who were unable to return to work after the April 2011 tornadoes. As per this program, those who apply and qualify for this mortgage assistance, will either receive $15,000 per household or may receive assistance of up to 12 consecutive payments. Around 900 people have received assistance about the Hardest Hit Alabama mortgage help program.

The HHA program authorities are trying their level best help more people consider this as an option to save their property.  They are coordinating with  a number of other organizations to make people aware of this program so that people don’t lose their home.

This program is still on and if you want to learn more about the program and its qualifying criteria, then you can take a look at “hardesthitalabama.org”. In order to take advantage of this program, you don’t have to pay a fee.

The holiday season is ongoing and most of us will push off the tax payments for the time being to enjoy the festivities. However, this can very costly for us later on. So, here are 5 ways to save money before the end of the year which will make it easier for you to manage your expenses at beginning of the new year:

1. Tax breaks: You will be surprised to note that there are many tax breaks which expire on December 31st. So, if you’re self employed and plan to buy a new vehicle, try buying it before December 31st. If you do so, you will be able to write off the full cost of purchasing if you use the car for business purpose. In case, you’re considering making energy efficient home improvements, try completing the work before December 31st. This will help you to get the benefit of an expiring $500 tax credit.

2. Charitable donations: If you want to make a charitable donation and want to claim a deduction on it, then do it by December 31st. Clearing of the check by the year end won’t matter but you should definitely mail it by the year end. Apart from this, if you make donations by swiping your credit cards before December 31st, you will also be eligible for deductions.
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In a recent announcement, Fannie Mae and Freddie Mac have decided that they will suspend all evictions during the holiday season especially from December 19, 2011 to January 2, 2012. It has been also announced that if the property is occupied, the foreclosure attorneys will suspend the eviction for the time being so that the homeowners will be able to spend their holiday season in a better manner. However, it remains a fact that this decision won’t change the pre or post foreclosure processes.

After January 2, 2012, the normal course of action will start off and both the mortgage giants will redeem the foreclosure process. The homeowners will start receiving the eviction notices in order to move out of their property.

This announcement emphasizes on the fact that both Fannie Mae and Freddie Mac are committed to help the borrowers avoid whenever possible. They reach out to help the borrowers in every possible way so that the borrowers are able to save their property.

Mortgage fraud has been a significant problem for past few years. It has been noted that in the year 2010, there was an estimated loss of around $3.2 billion due to mortgage fraud nationwide. It is expected to exceed in the year 2011. Combating mortgage fraud is a priority for all of us in order to improve the housing market.  You can be a target of mortgage fraud if you own a home or are planning on purchasing a home or are attempting to short sale or foreclose it.

Here are 5 tips which will help you avoid mortgage fraud:

1. Referrals: You should contact the real estate agents and mortgage professionals in order to get referrals at the time of buying or selling a home. In order to be sure that the real estate agents and mortgage professionals are not scammers, you can check out their licenses with state, county, or city regulatory agencies.

2. Research: In order to be on the safe side, it is your responsibility to do the required research about the sale prices and the tax assessments of other homes in your neighborhood.
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In a recent development, the U.S. House and Senate have voted in order to increase the mortgage limit for FHA loans to $729,750. This will help the homeowners to get higher and cheaper loans. Currently, the loan limit for FHA conforming loan is $625,500.

Voting in favor of the bill:
The house voted 298 to 121 in favor of the bill. However, it is to be noted here that around 101 Republicans voted against the bill. The Senate, on the other hand, voted 70 to 30 in favor of the bill.

Housing industry groups lobbied in favor of change:
Various housing industry groups such as the National Homebuilders Association had always supported the increase in FHA loan limits. They have always maintained that around 5.3 million homeowners wll be positively benefited from the change. The increase in FHA loan limits will provide borrowers with an affordable financing option. This will also provide a much-needed boost to housing markets.

President Barack Obama is likely to sign the change into law in a few days of time.

Fannie Mae has recently reported a third quarter loss and will be asking for help of $7.8 billion from the Treasury Department.  In a recent report, the government-sponsored enterprise had reported a net loss of $5.1 billion in the period between July and September. This loss is due to the defaults on loans which were made before 2009 and consequent losses that are linked to a decline in interest rates.

It has been reported that Fannie Mae is working forward in order to reduce the losses.  Both Fannie Mae and Freddie Mac have survived on the aids from the Treasury Department since 2008 after the sub-prime mortgage crisis took place.

How will Fannie Mae pay off the aids?
As per the Stock Purchase Agreement with the Treasury Department, Fannie Mae and Freddie Mac will pay 10% dividend in exchange for taxpayer support. Till date, both the organizations have received about $185 billion in aid and returned about $32 billion in dividends.

The $7.8 billion aid request by Fannie Mae today includes $2.5 billion that will be repaid to Treasury in the form of dividends on the U.S. stake.