Just wanted to congratulate Mandie Sullivan on closing on 3 homes over the last month… and for having 2 more scheduled in the coming two weeks… Great Job! I will add that one deal has been delayed until the end of the month… seems the wife had no choice but to give birth Thursday! Today’s closing therefore was postponed… Of course, CONGRATULATIONS to the new parents of a 7lb 11oz baby boy!
Monthly Archives: July 2009
Home Protections Take Effect: Make sure your lender does these things…
There are new Federal consumer protection rules that take effect July 30, 2009 affecting those applying for a loan to purchase a primary or secondary home, or if you are refinancing.
It’s not been given a lot of publicity, so if you are considering making a purchase and getting a new loan, or possibly refinancing an existing loan you need to pay attention.
The highlights are as follows:
The lender must provide or mail an initial Truth In Lending disclosure within 3 days after receiving the borrower’s loan application.
Lender’s must deliver or mail a finalized Truth In Lending disclosure statement at least 7 business days before closing on the property.
If the annual percentage rate (APR) increases more than 0.125% the borrower must receive a revised Truth in Lending at least 3 business days before closing. What could cause your APR to change? Several possibilities. If you allowed your initial interest rate on the loan to float with the market but rates increased, or if the lender got inaccurate estimates of costs from a third-party participant in the transaction such as the settlement company.
$8K Tax Credit Can Be Used For Downpayment
Important news for all first time homebuyers
Reblogged from Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate, the Realtor with the latest information!
Via Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate (Keller Williams-Ann Arbor):
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for home-buyers.
Read more information on the Realtor.org site
Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti, Milan buyers this is exciting news for you. This has been one of the most consumer asked question on my Ann Arbor Real Estate Blog.
Begin your homes for sale in Washtenaw County here.