First Time Homebuyer Extension ............. PASSED!!!

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

It is official the First Time Homebuyer Extension ............. PASSED!!! 

And he is our official announcement that we are sending out to all our business partners.

 

 

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Ann Hayden 636-399-7544 07/01/2010 04:38 AM
  2. Valerie Osterhoudt 07/01/2010 03:28 PM
Location:
Connecticut Middlesex County Middletown
Tags:
first time homebuyer tax credit extention

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Rainmaker
593,063
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

 "If you're an affected buyer, LO or agent I'm happy for you."

Bill

Jul 01, 2010 11:47 AM #8
Rainmaker
1,267,908
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Sounds like great news for alot of people George. We can hear you breathing again up here!

Jul 01, 2010 11:48 AM #9
Ambassador
3,911,091
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debbie, it should not have taken this long, but like they say, better late then never.

Bill, my friend, thank you

Al and Peggy it only affected two of my Borrowers, but I am glad that they got the extra time to Close, because it was not their fault that they were not able to Close within the original time period.

Jul 01, 2010 12:27 PM #10
Ambassador
2,303,844
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

George, this just made sense to pass.  Why go to all that trouble and then be required to close in 60 days.  Under normal circumstances we allow 60 days to get to closing but with the reo and short sale situations that some agents are involved in, I'm sure that it often can take longer than 60 days. 

 

Jul 01, 2010 02:52 PM #11
Rainmaker
598,032
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. This might sound good, but for those still looking to obtain the $8,000 or $6,500 tax credit.. it doesn't matter. 

I don't have anyone still looking to close, wish I did, but thanks anyway for the information.

Jul 01, 2010 03:26 PM #12
Rainmaker
679,489
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

George, good news is good news. I didn't have anyone affected by this, but it's still good news..for somebody...

Jul 01, 2010 03:45 PM #13
Rainmaker
432,699
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

George, I don't have anyone affected by this. But for those that do, it's good for them. It will be interesting to see how many people end up using the extended closing date.

Jul 02, 2010 02:05 AM #14
Rainmaker
933,477
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

George,

I re-blogged this...

Thanks,

Ann Hayden in Wildwood, MO

Jul 02, 2010 02:14 AM #15
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi, you hit the nail on the head.  60 days is plenty of time under normal circumstances, but Short Sales and even now some Foreclosures, 60 days is not nearly enough time.

Valerie, people had almost two years to take advantage of the Tax Credit.  First the $7,500 version to the latest version that also included existing homeowners, so they had lots of time.  But those that went under contract mid to late April that were purchasing a Short Sale or Foreclosure, 60 days to Close was not enough time, and it would be a shame to be under contract in time, but not be able to Close in time to receive the Tax Credit.  So like Judi said in her comment this made sense.

William I wish I did not have anyone affected by it also, but I have two that we still need to Close.  We are all set on our end, but the bank on one of them has not signed off on the Short Sale, and the other the Seller was holding things up, so this is good news for those people.

Jen, I would be interested in seeing that information as well.  Hopefully someone will compile it and put it out.

Jul 02, 2010 02:18 AM #16
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ann you snock in there while I was responding to the other comments.  Thank you for the re-blog :)

Jul 02, 2010 02:19 AM #17
Rainmaker
1,064,799
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

George I am sure there are quite a few registries and buyers that are breathing a sy of relief!

Jul 02, 2010 03:13 AM #18
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3,911,091
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill I would agree with that.  I know that my two Borrowers that have not Closed yet are very happy with the extension.

Jul 02, 2010 03:20 AM #19
Rainmaker
325,871
Esko Kiuru
Bethesda, MD

George,

This was much needed to close a few more loans over the summer as recent sales figures have been heading in the wrong direction.

Jul 02, 2010 07:47 AM #20
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

George - well it's good news for some, and I'm glad they acted on it before the holilday. I have no one affected and not sure what the real impact will be. I wish they had extended the initial contract period - THAT would have had more oomph to it.

Jeff

Jul 02, 2010 09:55 AM #21
Ambassador
3,911,091
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Esko, I am sure that many in your state will benefit form this, since you guys have been hit hard by foreclosures and Short Sales that seem to take forever to Close.

Jeff, they have already extended the Contract Periods a number of times, it had to come to an end sooner or later.  The extension of the Closing Date was a time period that they should have established from the beginning, but the politician think they no better and failed to talk to those in the industry that could have provided them with more realistic time periods.

Jul 02, 2010 10:25 AM #22
Rainmaker
229,831
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert

This is going to help 14,000 transactions in Florida alone so what a great thing. I have to admit, I didn't have alot of faith in the government to do the right thing here. But for once, they pleasantly surprised me.

Jul 02, 2010 11:42 AM #23
Ambassador
1,654,364
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George this is great news for many having a hard time getting to the closing table.

Jul 02, 2010 03:35 PM #24
Rainmaker
1,331,935
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, yes it is good news and thanks for posting the extension.  I too have a couple of clients that would have been affected by the June 30th deadline...they are breathing a lot easier now.

Jul 03, 2010 02:59 PM #25
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nathan, it took them long enough to pass it, but they did the right thing and passed it with plenty of time for everyone to Close.

Jennifer yes it is.  They all should breath a lot easier now.

Nick, my two are Borrowers that were not able to Close before June 30th are also feeling a lot better now that they have the extra time.

Jul 03, 2010 03:09 PM #26
Rainmaker
497,848
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980

Congress certainly made everyone sweat this one.  Had a couple of clients who were not able to close by June 30th   They are happy.

Jul 03, 2010 06:30 PM #27
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