Check out my new Video Series

Jeff Eisenberg's 6-minute Right to the Point Video Series......   http://www.youtube.com/watch?v=RJcGNb_T8dE

Great information is on its way......stay tuned.

Jeff Eisenberg
President
Southern Oaks Mortgage, Inc.
http://www.somloans.com/
www.twitter.com/loanmanjeff
http://www.loanmanjeff.com/

Upcoming "Maximizing Your Assets" Panel Discussion with the Experts

On Dec. 19th at Union Bank in Newhall at 9:30 am to 11 am, I will be having a Panel Discussion with Bill Clingen - Asset Protection Specialist, Robert Mansour, Esq. -Estate Planning Attorney, Brad Polak - CPA and none other than myself - Jeff Eisenberg - Mortgage Consultant & Advisor.  We will cover various topics that will relate to issues and concerns in our respective fields in the coming year 2010.  This is not one to miss.  To reserve your seat, please call 661.964.0200 or go to http://www.maximizingyourassets.com/ to register.


Jeff Eisenberg
President
Southern Oaks Mortgage, Inc.
http://www.somloans.com/
http://www.loanmanjeff.com/
www.twitter.com/loanmanjeff.com

Tax Credit for 1st-time Buyers Extended!!!

Tax Credit for Homebuyers




First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.



Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.



Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.



Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.



What are the New Deadlines?



In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.



Tax Credit Versus Tax Deduction



It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.



Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!



Higher Income Caps



The amount of income someone can earn and qualify for the full amount of the credit has been increased.



Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible



Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.



Maximum Purchase Price



Qualifying buyers may purchase a property with a maximum sale price of $800,000.



------------------------



Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.

jeff@somloans.com
http://www.somloans.com/
http://www.southernoaksmortgage.com/
http://www.loanmanjeff.com/
www.twitter.com/loanmanjeff

Mortgage Backed Securities having a GOOD day!

We are up about 44 basis points on the MBS for the day.  We've seen two price improvements throughout the day.  Rumor has it that the government will extend the $8000 tax credit and also make it available to people who already own, but are moving up.  We'll have to see how that pans out, but at least we are moving in the right direction.

For more information, call Jeff Eisenberg  661.964.2600 x 104
http://www.southernoaksmortgage.com/
http://www.somloans.com/
http://www.loanmanjeff.com/  for my  book
www.twitter.com/loanmanjeff

Voted Best in Valencia 2009 for Loan Agent

Press Release


FOR IMMEDIATE RELEASE

Southern Oaks Mortgage Receives 2009 Best of Valencia Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

Southern Oaks Mortgage is located at 25000 Avenue Stanford, Suite 95 Valencia, CA 91355 Jeff Eisenberg, Broker - 661-964-2600 jeff@somloans.com www.somloans.com

WASHINGTON D.C., June 8, 2009 -- Southern Oaks Mortgage has been selected for the 2009 Best of Valencia Award in the Loan Agents category by the U.S. Commerce Association (USCA).

The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

About U.S. Commerce Association (USCA)

U.S. Commerce Association (USCA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.

The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Commerce Association



CONTACT:

U.S. Commerce Association

Email: PublicRelations@us-ca.org

URL: http://www.us-ca.org

Should you shop your loan?

The answer is yes. In a competitive world, shopping your loan could very well save you thousands of dollars, if not more. But here is the catch; the lowest interest rate or the lowest fees doesn’t necessarily mean you are getting the best deal. Key factors could include: recuperation periods, type of loan, prepayment penalties, knowledge of loan products of mortgage professional and future plans. Also, shopping for loans could affect your credit score. Be very careful that when shopping, you don't give out your social security number because if you do, each lender will run your credit.  For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.




Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with

Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

Reporting your rental properties on Schedule E

If you own rental properties, it’s very important to file a Schedule E with your personal tax returns. This reports the income or loss generated from your rental. This will help show proof that you have experience renting properties. Lenders typically like to see a two year history. Keep current rental contracts on file just in case the lender wants to see them. If you are renting out a home/condo and not reporting the rent on a Schedule E, then the lender cannot give you credit for the income to offset the debt you may show on your credit report, thus making it harder to qualify. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.

http://www.somloans.com/

http://www.loanmanjeff.com/

www.twitter.com/loanmanjeff

Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with

Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

Second Homes

Buying a second home is a dream for many folks. The true definition of a second home is a home that one can travel to that will provide a getaway from the daily grind. Well, that is my definition. A lenders definition relates to whether or not it makes sense to consider the other home a second home. The proximity to your current home is a major factor. Is this home near a beach, golf resort, ski resort, lake, river, snow or just considered a getaway city, like Palm Springs? If the answer to this question is no, then the lender will most likely consider it a rental property. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.

www.somloans.com
www.southernoaksmortgage.com
www.twitter.com/loanmanjeff

Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with
Dept. of Real Estate Lic#01458657, DRE (916) 222-0770