Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
"Jerry Jones, CPA has been successful in filing a 1045 loss on my 2008 tax return, resulting in getting my past five years of federal income taxes returned to me. I appreciate Jerry’s direct approach to the IRS tax laws and his professionalism, and knowledge in dealing with the IRS. Jerry has been a wonderful educator to me in IRS tax laws, and refund amounts available through new IRS rulings. I would strongly recommend Jerry to any Business owners or individuals requiring an in debt knowledge of the IRS laws and rulings. Thanks Jerry for getting my refunds for the past five years"!
Michael Goodwin

Reverse Mortgages—What You Need to Know

How They Work

A reverse mortgage is a tool which allows a homeowner to withdraw equity from his home. It does not involve a sale of the home, hence, ownership is never relinquished. The marketplace for reverse mortgages is fairly consolidated. As much as 95% of all reverse mortgages are written through a Home Equity Conversion Mortgage (HECM), regulated by the federal Department of Housing and Urban Development (HUD) and available only through an approved Federal Housing Administration (FHA) lender. To qualify for a HECM reverse mortgage, the following criteria must be met:

1) The homeowner must be at least age 62. If the property is owned jointly, the youngest titleholder must be at least 62.

2) The property must be a single family dwelling, an approved FHA condo, or a multiple family home which contains at least two but not more than four units.

3) The home must be the primary residence of, and occupied by, the homeowner.

4) If the home is leveraged, the equity in the home must be sufficient to pay off all mortgages, liens or legal obligations against the property.

To satisfy the residence rule, the homeowner must reside in the home for at least 183 days per year and confirm this by signing an Annual Occupancy Certificate.

If this is a problem due to the homeowner’s health or work situation, the homeowner must notify his Servicer. If the homeowner is out of the home for 12 consecutive months, the loan could be in default. If the homeowner rented the property, it would no longer be considered his primary residence, and the loan would be in default. Also, the homeowner must continue to pay insurance and property taxes and maintain the property in accordance with FHA requirements.

Nevada Rural Housing Access

International City Mortgage is pleased to announce the Nevada Rural Housing Authority Home At Last Access Program!

This program will allow us to better serve the needs of customers in Northern Nevada. 


Ten Tax Tips for Individuals Selling Their Home

Originally Posted By the IRS

If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.

Here are 10 tips from the IRS to keep in mind when selling your home.

1. If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you’ve owned and used the property as your main home for at least two out of the five years before the date of sale.

FHA/VA Manufactured Housing Loans

Interested in purchasing a Manufactured Home?

International City Mortgage, a Fannie Mae and GNMA approved Mortgage Banker, is pleased to announce the addition of Manufactured Housing financing options for our customers in Northern Nevada. We are excited about this opportunity to better serve the needs of our customers, while adding to our competitive list of mortgage products.

FHA is Changing the Waiting Period for a Borrower

By Mike Goodwin

Borrowers who have had a bankruptcy, foreclosure, short sale or deed in lieu. Read the below information to give you a heads up on what they are requiring. Below is a mini version of the requirements.

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