Ilyce Glink, ThinkGlink.com and Best Money Moves
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Ilyce

About Ilyce Glink

Ilyce Glink is an award-winning, nationally-syndicated columnist, best-selling author, and radio and television personality. She is the best-known consumer advocate for home buyers, sellers, and owners, and her content touches millions of readers, viewers, and listeners each week. She is the Founder/CEO of Best Money Moves, an employee benefit that companies provide that helps employees measure financial stress, then dials it down with a unique content mapping system. She is also the Founder/CEO of Think Glink Media, a digital content agency, and the Publisher of ThinkGlink.com. Listen to Ilyce on WGN Radio each week, follow her on Twitter, and sign up for the ThinkGlink free weekly newsletter, in the blue box at the bottom of this page.
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$8,000 First Time Buyer Tax Credit Mortgagee Letter

By | May 29th, 2009|

On May 29, 2009, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan issued guidance that allows first-time buyers who get an FHA loan to "monetize" the $8,000 first-time home buyer tax credit. In short, you can now apply the $8,000 tax credit to your FHA loan closing costs. This page reprints the FHA's Mortgagee Letter that describes the program and tells what lenders have to do before they allow first-time buyers to monetize the tax credit. The letter is signed by Brian Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner.

Use $8,000 Tax Credit Toward Costs With FHA Loan

By | May 29th, 2009|

HUD Secretary Shaun Donovan announced on May 29, 2009, a program that will allow first-time buyers who use FHA financing to apply the $8,000 federal first-time buyer tax credit toward loan closing costs. In a speech, he announced that FHA-insured loans would allow buyers to turn the credit into cash toward loan costs. FHA loans now account for 25 percent of all home loans on the market, up from 2 percent of mortgages two years ago. The National Association of Home Builders estimates some 160,000 homes will be sold because of the $8,000 tax credit, 101,000 to first-time home buyers and 59,000 to trade-up home sellers who sold their home to a first-time buyer and are purchasing a new home in which to live. The HUD press release, which was issued today, is published below in its entirety.

GDP Declines 5.7 Percent During First Quarter

By | May 29th, 2009|

Today's the last business day in May. We're two months into the second quarter of 2009 now. Here's hoping June will be a positive month for the econom...

Home Loan Financing And Credit Score

By | May 28th, 2009|

When you build a home you may take out a construction loan. You may later decide to convert that construction loan to a permanent loan. Does changing your home financing affect your credit score or credit history? Will your credit score or credit history be negatively affected if you refinance a home loan? Learn to distinguish between home loan financing and what affects your credit score.

Home Value Affects Property Division

By | May 28th, 2009|

If you bought a home with a partner and later decide to split, you'll likely need to divide up the home as well. What's a fair way to buy one partner out of a house? How do falling home values affect the division of a home? Should you sell the home or buy the other person out? Either way, the home value at the time of purchase and the current home value have to be reconciled.

Prepaying Mortgages With Low Interest Rates

By | May 28th, 2009|

Interest rates are at record lows. Does it make sense to prepay your mortgage when you have a really low interest rate? What's the best way to prepay a mortgage loan with a low interest rate? How can you ensure that the mortgage lender knows when you are sending in prepayments to your mortgage loan? It's up to you to track your mortgage loan prepayments and it's easiest if you prepay the same amount every month.

Housing Market Data Shows Housing Crisis Ongoing

By | May 28th, 2009|

How is the housing market doing in spring 2009? Is the housing crisis coming to an end as some people suggest? While housing market data provided by groups such as the National Association of REALTORS may be less bad than it used to be, the real estate market has yet to rebound. It would take more than 10 months to sell all of the housing inventory that's currently on the housing market. Find out some signs that would show the bottom of the housing crisis.

Reverse Mortgages Explained

By | May 28th, 2009|

If you're age 62 or older and have paid off your home, you may think about getting a reverse mortgage. A reverse mortgage is a way to tap into your home's equity but it comes at a cost. Interest accrues on the reverse mortgage, which will need to be paid off when you or your heirs sell the home. Is a reverse mortgage right for you? Can you use reverse mortgage funds to pay for a funeral? What can you do if you didn't understand the terms of the reverse mortgage you already got?

Fewer Americans File For Unemployment For Week Ending May 23

By | May 28th, 2009|

Fewer Americans filed first time unemployment insurance claims last week, the Department of Labor reported this morning. The seasonally adjusted esti...

Avoid Fake Check Scams

By | May 28th, 2009|

Fake check scams have made victims out of 1.3 million adults, with an average loss of $3,000 to $4,000 per consumer. With billions of dollars at state...

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