Update on the $8,000 Tax Credit - 05/29/09 05:06 PM
Special Update:New guidelines were issued today for the monetizing of the $8,000 first-time homebuyer tax credit that was announced by HUD and then delayed by HUD. The primary change is that the money cannot be applied toward the 3.5% down payment. It can be used for a larger down payment or applied toward closing costs. We'll provide more details soon.
Here's a link to the HUD site. Click on Mortgage Letter 09-15 http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm
Again, it appears that it can be used as "a" downpayment, but the borrower still needs to come to the table with 3.5% on FHA loans.
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REVERSE MORTGAGE OPTIONS for CONSUMERS IMPROVE WITH LOAN LIMIT BOOST in Portland, Oregon - 05/02/09 10:53 AM
By Karen Epper Hoffman, NRMLA The recent increase of the national loan limit for Home Equity Conversion Mortgages (HECMs) is barely a month old and already lenders see it as a game-changer.  The federally insured HECM limit climbed to $625,500 from $417,000 on Feb. 17, when President Obama signed the American Recovery and Reinvestment Act of 2009 into law. The higher loan limit, which stays in effect until yearend, follows by less than four months an increase of the loan limit to $417,000; previously, the loan limit varied by county and maxed out at $362,790.  The financial crisis has accentuated the value … (0 comments)

 
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Larry Morris, NMLS 150073

Larry Morris, Oregon Mortgages

Newberg, OR

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Address: 2318 Portland Rd., Suite 100, Newberg, OR, 97132

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Relevant news and information about issues relating to Oregon and Southern Washington mortgages and real estate. These views do not represent the views of HomeStreet Bank. View Larry Morris's profile on LinkedIn

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