firsttime home buyers: NAR is Asking for an Extension on the Home Buyer Tax Credit - 06/05/10 11:19 PM
NAR is Asking for an Extension on the Home Buyer Tax Credit
As we all know the home buyer tax credit expired on April 30 for purchase and sale agreements with a closing deadline of June 30. Now, the National Association of Realtors is asking Congress for an extension of that window date.
One of their arguments is that so many of the properties under agreement are foreclosures or short sales and these types of transactions need more time to close. Short sales are not, well - short. They actually take longer to close than the average home buying transaction.
Lawrence … (14 comments)
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firsttime home buyers: Coming Down the Final Stretch - Can You Still Get in on the Home Buyer Tax Credit? - 03/18/10 03:44 PM
Coming Down the Final Stretch - Can you Still Get in on the Home Buyer Tax Credit?
With just about six weeks left to get into contract on a home, time is running out on the government's program to give first-time and existing home buyers a tax credit. Everywhere you look these days you see symbolic clocks ticking and widgets with the hours dropping away, reminding home buyers that that it's time to act quickly.
Is there really still time?
In a word - yes. If you have been looking and there are potential properties in your sight, you still … (8 comments)
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firsttime home buyers: New Rules for FHA Loans - 02/23/10 03:57 PM
FHA Loans - New Rules
The FHA, which currently makes up to 40% of all mortgage loans nationally, has set some new rules in place. In an effort to shore up its capital reserves and to do a better job at managing risk, the agency is tightening its lending requirements.
Last year an independent audit discovered that the FHA's capital reserves had dipped below the 2 percent required by Congress. The changes that are being made now are an effort to increase the quality of its borrowers therefore reducing the number of loans that go into default.
Some of the … (4 comments)
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