The Senate voted this evening to extend the first time home buyer tax credit of $8000 to April 30, 2010. And, the income limits are increased from the current $75K for individuals, $150K for couples to $125K for individuals, $250K for couples. Good news for first time home buyers, and good news for the ...
Monthly Archives: October 2009
Cash Out Refinances: A Memory of Past Times
Well, almost. They are still around, but much harder to get and you will leave a lot more equity in your home than in years past. Home equity lines of credit (HELOCs) were the easiest and most common ways to tap into the equity in your home; and going to 90-100% of the home's value was ...
The Extension of the $8000 Tax Credit
This morning Bloomberg ran a story saying that the $8000 tax credit for first time home buyers will be extended through April 1, then phased out over the next three quarters. Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who ...
Pay Points!?! Or No Closing Cost Loan for Atlanta Mortgages
The typical way to present a mortgage to a borrower buying a home around Atlanta is to quote the "par" rate of the day, with one origination fee (i.e. 1% of the loan amount as profit for the mortgage company), and the normal closing costs, but with no points, which are a percentage of the ...
Bonds Rally A Bit On Feds Announcement
Good news for those looking for a home to purchase, and a mortgage on that home. The Federal Reserve released the minutes from their last meeting today, and discussed the importance of EXPANDING asset purchases should outlook worsen. GOOD news for us, since the Fed's purchasing of Mortgage Backed Securities is the ONLY thing keeping mortgage rates ...
Credit Requirements for an FHA Mortgage Loan
With so much talk in the news about the 'credit crisis' and the mortgage meltdown, I understandably am asked frequently, "How can anyone qualify for a loan nowadays?" And, most folks asking would like to buy a home, but just figure that they cannot qualify. So, ...
Buying a Bank Owned Property
This is a fun, just a little extreme...but not too far off the mark, either.
Why Rates Will Move Higher, and When
Mortgage interest rates for Atlanta home loans are terrific, we all know. As of this writing, 30 year fixed rates are in the 4's. Great! But, mortgage rates are that low because of artificial forces - the Fed - forcing ...
FHA Financing May Change. Act Fast.
Getting approved for an FHA loan around Atlanta is easy, for now. Buy your home now, and you get 8,000 free smacks from the Government. And, Atlanta real estate is on sale. Now is a great time to buy. But FHA lending guidelines could get much tighter in a hurry. Here’s ...
Atlanta’s On Sale!
I saw this post on Drudge this morning, one solitary post surrounded by a peppering of headlines about the World Bank running out of money and California being the first state to fail, etc. All the other posts could be pointing to the catalysts for inflation coming our way, as I have written about