Photos courtesy of Cindy Graf

On the real estate side of things, we have had several properties sold within the last few weeks. See link for details. The property located at 2221 Bluebill sold for $551,000, it's the latest bank owned sale in the community. It was an attractive price that received multiple offers. There are several more of these properties in the process of going on the market, if you are interested in finding out more information, just send me an email or call.

It’s looking like a busy summer season ahead, I hear that vacation rental demand has been strong and is significantly better than last year at this time, a true sign that our economy is beginning to recover.

That’s it for now.

By Pat Barton

I have recently listed a few properties with good locations for investment property, second home or a primary. See following properties at www.sandbridgehouses.com: Blue Lagoon, Giants Treasure and Port O’ Call. As a Sandbridge Beach resident it has been encouraging to see more interest in purchases for primary homes. I think this is due to a few things: one is more affordability on homes and the other is the good school district and proximity to shopping. Red Mill Commons just added a good Thai restaurant called Tida Thai. I went there with several friends this past Saturday and had a great meal.

March came in with a roar with a thankfully short lived Nor Easter. Let’s hope it goes out like a lamb. I know everyone is looking forward to saying “good bye” to the winter of 2010. It’s been rough for many parts of the country and we are all looking forward to warmer days ahead.

by: Pat Barton

Sandbridge, a strip of land approximately fifteen miles in length between Back Bay and the Atlantic Ocean, has been home to farmers, surfmen, fishermen, hunters, vacationers, and permanent residents for over one hundred years. Deeds dating to 1850 reveal that the original name of this beach was Sand Ridge.

The community that had continued to grow throughout the 1950s was devastated by a storm on March 7, 1962, the Ash Wednesday Storm, that brought tides up to 8.9 feet. The storm whipped the sea, splintered houses, and washed away dunes. The owners cleaned up the residue and rebuilt Sandbridge. Subsequently, houses had to be constructed upon pilings.

The decade following the Ash Wednesday storm was one of rapid growth. Sandbridge was extended to within a mile of Back Bay Wildlife Refuge. Plans for further expansion were curtailed with the passage of the Federal Wet Lands Act. However, houses continued to sprout along Sandpiper and Sandfiddler Roads.

Announced FHA Policy Changes:   

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. 

The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing

The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring. Update the combination of FICO scores and down payments for new borrowers.   

New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer. Reduce allowable seller concessions from 6% to 3%.   

The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.

This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

By:Samuel Meekins III

Direct:    757.286.6225

email: SMeekins@MonarchMTG.com

Searching for a home at the Virginia Beach and Surrounding areas has never been easier when you utilize our automated home search system at www.forhomeinfo.info .  This free service will help you find your Virginia Beach dream home quickly and easily.  This service can locate homes ranging from condos and single family homes  to waterfront homes and any type or price home in between.  If you have a specific price range or budget in mind you can choose to be notified of only the homes within your selected price range saving you the frustration of sorting through homes that you have no interest in.

If you would like to get started just visit Virginia Beach Real Estate and the Hampton Roads real estate listings will be sent automatically to your email inbox as new area listings come on the market and are entered into the Real Estate Information Network  MLS System.  In most cases you will be notified as fast if not faster than the majority of real estate professionals working in and around Virginia Beach Area.  If our home search system doesn't cover a specific feature or detail you would like, be sure to utilize our "Comments" section on our online form and tell us exactly what you want and we will customize your search specifically for you (All custom searches will be completed that business day).

You may be asking yourself why am I willing to provide this service to you for free with no real obligation when many real estate agents won't even put the street address or price in their advertisements?  The answer is simple... TRUST.  I put a lot of trust into people and I believe that the vast majority of folks we come in contact with are good, hardworking and honest people.  I would like an opportunity to earn your trust and become your Virginia Beach Real Estate Agent. 

Virginia Beach Home Search System 

A couple weeks ago FHA announced changes to the condo approval process.  These changes were to make condo approvals much more difficult and essentially undermine the recovery effort.  These changes, however, were postponed until December 7^th in order for a further in-depth analysis to be completed.  This is VERY VERY good news for all of us.  We do not want these condo changes to take place!

Rates remain strong.  Remember, Monarch has hired additional staff to help with the rush we are seeing as closings try to take place before the tax credit expires.  Our current underwriting turn around time is three days – much quicker than larger national institutions.  If you have a new buyer trying to make the deadline don’t hesitate to contact me.  I can think of nothing worse than a first time homebuyer closing December 1^st.

