25 Gorgeous new Audubon Park condos will be going up for auction, and Warren Residential wants to help you bid on and win one of these stunning homes at a fraction of their original cost!

• Over 50% off of original asking price!
• Put as little as 3.5% down (FHA Financing available)
• Perfect for first time home buyers!
• Minimum bids of $195K

These Luxury Boston condos feature:

• Granite Counter Tops
• Bamboo Hardwood Floors
• Large Windows
• Juliette Balconies
• In-Unit Washer/ Dryers
• Stainless Steel Appliances
• Concierge Services

Aububon Park condos are located near Kenmore Square, and are only a short walk away from Fenway Park.  The Fenway/ Kenmore neighborhood is easily accessible via the MBTA Green Line and bus services as well.  The property offers a limited number of parking spaces (priced from $60K- $70K) that will also be available to the winners of the auctions on a first-come/ first-served basis to include in the purchase price of their home.

Minimum bids have been set for these properties, meaning any bids lower than the set price will not be recognized.  From the information posted on the auction website, one-bedroom/ one-bathroom luxury condos are starting with a minimum bid of $225,000 and the two-bedroom/ two-bath luxury condos are starting with a min bid of $325,000.

How Does this Work?

• Call or email Nick Warren at nwarren@warrenre.com or 617-933-9776 to setup a preview of the condos before the auction.
• At the preview you will receive condo docs and budgets if you want to register for the auction.
• CONTACT US TO REGISTER FOR THE AUCTION- YOU MUST BE REGISTERED BY OCT. 17th TO ATTEND.
• Auction day is Tuesday Oct. 19th at the Colonnade Hotel in Back Bay.

I know you will have many more questions about the Fenway / Kenmore condo auctions at Audubon Park, so please don’t hesitate to contact me at 617-933-9776 or nwarren@warrenre.com for answers and to schedule a preview!

This is really exciting!  The American Brewery Lofts are a true Boston loft building located in Jamaica Plain.  The units are carved out of an old brewery from the early-mid 1900′s.  Here are some details on this Boston Auction:

• Up to 57% off of original asking price!
• Put as little as 3.5% down
• Perfect for first time home buyers!
• Comes with parking
• $500 Cash back at closing if you use Nick Warren as your buyer’s agent!

These Boston loft units feature:

• Ceiling heights of 9′ to 23′!
• Exposed Brick
• Loft Areas
• Large Windows
• Washer/Dryer Hookups
• Fitness Room
• Professional Management
• Stainless Steel Appliances

How Does this Work?

• Call or email Nick Warren at nwarren@warrenre.com or 617-933-9776 to setup a preview of the Brewery Lofts prior to Friday June 25th.
• IF YOU REGISTER WITHOUT ME, YOU CANNOT QUALIFY FOR THE $500!  SO MAKE SURE YOU CALL ME TO GET YOUR MONEY!!
• At the preview you will receive condo docs and budgets if you want to register for the auction.
• After you visit the American Brewery Lofts with me, you can go back on your own as many times as you’d like.
• Auction day is 11:00am on Saturday June 26th at the Colonnade hotel in Back Bay (YOU MUST BE REGISTERED PRIOR TO THIS DAY TO ATTEND THE AUCTION)

I know you will have many more questions about the auction at the American Brewery Lofts so please don’t hesitate to contact me at 617-933-9776 or nwarren@warrenre.com for answers and to schedule a preview!

Our good friend David Bolton over at Prospect Mortgage (one of Boston’s best mortgage brokers) just sent me an advisory memorandum from MassHousing explaining the new $8000 tax credit loan program.  I’ve posted it below and will explain some of the quick details in bullet points afterwards:

“Governor Patrick announced today the establishment of a Tax Credit Loan Program for
eligible first-time home buyers to be utilized in conjunction with MassHousing’s first
mortgage programs. The homebuyer credit is a new tax credit included in the recently
enacted federal Housing and Economic Recovery Act of 2008 (“HERA”) for homes
purchased in 2008 and 2009. The maximum available credit is $8,000 and it is claimed
when the homeowner files their 2009 tax return. To be eligible, the homeowner must
purchase the property before December 1, 2009. All other first time requirements
associated with MassHousing first mortgages will remain in place.

In an effort to stimulate home sales, several states have initiated programs that make this
tax credit available up-front in the form of cash by “monetizing” the tax credit. The
funding of this tax credit is through the state housing finance agencies and is used for
downpayment, closing costs, and other closing related expenses and is available at the
time of loan closing. The terms of this MassHousing program are similar to those offered
by other states.

Due to the complexity of this tax credit loan program, MassHousing has selected a small
number of our most active lenders to participate in the pilot phase of the program
implementation. Those lenders must be trained by MassHousing staff on the guidelines of
the program and the operational issues that differ from those usually associated with
registering and funding MassHousing loans. The training agenda will be announced next
week and new required documents, i.e., note and disclosure forms, will be available
shortly and distributed to the selected lenders.

MassHousing will be expanding the network of lenders to additional MassHousing
lenders in the near future.

Additional information will be sent to all “pilot” lenders in the next few weeks. If you
have any questions, please contact your Business Development representative.

A FAQ document will be available on the MassHousing website in the next few days.”

In case you didn’t understand what was said in the above memorandum or if you just don’t have the attention span to read the entire thing, here are some quick facts:

1. Homebuyers who are using a MassHousing first mortgage loan to purchase their first home apply for the Tax Credit Loan program through their lender
2. The Tax Credit Loan is used to cover closing costs or as part of the down payment
3. In 2010, the home buyer claims the $8,000 tax credit on their 2009 federal tax return
4. The home buyer then repays the MassHousing tax credit loan (No interest is charged if the Tax Credit Loan is repaid by June 1, 2010. Otherwise, the Tax Credit Loan is amortized over the next 10 years, at the same interest rate as the first mortgage).

So basically, MassHousing is allowing you to take a no-interest loan for your down payment which you then repay with your tax credit once you receive it.

Please feel free to contact me directly on my cell at 617-933-9776 or via email at nwarren@warrenre.com for more information or questions.

Great news for first time home buyers released today!  The Federal Housing Administration (FHA) will allow home buyers to apply the Obama Administration’s new $8000 first-time home buyer tax credit towards the purchase costs of a FHA-insured home.

Prior to this the tax credit was only accessible to buyer’s after filing their tax returns with the IRS.  Now, home buyer’s using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5% of appraised value or their closings costs, which can help achieve a lower interest rate.

What this doesn’t allow you to do is use the $8000 towards the minimum 3.5% down required for an FHA-insured mortgage.

According to the National Association of Home Builders, the Administration’s homebuyer tax credit will stimulate 160,000 home sales acroos the nation – 101,000 of which will be first-time home buyers who will receive the credit.  59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home.