There are several important deadlines coming up that I want to share. I actually spoke with 2 clients this week that were absolutely ecstatic to learn that they qualify for the $6,500 Move-up tax credit. The need to move FAST !
Knowledge is Power !
ISSUE: ALL TRANSACTIONS – $8,000 FIRST TIME HOME BUYER CREDIT EXPIRES.
DEADLINE: APRIL 30TH, 2010 TO GO UNDER CONTRACT AND CLOSE BY JUNE 30th, 2010.
SOLUTION: Buyer identifies a property and goes Under Contract by April 30th Please let your clients know so they can take advantage of this offer.
ISSUE: ALL TRANSACTIONS– $6,500 MOVE-UP CREDIT EXPIRES.
DEADLINE: APRIL 30TH, 2010 TO GO UNDER CONTRACT and CLOSE BY JUNE 30th, 2010.
SOLUTION: Buyer identifies a property and goes Under Contract by April 30th Please let your clients know so they can take advantage of this offer.
ISSUE: FHA FINANCING – SELLER CAN NO LONGER CONTRIBUTE MORE THAN 3% FOR CLOSING COSTS AND PREPAIDS. This means the buyer will likely need to have more money for closing in the future or could end up with a higher interest rate which could impact their ability to qualify. This will be more of an issue for homes that are 150K and below.
DEADLINE: APRIL 4TH, 2010
SOLUTION: Buyer identifies a property and goes Under Contract by April 4th. Please let New American Mortgage know the property address so we can order the case number and the buyer is protected.
ISSUE: FHA FINANCING – UPFRONT MORTGAGE INSURANCE PREMIUM INCREASING FROM 1.75% TO 2.25% This means the buyer will likely need to have more money for closing or could end up with a higher interest rate which could impact their ability to qualify. On a 200K purchase, the buyer would be charged $1,000 more to do the loan.
DEADLINE: APRIL 4TH, 2010
SOLUTION: Buyer identifies a property and goes Under Contract by April 4th. Please let New American Mortgage know the property address so we can order the case number and the buyer is protected.
Submitted by:
Geoff W. Brown – NMLS #90036
Sr. Mortgage Consultant
“The Geoff Brown Team” @ New American Mortgage
Phone 704.926.2521
Cell 704.728.6286
Click Here to Apply Online !
Comments(0)