Knowledge is Power! Housing TAX Benefits Ending!

February 18th, 2010 categories: Buying your Home, Real Estate News

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 30^TH, 2010 TO GO UNDER CONTRACT AND CLOSE BY JUNE 30^th, 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 30^TH, 2010 TO GO UNDER CONTRACT and CLOSE BY JUNE 30^th, 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 4^TH, 2010

SOLUTION:  Buyer identifies a property and goes Under Contract by April 4^th.   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 4^TH, 2010

SOLUTION:  Buyer identifies a property and goes Under Contract by April 4^th.   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 !

My Blog -  www.mycarolinaloan.com

This entry was posted on Thursday, February 18th, 2010 at 12:09 pm and is filed under Buying your Home, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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