$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...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...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)...New Mortgage Insurance Requirements
In March, Mortgage Insurance (MI) companies for conventional loans cut their max Debt-to-Income ratio from 55% down to 41% max. I blogged about it here. Now, the new and more strict requirement, which is going into effect next week, is an increase in minimum credit...Loan Calculator
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