By Samuel Meekins III

Senior Loan Officer

Monarch Mortgage

The credit, which applies to sales as of January 2009, is good for 10% of the price of a home, up to $8,000, and supporters assert it has helped stabilize the housing market. It's available to anyone who has not owned a home for three consecutive years prior to purchase, and to qualify for the full credit buyers must be purchasing a primary residence, and couples can earn no more than $150,000, while individuals must make less than $75,000.

The credit has been an important stimulus tool for two reasons. It's fully refundable, meaning that even if buyers owe no taxes whatsoever, they'll get an $8,000 check from the IRS. And this refund will put money in consumers' pockets for good, as opposed to the $7,500 first-time homebuyer tax credit that could be applied to sales made between April 2008 and July 1 2009.

Buyers must close on their homes before Dec.1. But because much of the recent uptick in home sales has been attributed to this tax credit, housing industry advocates worry that the market could quickly turn down again after the credit expires.

"Just like the Cash-for-Clunkers program, there could be a hangover effect," said Mike Larson, a real estate analyst for Weiss Research.

That's why housing industry participants are pushing Congress to keep the tax credit in place.

"We're calling for extending the credit until the end of next year and expanding it to all homebuyers," said NAR spokesman Walter Molony. "We do think that housing will recover without it but the market will come back faster and stronger with it."

Some 1.8 million people are expected to participate in the program by the time it lapses and the National Association of Realtors (NAR) estimates that it will result in an extra 350,000 sales. The NAHB more conservatively predicts 165,000 more home sales than would have occurred. The associations don't want that momentum to slow. The associations don't want that momentum to slow.

"If we don't extend and expand the program, the seeds of growth planted could [die]," said NAHB president Jerry Howard.

There are six bills before Congress that would extend the tax credit, two in the Senate and four in the House of Representatives.

On Wednesday night, Senator Ben Cardin, D-Md., along with Senators John Ensign R-Nev., Harry Reid, D-Nev., Johnny Isakson, R-Ga., and Debbie Stabenow, D-Mic., introduced a bill extending the tax credit program for six months.

Reid released a statement saying, "Yesterday we learned that new home sales have increased in Las Vegas, and that's good news. I hope this credit will build on that so more Nevadans can realize the American dream of home ownership."

Senator Isakson, a former real estate broker himself who has become a leading voice on housing market issues, had introduced his own bill several weeks ago. That would not only extend the credit for a year after it's renewed, it would allow all homebuyers, not just first-timers, to claim it, as long as the property is for a principle residence. The bill would also increase the tax refund to as much as $15,000.

The house bills all extend the deadline through at least the end of December 2009 and two of the bills, introduced by Howard Coble, R-NC and by Dan Burton, R-Ind., would have it run through 2010. They would also open it up to all homebuyers.

Sentiment backing efforts to extend the credit appears to be on the rise, according to Jaret Seiberg, an analyst with Concept Capital's Washington Research Group. He put the odds of an extension at 2 to 1. Isakson's version has already attracted 16 co-sponsors, according to his deputy chief of staff, Joan Kirchner.

But the NAHB's Howard, whose background includes extensive tax lobbying, said that he's seen "a couple of red flags lately," threatening to derail any of the bills.

For one thing, the White House has made it known that it is not supporting the extensions. That doesn't mean the administration is against it, it just means that it won't work towards passing any of the bills.

Another hurdle: The growing sentiment among fiscal conservatives that any extension must be paid for by finding savings in some other areas. There has already been $14 billion allocated to the program -- and any extension would surely cost billions more. Finding that money may be very difficult.

Howard contends that while extending the tax credit may be costly, generating home sales can fire up the entire economy.

When people buy homes, especially new homes, they put a lot of cash into circulation. They buy furniture and appliances, new rugs and drapes, do landscaping and painting.

"When I bought my first home, I begged borrowed and, since the statute of limitations is now over, I can admit I stole from my parents to furnish it," he said. "For our second home, my wife and I bought all new stuff." 

