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Another Tax Credit Extension???

By
Mortgage and Lending with Barrett Financial Group, LLC NMLS# 206798

On Thursday, June 10th, Congress introduced new legislation which, if passed, could extend the deadline to close loans in order for potential homebuyers to receive the homebuyer tax credit.  The extension could increase the required close by date from June 30 to September 30, 2010. The legislation doesn't affect who may qualify for the tax credit. To qualify, you still must have signed a contract by April 30, but it will relieve some of the pressure to close by June 30. Buyers who did not expect to close by June 30 may now be able to qualify and or have sufficient time to shop for the best mortgage options, especially with rates dropping in the most recent weeks.

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Jeff Wilmoth | HomeStar Financial Corporation...Serving all of Georgia!

848 Jesse Jewell Parkway Gainesville, GA 30501

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Mortgage Loan Originator NMLS ID: 206798; HomeStar Financial Corporation, NMLS ID: 70864; Georgia Residential Mortgagee Licensee #17368; Nationally Approved USDA lender USDA GRH program; FHA Lender ID - 897400009;  VA - 64103600000

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Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Sounds like this would only help those who had contingencies?  Not sure why they would need more than 60 days, otherwise.

Jun 14, 2010 03:15 AM
Dorothy Tanno
ReMax Realty 9 - Jackson, NJ

This is good news for people buying short sales.  My client may miss out because bank one closed the file because bank two took too long to approve sht short sale on the HELOC.  I'm now hopine that bank one will respond before bank two closes the file.

Jun 14, 2010 03:18 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Now this is a narrow group that it might help.  I wonder who's relative got stuck.

Jun 14, 2010 03:23 AM
Jeff Wilmoth
Barrett Financial Group, LLC - Senoia, GA
If you need a mortgage, call us! 404-597-5662.

Well, actually there was a rash of buyers who went under contract towards the end of the April 30th deadline and many of those were USDA Rural Development buyers stuck with lenders with either higher interest rates or poor performance with the product.  In fact, over the last two weeks we've had an increase in buyers seeking to switch lenders over fear their loans would not close due to their current lenders performance.  Short sales are an obvious reason as well.  If you are stuck with an interest rate of 5% or higher, you should be shopping for a better mortgage rate!

Jun 14, 2010 03:51 AM