$8000 First Time Homebuyer Tax Credit Expiring 12/1/09
Just a reminder that the first time homebuyer tax credit is set to expire on December 1st. This means that you must close (own the home) by this date. Purchase contracts are averaging between 30 and 45 days right now on regular sales, so this means you would...Interest Rates Have Been Improving!
Interest rates have steadily improved in the past week and a half. I haven’t seen a good run like this in quite a while and definitely not in 2009. Usually, we have had wild fluctuations. I have a lot of clients that had a target rate and cost in mind and we...Closing Costs and the “Good Faith Estimate”
After you have applied for a loan, your broker or lender is required to mail a Good Faith Estimate (GFE) to you within 3 days of receiving your application. The GFE gives you the breakdown of closing costs and prepaid items that you must pay at Close of Escrow. This...A Gift as Your Down Payment
If your family has the ability to gift you money to use towards the down payment on your home purchase, we need to make sure that it complies with certain rules. Here are some highlights and tips you should be aware of: CONVENTIONAL LOANS: If your total down payment...Home Affordable Modification
For those of you whom are unable to refinance because your value has declined and who do not qualify under the Fannie Mae Refi Plus program, your only option is to ask your servicer for a loan modification. I’m working on gathering information from people who...Loans by Irene on Facebook!
I now have a Facebook business profile page! Click on the link below to sign in, and if you’d like, become a fan. In addition to linking blog posts, I will be putting short and quick tips, pointers and updates. Loans by Irene on Facebook Thanks! Share this:Click...When you’re looking to buy a home…
Be wary of the property’s condition and the work that needs to be done. You may be a handy, do-it-yourself person, but lenders have specific rules about what constitutes a “livable” home. Even if you agree to buy the home “as-is”, the...FHA versus Conventional Loans
A conventional loan is any standard, traditional loan that is not backed by the government. In contrast, an FHA loan is government-insured, meaning that the government will guarantee it. Because the government guarantees to the lender that your loan (your payments)...Fannie Mae Refi Plus/Making Home Affordable: LTV limit is increasing!
The Making Home Affordable program will be increasing the maximum allowed Loan-to-Value ratio from 105% to 125% soon. I will keep you updated when this occurs, but this is will help give more homeowners the opportunity to refinance. The program does have stipulations,...Loan Calculator
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