By Les Christie, CNNMoney.com staff writer

Amid mounting speculation over the future of the $8,000 first-time home buyer tax credit, Congress moved today to give American service members another 12 months to claim the popular incentive. The House of Representatives voted 416 to 0 to pass the Service Members Home Ownership Tax Act of 2009, which pushes the credit's current November 30 deadline back an additional year for members of the military, Foreign Service, and intelligence corps who served at least three months of qualified overseas duty in 2009. "This bill makes sure that the brave men and women who put their lives on the line every day get to enjoy the same benefits as every other American who benefits from their service," said Rep. Charles Rangel, the New York Democrat who introduced the bill. "By extending the first-time homebuyer tax credit for service members overseas, we give these families more time to utilize the benefit, while also helping our economy continue its recovery." Here are five things you need to know about the development:

1. Missing out: The $8,000 first-time home buyer tax credit was part of President Barack Obama's $787 billion economic stimulus package, which he signed into law in February. The incentive has since been popular with home buyers; Mark Zandi, the chief economist at Moody's Economy.com, expects the program to generate as many as 400,000 additional new and existing home sales by the end of November, when the program is set to expire. But since many American service members have been living overseas, it has been difficult for them to take advantage of the program. "If you are in a conflict zone, you don't have time to get together with your spouse and family to go house shopping," says Rep. Ron Kind, a Wisconsin Democrat. Rep. Dave Camp, a Republican from Michigan, expressed similar concerns. "A lot of service members get called overseas at a moment's notice," Camp says. "And because of the time limit on the legislation now, they can't always take advantage of it, not because of anything that they did or didn't do but because of the unique nature of serving in our armed forces." The legislation the House passed today provides American service members with additional latitude to take advantage of the credit.

2. Impact: Robert Dietz, the director of tax issues for the National Association of Home Builders, estimates that the new legislation will result in an additional 10,000 home sales. (Kind projected a similar outcome.) And while these additional sales are unlikely to affect the real estate market at the national level, since service members tend to live in clusters—around Army bases, for example—the extension could end up benefiting some individual housing markets more profoundly, Dietz says. "Ordinarily, I would say 10,000 [additional home sales] is not a big deal," Dietz says. "But in this case, in certain communities—since housing is local—it could be a decent [boost]."

3. Costs: The housing tax credit components of the bill are projected to trigger a $77 million loss of federal revenue over the next 10 years. Other parts of the bill, however, generate enough new income—by raising penalties associated with late filings of certain partnership and corporation documents, for example—to ensure that it will not add to the government's yawning budget deficits. "It's revenue neutral," Camp says. "It was fully paid for.

4. Political outlook: From here, the action now moves to the Senate, which must also pass the measure before it can be signed by the president. "I would expect it is going to receive wide bipartisan support," Kind says. "It's the least that our government can do for our service men and women." Scott Talbott, a top lobbyist for the Financial Services Roundtable, agrees. "It probably has even better odds in the Senate," he says. "Service men and women need it as much as anyone."

5. Extension for all first-time buyers: The development comes as lawmakers step up their efforts to extend the tax credit for all first-time homebuyers. The issue was raised yesterday during a meeting at the White House between congressional leaders and President Obama." We need to continue working toward ensuring that more families can stay in their current homes and continue efforts to strengthen the housing market by extending the homebuyer tax credit," Senate Majority Leader Harry Reid, a Democrat from Nevada, said after the meeting. Senator Johnny Isakson, a Republican from Georgia, has introduced legislation that would extend the credit for an additional year. Reid, meanwhile, has endorsed a bill introduced by Maryland Sen. Ben Cardin, a Democrat, pushing the deadline back for six months. Talbott says the six-month extension is "very likely" to become a reality. "It threads the needles of politics and costs," Talbott says. "The U.S. economy and the housing market desperately need it."

U.S.News & World Report

For the week interest rates fell by about 3/8 of a discount point.

The Fed "Beige Book" will be the most important data this week. The Treasury auctions will also set the tone for mortgage interest rates. Strong foreign demand could result in mortgage interest rates improvements.

Auctions

Samuel Meekins III Monarch Mortgage

A strong school system would also be key. From there, you'd need lots of other children, expansive green spaces to play in, and plenty of nearby family events. Toss in an abundance of artistic and recreational activities, and all of a sudden you've got one heck of a place to grow up. At U.S. News, we wanted to find out if any communities like that already existed—and if so, where they were located. So we dug into our database of 2,000 different places all across the country and pinpointed the locales that met these criteria. We then examined these communities more closely to determine which places offered the best combination of safe neighborhoods, fun activities, and top-notch educators. Our selections appear below, in our list of America's 10 Best Places to Grow Up:

Virginia Beach, Va.

Junior adventurers will love Virginia Beach, Va. This community of 434,000 residents in the southeastern part of the state has a low crime rate, a solid school system, and 35 miles of majestic beaches on the Atlantic Ocean and the Chesapeake Bay. "It's kind of neat to be able to come home from work, make a call to my wife or son, grab a bucket of chicken or some sandwiches, and then go out on the bay and have dinner," says Greg Ward, who works for a marketing firm that represents the Virginia Beach Convention and Visitors Bureau.

