First Time HomeBuyer

Your Credit Report May Be Under Surveillance as November 30 Approaches

Are you trying to close your mortgage loan before November 30, 2009 to qualify for the first time home buyer tax credit? Did your mortgage consultant warn you about your credit and your credit score?  You can bet your loan that lenders will pull your credit report again before you close that loan.  If anything [...]

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All About FHA Mortgage Loans

WHAT IS AN FHA LOAN? In reality, FHA, (Federal Housing Administration) loans are not loans at all.  FHA only insures loans so that lenders are then able to offer mortgage assistance to people who might otherwise not qualify.  But the program is available to ANY buyer who wants to buy a home as their primary residence.  In the [...]

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Can I Hurry Up and Wait to Refinance My New Jersey Mortgage?

Procrastination is ever so common with New Jersey borrowers when it comes to their mortgage refinance.  Not only can the delay itself be dooming for the borrower, some lenders are taking 60 days or longer to complete the transaction.  The delay by the borrower combined with the long lender turnaround time means the interest rate might [...]

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Borrower Alert: HUD Has Suspended Taylor Bean Whitaker (TBW) From Closing FHA Loans

The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages.  See press release. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is [...]

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Doors Will Soon Close on the $8,000 First Time Home Buyer’s Mortgage Tax Credit

News Flash!!  Are you still waiting/hoping/sleeping about buying a home and getting that $8,000 tax credit in your pocket?  Time is running out.  In order to get that chunk of dough, your mortgage loan must close by December 1, 2009.  No ifs, ands or buts. Click to Share on Facebook

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$15,000 Home Buyer’s Tax Credit for all Homebuyers – With No Income Limit

With help still needed to heat up home sales, the $15,000 tax credit is once again under the microscope.   If successful, the credit would be extended to ALL homebuyers, not just first-time homebuyers.  In addition, there would be no income limit.   Regardless of income, the credit could be claimed. The goal is to both drive [...]

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HUD Approves Use of First Time Homebuyer Tax Credit as Advance for FHA Loans

Good news. This will be a major benefit to help many first time homebuyers. I posted an article about this earlier. HUD has been working on the mechanics behind how to allow buyers to use the tax credit as an advance when they buy their first home. As the bill was initially passed, a tax [...]

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First-Time Homebuyer Tax Credit Expires November 2009 !!

This is a quick post that I wanted to STAND OUT. During all the hustle and bustle of the summer, don’t forget the First-Time Homebuyer Tax Credit Expires November 2009.  Some people have the foggy idea it lasts until December 2010.  I don’t know where that info came from.  But here are the facts. Click [...]

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Many States Already Allowing First-Time HomeBuyers to Use Tax Credit as Down Payment

The Federal Housing Administration (FHA) has plans to allow first-time homebuyers to use the $8,000 tax credit as a down payment.  FHA guidelines will be released soon.  (See this post for more info.) But about 12 states have already started such a program by making bridge loans available to borrowers who are eligible to claim the First-Time Homebuyer Tax [...]

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Tax Credit Can Be Used for Down Payment for 1st Time Homebuyer

First, here’s a great video on the First-Time Homebuyer Tax Credit.  The video does NOT go into detail about the new FHA down payment caveat below.  Call me for more info as this new FHA program rolls out..  New Homebuyers can look forward to using the new First Time Homefuyer Tax Credit as a Down [...]

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Tiny, Tiny House for Sale…Only $172,000

Maybe you heard all the good-spirited, curious talk about this itty bitty home for sale in Brooklyn. But, the house isn’t in Brooklyn.  The story got somewhat twisted in the translation. Click to Share on Facebook

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