Tax Credit Extension

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

Great news for homebuyers under contract who couldn't close before June 30th.  The tax credit has been extended!

I have two clients that will benefit from this new extension.  One that was supposed to close June 30th, but because of title company issues (the REO lender's title company of course) could not close until July 1st.  And another is someone who ran into issues at underwriting because of a work related injury.  He is a police officer who was injured and is now collecting disability, but what he is collecting is guaranteed and the same as his base salary.  DTI looks great!  Either way, both are closing, but had it not bee for this extension, then they would both be out of $8,000 that they planned on using for repairs, furnishing, etc.

I was hoping that this extension would be for ALL buyers and not just those who were under a completely executed contract.  I don't know about you, but there has been a bit of a lull since the April 30 deadline passed.  It would be nice for another tax credit stimulus to come back on the scene!

 

Posted by

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Information and content in this blog is original to Phil Stevenson

Please click the "SUBSCRIBE TO MY BLOG" button on the right, and receive more Traditional and Reverse Mortgage information in Florida and other parts of the US & Puerto Rico.

 

Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
Florida
Tags:
tax
buyers
credit
borrowers
tax credit
mortgage
miami mortgage
first time hombuyer
tax credit extension
mortgage phil

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,282,430
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Phil, thanks for sharing the tax credit extension information.  Best Regards,

Jul 04, 2010 04:15 AM #1
Rainer
105,870
Brian Bean
The Dream Big Team at Better Homes and Gardens Real Estate Champions - Riverside, CA
Homeowner Advocate, Dream Big Team, S.Calif

Phil,

Glad to hear your clients will actually get the tax credit they fought so hard to get. I also have 2 who were closing late.

That tax-credit money was already in the budget. A new extension would require more funding, and that, sadly, is not what we need right now. This market is just going to have to work itself out of the mess that's been made. The government can't help without elongating the pain.

Here's to the future -- full speed ahead.

Jul 04, 2010 04:27 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
270,797

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
Ask Me About the NEW Reverse Mortgage Program!
*
*
*
*
Spam prevention