va: First Time Homebuyers! Get Your $8000 Piece of the Bailout!
- 03/03/09 02:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!) The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you … (22 comments)
va: Why Credit Scores are Getting Tighter in NC
- 02/23/09 02:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing! As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen some underwriting guidelines "tailored" to a geographic area. Credit Score requirements are getting tighter, and this could be triggered by appraisal problems. There are "guidelines" and then there are the "Golden Rule" guidelines. FHA, VA and USDA do not make mortgage loans, they INSURE them (just like a PMI company) … (2 comments)
va: If Your Score is Less than 620 - Interest Rates Are Going UP!
- 01/09/09 05:44 AM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009. This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools. The "hits" for scores between 600 and 620 today are .25. Meaning that it costs us almost a quarter of a discount point more to do a loan with those scores. In most cases, this means we can still get a rate of 5% for these folks. According to the news bulletin, the new cost for doing a government loan … (12 comments)
va: Problems Refinancing from Conventional Loan to a Government Loan
- 12/09/08 03:47 AM
For fun an giggles, let's say you bought a property in Feb. of 2008. You got a Heck of a Deal - and you purchased the home for $237,000. The appraisal in February was for $245,000 (and the appraiser thinks it's worth more now). The loan in February was a conventional 100% Community Reinvestment loan (those are no longer available). Your credit is good, you qualify, and since your rate is currently 6.875% - you'd like to refinance. BAD NEWS! If you are in North Carolina, and you want to refinance you must wait until February of 2009, because there are no … (1 comments)
va: The $7500 Downpayment Gift
- 11/07/08 04:16 AM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer! What is it? How does it work? This is a tax credit and not tax deduction. It is a true dollar for dollar reduction on taxes owed. The credit can result in a true tax refund! If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500. The tax credit is … (9 comments)
va: Financing Options For Purchasing Foreclosure Property
- 11/06/08 03:32 AM
THIS IS AN UPDATED POST... See $100 Downpayment Change!!! There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home. Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals. There are some special points you should remember: Many Banks will not finance manufactured housing. We have Investors that do - however, there are restrictions. If you are considering a mobile home, foreclosure, please tell your mortgage lender about the … (9 comments)
va: FHA Mortgage Program is AWFUL!
- 10/20/08 08:11 AM
Use to be, I could get all the business I wanted just concentrating on my referral partners in Cary. With business such as it is, I now find myself heading further out to hook up with borrowers and referral partners. I've been listening to CNBC as the market works it's way up and down. Maybe you've listened to XM too and heard the fella' who says, "It's the Biggest No Brainer In the History of Earth!" The guy on XM now has a newer ad out about the Mortgage Bailout Bill. Click here and see if you think he might be … (17 comments)
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
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