Military boot size that is. Congress is dithering whether to extend the FTHB Tax Credit at all...and so they are suggesting the extension will only go to Veterans who have served overseas during the last year. Those service members who have served overseas for 90 days in 2009 will have an additional for six months to take advantage of your First Time Tax Credit. Major political ploy to win hearts with military families. Hint hint...your average Joe the plumber is unlikely to qualify for this extension.
Have you written, called, emailed and bothered your Representatives and Senators about this yet?
Loan bottleneck: Meanwhile, first time buyers are piling on at underwriting like locusts and we have seen quite a few lenders start to put the brakes on by hiking rates this week...just in time eh? Those who need(and deserve) assistance are more confused than ever by Realtors and sellers suggesting the credit will be extended and the buyers will receive the funds to close (!). No kidding, I hear this every day. Do yourself a favor and refer folks to the IRA or their CPA and back off.
Short Sales and their particularly annoying dance between lenders and asset managers have created quite a backlog in our area with the very people who need these homes. The time it takes to negotiate a sale on these often lower priced properties has been a real deterrent. Obama has proposed Universal Short Sale Guidelines to manage short sales and move them along, according to the Think Big Work Small dynamic duo, Brian and Frank: http://www.thinkbigworksmall.com/mypage/archive/1/23076
House Bill HR2483 supported by National Association of Realtors, calls to extend the FHA higher Loan limits as permanent--support this! In addition, this bill supports removing the non-owner occupied ratio limits on condomimiums to help more condo buyers qualify for FHA loans...which translates into putting more OWNERS into condos. More user friendly aspects to this bill would allow owners to buy condos and help ease the market supply of condos again. What a great idea! Woo woo NAR!
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