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Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath® properties. HomePath homes are REO’s that have already been taken back by Fannie Mae and put on the market at a certain price as HomePath eligible. I did a complete breakdown of the HomePath on a previous post but here is a quick reference… [...] According to the commissioner of the State Of California Department Of Real Estate (DRE), Short Sale fraud is on the rise. In a recently issued letter the DRE reached out to local mortgage lenders to advise them of the problem, as well as for help. Even though there are many ways short sale’s can be [...] . Just a quick look at last week’s mortgage bond market. Up and down (red is bad) in huge strokes all week long. I hope you see how important it is to work with a mortgage professional that not only has access to this data, but understands how to use it to your advantage. [...] I received a letter from the federal department of Housing and Urban Development (HUD) informing me that there are going to be sweeping changes to the FHA mortgage insurance program starting next month. This is something that has been talked about for some time but nothing had been finalized. The major change is in FHA’s [...]
1. I applied for the 2009 New Home Credit, but didn’t get it since the money ran out. Can I apply now since there is more money available? No. The 2010 New Home / First-Time Buyer Credits are only available for purchases which close escrow on or after [...] Today’s payroll flop — only 20,000 real jobs created in May — will take some time to settle all the way in. Immediately: 10-year T-notes are 3.22% (from 3.36% yesterday and 3.99% six weeks ago), and the best mortgages below 5.00%. The payroll report has confirmation: new unemployment has held high for five months; May [...] The Federal $8,000 homebuyer tax credit is gone for those that did not get into contract to buy a home by April 30th, 2010. However to help stimulate home sales, the state government is offering tax credits for Californians purchasing their piece of the American dream. The federal law offered up to $8,000 for first-time homebuyers and [...] Many members of the military, foreign service, & intelligence communities have one more year to purchase a home and claim the $8,000/$6,500 home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between January 1st 2009 to April 30th 2010, has until April 30th of next year, [...] The state of California has rewritten and re-established last year’s $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1, 2010 and August 1, 2011. The credit is worth up to 5% of the purchase price, up to a maximum of $10,000, and is spread out over three years ($3,333 per [...] - All borrowers’ birth certificates will be required with pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers. - Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan. - [...] |
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