If you are a borrower who is eligible for the first time home-buyer credit or the “move up credit” you must close before June 30, 2010, NO EXCEPTIONS! If you loan is not already in process it is highly unlikely that you can get into process at this late date and close, but it doesn’t hurt to ask. If you are in process you should be checking in on:
After running out of money to guarantee loans USDA pulled the plug. A couple of weeks later they published a letter that said banks could continue to fund USDA Guaranteed Mortgages which would be subject to receipt of funds in the future from Congress…..then a day later they pulled the plug again! Well they are now back. After much anticipation USDA is allowing banks to fund mortgages again that are backed by them. The change that has occurred is the guarantee fee (which is usually just added into the mortgage) has gone from 2.0% to 3.5%. This will allow USDA loans to be self-sufficient and not have to ask for any funds from Congress. This is great news……don’t know what USDA mortgage is? Simple, the basics are:
Effective June 1 (some items July 1) there will be many changes to Fannie Mae which are called the Quality Initiative. Many o f these changes are trasnparent to the consumer and those involved in the transaction, but could cause some confusion, possibly some delays and some turn downs well into the mortgage process. Being aware of some of these changes can lead to a continued smooth flow of the transaction and require cooperation from all involved. Some of the changes are:
After years of trying it seems that we are right around the corner from the much anticipated new and “improved” Good Faith Estimate. The idea behind this estimate is to change the wanton disregard that many originators in the past had used when “dispensing” these pieces of important paper. Now under the rules and regs that take effect come January 1, 2010 when an originator issues a Good Faith Estimate to a client:
The first time home buyer credit has been extended and expanded to include repeat buyers! Some of the changes/highlights to the new law that was just signed on November 6, 2009 by President Obama are:
On June 1st Fannie Mae made changes to the way its automated underwriting engine evaluates applicants for mortgages. Details follow:
• As of June 1 Fannie Mae “upgraded” their underwriting engine to version 7.0. This new version has some major changes including: [Read the rest of this entry...]
The newspapers have been touting the “meltdown” in the mortgage and real estate world which has caused some markets to react even more negatively than they would under the same circumstances without all the neagtive press and television coverage. The fact remains that many banks did [Read the rest of this entry...]
Razor Mortgage LLC Registered Mortgage Broker, NYS Banking Department. All loans provided by third party providers. |
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