First Time Buyers Get the BOOT!

Mortgage and Lending NMLS #94045

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:

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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NMLS# 94045



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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Susan: Thanks for the update. I appreciate it! I think there will also be an extension of the tax credit in some form. Our economy is still on shaky ground so any stimulus will help! Thanks again!

Oct 17, 2009 01:34 AM #1
Susan Templeton
Bellingham, WA

Hi Paul, I hope you are correct and the extension is in TIME for first time buyers to help rescue our local economy. I just read I live in the top foreclosure county in WA 1 to 177 ratio (yikes!). We all need to speak up to our congressional representatives and urge them to support at Tax Credit extention for all first time buyers...if not ALL buyers!  Cheers, Susan

Oct 17, 2009 11:34 AM #2
Robert L. Brown - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Now with the extension in place the opportunities should open up for you.

Nov 20, 2009 05:30 AM #3
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