First Time Homebuyer Tax Credit up to $8000
I have to first preface this post by stating that I am not a tax advisor and cannot guarantee any of the following information. But I can let you know some of the requirements and stipulations for qualifying for the First Time Homebuyer tax credit. First time...Interest Rate and Market Update
The mortgage bond market got pummeled yesterday and we got multiple interest rate increases. From yesterday morning to this morning, interest rates went up by a full quarter percent (.25%), which is a significant day-over-day increase. From Thursday of last week, they...Reminder on Loan Amount Limits
Up to $417,000: Conforming Loan Limit (the best interest rates and most “common-sense” underwriting). $417,000-$729,750: High-Balance Conforming loans (this reverted back to a $729,750 loan limit, but it is temporary. It will go back to $625,500 at some...What it Means to “Lock in” on an Interest Rate
When a mortgage professional quotes you an interest rate, you can decide to “lock” it in at the terms and fees quoted, or you can decide to wait and see how the market goes. Remember that if you do not lock in, that quoted rate and cost scenario cannot be...Home Valuation Code of Conduct Letter
The fight against the HVCC isn’t over yet! I would like to share with you the letter that I wrote and sent to 9 of our elected representatives (governor, congresspeople and president). If you would like to contribute your own letter or phone call (or even use...Interior Insurance Now Required on Townhomes and Condos
Lenders are now requiring homeowners of condos and townhouses to insure the fixtures and contents within their home. HOA dues (usually) cover insurance for just the outside of your unit and the development as a whole, not the inside. This can potentially change your...Fannie Mae Refi Plus Program
The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance. I locked a client in on this program...Two More Days until Appraisal Process Changes: Home Valuation Code of Conduct
One final reminder about the appraisal process. If you sign and date an application and disclosures prior to May 1, 2009, and get your credit report pulled to justify those dated forms, we have control in who to order the appraisal from. If you wait until May 1st and...9 More Days Until the New Appraisal Law Goes Into Effect!
We have 9 more days until appraisals have to be ordered through AMCs. The rule is that your application and disclosures must be signed and dated prior to May 1, 2009. If you do so, then we have control over who to order your appraisal from. If you sign and date your...Loan Calculator
Try for free!
Free eBook
