Home Mortgage Update for Fall 2010- quick overview of new mortgage requirements!

By
Real Estate Agent with WJK Realty 0570241

As you know the home mortgage industry is constantly changing. Right now we have historically low interest rates, so the time to buy a home is now if you want to take advantage of these fantastic rates. Here are a few changes I just received from one of my favorite lenders, Joseph Krupp. While they are not huge changes, they can impact you at closing. Closing day is stressfull enough for most first time homebuyers.  Here are some things to know before you go to closing. Be prepared!

 

-          October 15th is the last day a borrower can file his/her income tax return if they filed an extension for 2009.  To obtain mortgage approval after 10/15, the borrower must have filed their 2009 returns and a transcript from the IRS must prove they are filed.  This is for all lenders and can cause serious delays to somebody's closing if returns aren't filed.

-          Small repairs can now be added on the HUD.  Costs under $100 do not require and invoice, costs between $100-$5k will require a valid invoice from a verifiable vendor.  Anything over $5k will require end investor approval & exception.

-          Credit reports will be pulled within 5 days of the borrower's closing regardless of applicant, loan product, downpayment, credit score, etc.  Make sure your clients do not buy or take out any new credit during the purchasing of the home under any circumstances.  Any slight increase in debt could kill the entire deal.

-          Gift letters will be required on all transactions that involve gift money for approval.  There is a standard form that I'd give to the giftee for the giftor to sign/date.

If you are in the market for an Austin area home and are not presently working with a Realtor, please call me. I would be happy to help you through the process of buying or selling a home. I specialize in Relocation and I make the process easy to navigate. I look forward to the opportunity to earn your business.

Betina
Foreman, Realtor

Austin Home Girls   www.AustinHomeGirls.com  512-771-6318    BetinaForemanRealtor@yahoo.com     www.CentralTexasGreenHomes.com

Member: Austin Board of Realtors, National Association of Realtors, Texas Association of Realtors, ActiveRain.com-RainMaker, Trulia-VIP & Top Realtor Voices, and Zillow-Neighborhood Pros.

 

Comments (9)

Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Hey Betina, with the way things are changing this could probably be a weekly update!  Hope all's well, great info! 

Oct 05, 2010 02:20 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Betina, whqat a service you are providing with this blog. Great specifics!

Oct 05, 2010 02:21 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Laura,  Sadly I think you are correct. I don't want to spend all my time learning about the changes in mortgages. Personally I would rather sell more homes. That said, you can't do one without the other!

;)

Dear Janice,  I try to be as helpful as possible. Like they say knowledge is power.

;)

Oct 05, 2010 02:39 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am with Laura...this changes so fast that a weekly update may be needed.  Good info !

Oct 05, 2010 02:44 AM
Kristin Johnston - REALTORĀ®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Betina, good info...haven't seen you in awhile here on AR....nice post! Enjoy your week!

Oct 05, 2010 02:47 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear William,

I think you are correct. I just wish I had time for a weekly update. LOL

;)

Dear Kristin,

Thanks for popping by. I have been pretty busy this summer and have only gotten a moment to check in to AR on occasion. I am trying to rectify that! I promise you will see more of me in AR.

;)

 

Oct 05, 2010 02:58 AM
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager

Hard to believe people could still not have filed their 09 returns.  Why did I stress about it?

Oct 07, 2010 05:24 PM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hi Betina, thanks for the update! Will I see you at ACL Festival? Along with 60,000 other music fans ;-)

Oct 08, 2010 12:41 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Jeff,

There is allways someone that procrastinates. How are things up in PA?

;)

Dear Russell,

Oh yes, you will see me there. To be fair I am doing open houses on both days in the afternoon and ACL from 5-?. I will keep an eye out for you. It has been forever since I attended ACL. I am excited!!

;)

Oct 08, 2010 02:19 AM