Last night, I had a vision of a burning bush. OK, maybe it was just heartburn, but in any case, the fiery shrub spoke to me in an authoratative voice and told me that there was a new set of lending laws I must bring to the people. They are wandering around the dry wilderness of delayed closings, suffering through plagues of bad appraisals and frightening underwriting, and they are simply looking for the promised land: The closing table.
In this vision, I was given a cumbersome slab of granite to bring to the borrowers of today. Unfortunately, it was inscribed in Hebrew and I have no idea how to translate. I think you actually read right to left if I'm not mistaken. Enough! It is time to bring to you, The TEN Commandments of Lending, Circa 2009! Each of the ten lending "plagues" can be defeated by honoring and practicing these precepts, so if you are looking for divine intervention, heed these words!
I - HONOR THY DOWNPAYMENT OR GIFT
THE SIN - By now, it's clear there are some amazing deals on homes, but some people still can't scrape up the funds to come to closing with. In the Bradenton/Sarasota, Florida area, there is less than a 6 month supply of homes under $200K which tells me, people are doing what it takes to get a home. And with the government offering first-timers an $8K tax credit, time is running out on what may be the best buying opportunity we'll have in history.
THE WIN - If you haven't heard, Uncle Sam is footing the bill on an $8K tax credit for first-time homebuyers: I've got a countdown on my FREE Sarasota Mortgage Info site. And with mortgage products like FHA, VA, and USDA, there are plenty of low to no money down loans available for folks. Many of these programs allow the downpayment to come from a gift. So think of someone that loves you, and hit them up for money. Or pray for check in the mail from a rich relative!