Finance

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First-Time Homebuyer Credit Closing Deadline Extended to September 30, 2010

Jul 2nd, 2010 | By Steve Kornspan | Category: Buyer Info, Finance

The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from [...]

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House approves homebuyer tax credit extension

Jun 29th, 2010 | By Steve Kornspan | Category: Buyer Info, Finance

The House of Representatives voted to give first-time homebuyers three more months to close on their home purchases and receive the $8,000 tax credit. The Senate had needs to approve in the next 24 hours to meet the June 30th deadline . Buyers must have signed a contact by April 30 to qualify.  The issue [...]

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HUD announces temporary policy that will expand access to FHA mortgage insurance

Jun 29th, 2010 | By Wendy | Category: Finance

For many home buyers, FHA-insured mortgage financing is often the only means of home financing available.  With certain exceptions, FHA has granted a temporary waiver to allow FHA home borrowers access to recently foreclosed properties by using FHA mortgage insurance for home purchase and resale within 90 days.  The policy change will permit home buyers to use FHA insured financing to [...]

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Homebuyer Tax Credit Extension Hits the Wall

Jun 25th, 2010 | By Steve Kornspan | Category: Buyer Info, Finance, Legislation

From  Steve Cook Real Estate Economy Watch On June 25, 2010 @ 10:29 am Legislation containing a three month extension of the popular homebuyer tax credits that would allow buyers to close by September 30th died in the Senate last night and the opportunity to extend the credits past the current deadline of June 30th [...]

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Tax Credit Closing Date Extension Still Waiting for Final Approval

Jun 25th, 2010 | By Steve Kornspan | Category: Buyer Info, Finance

Over the past few weeks, you may have seen several articles in the media that the United States Senate had extended the closing deadline to qualify for the $8,000 first-time homebuyers’ tax credit and the $6,000 homebuyers’ tax credit. Unfortunately, these media reports have been premature and no legislation has been passed by Congress that [...]

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New HUD Good Faith Estimate GFE

Feb 1st, 2010 | By Steve Kornspan | Category: Buyer Info, Finance

The U.S. Department of Housing and Urban Development ( HUD) , has created a new ” Good Faith Estimate ” for and new rules for this form. The form was originally developed to help consumers understand the fine print created by lenders. It was also developed to encourage borrowers to shop.

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Increase in Upfront Premiums for FHA Mortgage Insurance

Jan 21st, 2010 | By Steve Kornspan | Category: Buyer Info, Finance

Increase in Upfront Premiums for FHA Mortgage Insurance – FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This 0.5% increase is roughly $750 on a $150,000 loan. This goes into effect April 5, 2010.

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FHA MIP Chart to Calculate Insurance

Jan 15th, 2010 | By Steve Kornspan | Category: Finance

MIP Chart for October 1, 2008 until September 30, 2010 As of 10/5/09 there has been no change to the FHA MIP so it is assumed the moritorium will be in place until September 30, 2010. 

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PMI Private Mortgage Insurance

Jan 12th, 2010 | By Steve Kornspan | Category: Finance

How to Calculate PMI.  Private Mortgage Insurance (PMI) Prices.  LPMI comparison for loans in PA.  PMI Expense. PMI, LPMI Removal Private Mortgage Insurance ( PMI ) is an insurance that protects the lender if a borrower defaults on their loan.  This insurance helps a lender to make loans over 80% LTV.  If a borrower defaults [...]

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Closing Timelines and 2009 Federal Regulations

Jul 4th, 2009 | By Steve Kornspan | Category: Appraisal, Buyer Info, Finance, Legislation

Consumer protection regulations have been put in place to ensure that homebuyers receive better information, especially regarding cost disclosures, earlier in the mortgage process. New Truth in Lending disclosure requirements take effect July 30, 2009 and the timing of your closings may be impacted. With the new regulations you may need to plan for at [...]

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