Children can explore an impressive ecosystem of threatened and endangered species—including bald eagles and loggerhead sea turtles—in the 9,000-acre Back Bay National Wildlife Refuge. The warm summers and mild winters provide plenty of opportunities to hike, bike, and picnic your way through the 19 miles of scenic trails over at First Landing State Park. And after checking out the sand tiger sharks and the cow-nose rays at the Virginia Aquarium and Marine Science Center, children can catch an educational picture in its 3-D IMAX theater.

And in early September, the community is launching an online resource—VBparents.com—designed to keep parents plugged in to local health and school news, while ensuring that they are up-to-date on all of the community activities available to their kids. "There are lots of great parenting resources out there. This one is going to be specific to raising your child and your family within the city of Virginia Beach," says Jenefer Snyder, city of Virginia Beach GrowSmart coordinator. "We are constantly going to be connecting it back to community services, activities, events, programs, and classes."

By Luke Mullins, US News

Aug 20th, 2009

Mortgage bond prices rose last week pushing mortgage interest rates lower. Relatively strong foreign demand for US debt along with tame inflation data helped rates improve. The consumer price index came in unchanged and the core, which excludes volatile food and energy prices, rose 0.1% as expected. The Fed left rates unchanged and continued to purchase billions of dollars worth of mortgage-backed securities in an effort to keep rates relatively low. For the week interest rates fell more than a full discount point.

The producer price index Tuesday will be the most important release this week setting the tone for trading ahead. If signs of inflation emerge at the producer level rates will likely suffer. Housing starts and leading economic indicators data may also move the market.

Market Analysis

The two traditional approaches to market forecasting are fundamental and technical analysis. Fundamental analysis is an attempt to predict future price movements based on the most current economic data. It is based on the theory that economic data can provide analysts with an insight into how levels of economic activity can affect the supply of and demand for money, and thereby impact interest rates.

In contrast, technical analysis is an attempt to predict future market movements based on past price movement patterns. Technical analysts typically use charts and graphs to find patterns or trends into potential future market movements. Technical analysis is based on the assumption that actual changes in economic activity precede the release of the corresponding economic data. Thus, technical analysts attempt to reveal hidden supply and demand factors by reviewing price and volume movements that are not supported by the release of the most current economic data. Another important factor of technical analysis is market sentiment. Market sentiment measures the emotions and expectations of investors in the market. Sentiment, like most emotions, changes often in a short span of time and is impossible to predict accurately.

The inability of anyone to accurately predict the future makes a cautious approach necessary to protect against market volatility. The fact remains that mortgage interest rate are historically favorable. It is difficult to justify the risk in floating when the low rates currently available are a sure thing.

Timing is one of the most important factors in success. Unfortunately, knowing the perfect time to lock in a loan is impossible until after the fact. While analysts constantly try to predict the future, the bottom line is they continually fall short in terms of accuracy. The good news is that the Fed has done a relatively good job of keeping rates favorable, but not without some serious spikes here and there. Without the Fed pouring billions into mortgage bonds, rates would surely be higher.

Provided by
Sam Meekins

Monarch Mortgage

Below is a list of acceptable VA energy efficient improvements that you can have installed. You can roll the cost of the improvements into your new loan up to a maximum amount of $6000.

VA acceptable energy efficiency improvements are:

	Solar heating systems, including solar systems for heating water for domestic use
	Solar heating and cooling systems
	Caulking and weather-stripping
	Furnace efficiency modifications limited to replacement burners, boilers, or furnaces designed to reduce the firing rate or to achieve a reduction in the amount of fuel consumed as a result of increased combustion efficiency, devices for modifying flue openings which will increase the efficiency of the heating system, and electrical or mechanical furnace ignition systems which replace standing gas pilot lights.
	Clock thermostats
	New or additional ceiling, attic, wall and floor insulation
	Water heater insulation
	Storm windows and/or doors, including thermal windows and/or doors
	Heat pumps
	Vapor barriers

You can increase your loan amount up to $6000 for energy efficiency improvements. You will need to provide the following additional documentation to have the cost of these improvements rolled into your loan amount: 

If Improvements Total $0—$3000

1. A copy of a contractor bid or quote itemizing the improvements and the cost. The quote must list the model number or name of the items to be installed and the bid must be signed and dated by both the contractor and the borrowers.

2. A manufacturer brochure or flyer for each of the item(s) you are installing. The brochure or flyer must state the item’s model number or name. The model number/name must match up with the model number/name listed on your bid/quote.
    

