Rising from the ashes is a revised guideline from HUD stating that home buyers using FHA loans are allowed to tap into the $8,000 first-time home buyer credit to pay closing costs at the time they settle on their home. They still need to have the 3.5% down payment. HUD sent out a memo in early May announcing this program as many of you readers Continue Reading
No short-term loans as HUD pulls the plug
Well, the Tax Credit loan plan is off the table, and HUD took the memo off the web site too. It seems that someone decided to analyze some potential issues... which should have been done before posting it on the crazy world of the Internet. I started to read about this new program in a few blog posts over the past few days and then asked a few Continue Reading
The short-term loan for the first-timer tax credit program…
We want our $8,000 first-timer tax credit at closing! And we aren't gonna wait! "Okay"says HUD Assistant Secretary Montgomery in the "Mortgagee Letter 2009-15" that is dated May 11th. Of course you can't take out the whole $8,000 at closing since there are fees and expenses that need to be paid, and the $8,000 hard limit can't be exceeded. So Continue Reading
Home Buying Course 409 (Spring Semester)
Prereq: loan pre-approval 305, buyer consultation 206, cost estimate review 108, time frame 201 Okay, this isn't a real college level class but it is at the level a home buyer needs to be if they want to take advantage of today's real estate market. There is an "on-sale" mentality that has taken hold in our area, and home buyers who have been on Continue Reading
Best home buyer’s market in 20 years!
AN UPDATE: Please note the date on this blog post. Here I am in May 2012 and the tide has turned in favor of home sellers in most of Northern Virginia. If you really want to see a contrast, take a look at this blog post on the Vienna Virginia real estate market in 2012! -Cheers I wrote an update post on the expanded tax credit for home Continue Reading
First-time home buyer credit of $8,000 set to expire!
Yes, time is running out for the $8,000 first time home buyer credit! This economic stimulus plan for the nation's real estate market has certainly been appreciated by people people, like me. Not to sound selfish, but any real estate agent will tell you that there are clients who have been "on the fence", waiting for that magical moment when Continue Reading
