Revised to include new 5405 instructions The world of residential real estate in the U.S. is facing an expiration date of historic proportions in 2010 that buyers and sellers need to pay attention to for a variety of reasons. April 30, 2010 is the last day that buyers and sellers can "enter into a binding contract" for a real estate transaction to Continue Reading
Upcoming Changes to Conforming Loan Limits
UPDATE: For 2011 Conforming Loan limits for Northern Virginia, click here. Original Post: This is a post of special interest to many of us in the Washington D.C. metropolitan area. I was in a NVAR Finance Forum meeting discussing the Economic Summit and Sweth started to talk about the upcoming expiration of the current $ 729,750 conforming 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
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
Fannie and Freddie loans are more expensive April 1
The L.A. Times recently published a piece discussing how Fannie Mae and Freddie Mac were raising fees, and toughening credit rules depending on FICO credit scores. So start watching for "delivery fees" if you are putting down less than 30%. That's not a typo! below 700, add 1.5% 700-720, add .75% 721-739, add .25% Meaning, if you Continue Reading