If Improvements Total $3000—$6000

1. A copy of a contractor bid or quote itemizing the improvements and the cost. The quote must list the model number or name of the items to be installed and the bid must be signed and dated by both the contractor and the borrowers.

2. A manufacturer brochure or flyer for each of the item(s) you are installing. The brochure or flyer must state the item’s model number or name. The model number/name must match up with the model number/name listed on your bid/quote.

3. An energy audit performed by your utility company or other 3rd party. The energy audit needs to show what your current monthly average utility cost are for the last year.

Upon closing the funds added to your loan amount for the energy efficient improvements  will be held in an escrow account until your improvements are completed. Once you notify us that the improvements are completed an inspection is done to verify completion and the funds will then be released.

source militaryvaloan.com

publish by reininc.com

The 2009 ad campaign, which rolled out at the beginning of this year, tells viewers that today, more than ever before, professional real estate agents are an essential component of the home buying or selling process.

“We feel that our brand recognition is so high because of our extensive advertising campaign, which translates directly to the public choosing a RE/MAX agent,” said Margaret Kelly, CEO of RE/MAX International. “It’s important for consumers to understand that there are some great opportunities in the real estate market right now and RE/MAX agents are the best trained to help them buy or sell their home.”

source: Rismedia & Bengel Blog

Pending Home Sales Increase

http://www.stimuluswatch.org/project/by_state

What is StimulusWatch.org?

"The question we ask today is not whether our government is too big or too small, but whether it works—whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. Those of us who manage the public's dollars will be held to account—to spend wisely, reform bad habits, and do our business in the light of day—because only then can we restore the vital trust between a people and their government."

-President Barack Obama in his Inaugural Address

Congress and the President are getting ready to spend billions of dollars to try to stimulate the economy. As a result, the U.S. Conference of Mayors has responded by releasing a list of "shovel-ready" projects in cities around the country that the mayors would like to see funded. President Obama, however, has promised to spend stimulus dollars only on critical projects.

"What we need to do is examine what are the projects where we're going to get the most bang for the buck [and] how are we going to make sure taxpayers are protected," he has said. "You know, the days of just pork coming out of Congress as a strategy, those days are over."

StimulusWatch.org was built to to help the new administration keep its pledge and to hold public officials to account. We do this by allowing you, citizens around the country with local knowledge about the proposed projects in your city, to find, discuss and rate those projects.

To read more about this or see what your state has requested go to:

http://www.stimuluswatch.org/

A couple on the fence over renting versus buying comes into my office to discuss options.  They “hear it might be a good time to buy a home” but have also heard that banks won’t lend unless your credit score is above 720.  Their’s isn’t – in fact, it’s more like 620.  Not great but not bad.  They also know of two collection accounts outstanding from a visit to the hospital last year.  These collections are each about $300.   

The wife has been employed as a teacher for two years.  The husband finished his college education in May 2008 and has been employed since June 2008 full time at his current employer.  Their bank account has just under $1,000 in it. 

Based on all the rumors and misinformation they were under the impression they would not be able to qualify for a home loan because of their credit score, lack of down payment, lack of work history, and existing collection accounts.  As a result they were considering renewing the lease on their current rental which was about $1,000/month. 

We just closed on their loan last week.  I put them into a VHDA First Time Homebuyer Program called FHA PLUS – www.vhda.com for program info.  This allows the borrower to finance 100% of the loan plus an additional 1.5% closing costs for a total of 101.5% financing. 

This program is based on an FHA loan so the buyer is not required to pay off any outstanding collections so long as they total less than $1,000.  These buyers, however, decided to pay them off as a part of their closing costs.  It was their only expense with the loan, as the seller agreed to pay all their closing costs and there was no required down payment. 

They purchased a $150,000 home in Virginia Beach in a nice neighborhood (it was originally listed for $178,000) Total mortgage payment - $1,098 per month.  And the icing on the cake – even though they have already filed their 2008 taxes, they are doing an addendum in order to immediately receive the $8,000 tax credit.  Half will be for new furniture.  The other half for savings, and even though they won’t admit it, I believe a vacation. 

So, yes…it’s a great time to be a first time homebuyer.  And don’t forget that a first time homebuyer is defined as someone who hasn’t owned a home for the past three years. 

Rates remain extremely low – I am available all weekend should you require my services. 

By:Sam Meekins, III

http://www.monarchmtg.com/sammeekins/

Senior Loan Officer

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.           By: Cindy Cutler  Senior Loan Officer Countrywide Home Loans	All revisions are effective as of January 1, 2009