Time is Running Out on the First-Time Buyer's Tax Credit. Are you looking for a way to assist those last minute shoppers?

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

     clock

     There have been many articles written recently regarding the looming tax    credit deadline for first-time home buyers.  A real debate has been raging ... should or shouldn't the tax credit be extended?

     In the meantime while the pros and cons of this are being debated, I'm experiencing a great number of phone calls asking ... "Can I still take advantage of this credit"?  And ... "Do I still have time to get a deal closed before the cut-off date"?  As the clock ticks down on this program, it is getting harder and harder to answer in the affirmative.  Closings are hard to guarantee and time is terribly short now.  I hate having to tell a young      first-time buyer that they may have missed their opportunity.  It's sure not easy telling a referral partner that message either.

    wrist

     It's why I was almost giddy when I learned about a new loan product being added to the program menu at our company through Fannie Mae.  This new program is exclusive to Fannie Mae Foreclosed Properties.  No one needs to tell you, there is currently a virtual backlog of home inventory being held by this mortgage giant.  

     In order to improve the housing market, this inventory needs to be moved.  To address this problem, Fannie Mae has now developed and will provide an unique financing opportunity for these properties through qualified, program participating lenders. 

 

           Some of the Highlights/Unique Advantages of this new program are:Advantage road

        1.  5% DOWN CONVENTIONAL FINANCING with lower than   typically allowed Credit Scores

          2.  INVESTORS allowed (Non-Owner Occupied) with 15% Down Payment

          3.  NO MORTGAGE INSURANCE Required

          4.  NO APPRAISAL Required

     How does this fit?  How does it help everyone's cause?  Buyers looking to enter the market at low prices tend to search for distressed properties, like foreclosures and short sales.  Pitfalls are encountered by these buyers dynamitewhen the property is appraised or mortgage insurance is denied.

      NEITHER of these issues is a concern with this new product.  NEITHER an appraisal or mortgage insurance is needed. 

    Take these two major issues out of the underwriting/processing/closing mix ... and you have a much better chance at getting a loan closed before the deadline of November 30th!   

    This new program has been delivering new life into the agencies that I work with.  Agents are seeing real potential for immediate assistance for their customers ... and their personal businesses with this dynamite new program. 

     The wheels of change have been a long time coming, but with the advent of this new HomePath loan ... there is finally some hope of improving some of the frustrating circumstances presently before us. 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Topic:
Mortgage / Finance
Location:
Illinois Will County
Groups:
Realtors®
Mortgages
Investors
1st Time Buyers
Chicagoland and Northern Illinois Real Estate
Tags:
realtors
mortgages
foreclosures
lending
brokers
firsttime buyers
fannie mae
short sales
tax credit
reos
new lending options

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Rainmaker
174,893
Kate Kate
San Diego, CA

No appraisal and no MI? 5% down payment for owners and 15% for nonowners? And this can be combined with the first-time buyer's tax credit? Nice, Gene. Kate

Oct 07, 2009 12:17 PM #1
Rainmaker
1,234,176
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Kate:  Thanks for reading the piece.  I'm really hopeful about this program.  It seems to be re-energizing many of the realtors in my area.  Gives them hope, at minimum.  And you're right ... the particulars on this program are pretty sweet.

Gene

Oct 07, 2009 12:50 PM #2
Rainmaker
1,179,933
David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

I am a foreclosure lister. I don't care where the buyer comes from. I sit in front of my TV and watch the Bears.  When the agent calls, I sit the showing for after the game.

Oct 07, 2009 03:10 PM #3
Rainmaker
1,234,176
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

David:  Thanks for the comment.  I'm hoping that this program gets all our phones ringing ... and that setting the appointments ... after the games, of course ... becomes a bigger problem!  Hope the listings move more quickly throughout the Fall for you ...

Gene

Oct 08, 2009 12:30 AM #4
Rainmaker
339,591
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Hi Gene - FNMA and FHLMC offered similar programs for their REO after the Northridge Earthquake in 1994. My husband and I bought a home using this great loan program. Hope you have many buyers to help using this special REO loan product for foreclosure homes.

Oct 08, 2009 06:30 AM #5
Rainmaker
1,234,176
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Karen:  Glad to hear that these programs help real people accomplish their home buying goals.  I'm hoping this loosens the market up on the behalf of the buyers ... and those within the industry, as well.  All the realtors I've spoken to so far seem pretty excited about the prospects.  That alone is good to see ...

 Did you see that your comments about the wine tasting have others thinking about mimicking you?  You're started something with your idea, Karen ...

Gene

Oct 08, 2009 09:59 AM #6
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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