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I am happy to report that Congress has passed a bill extending the Home buyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and home buyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April ...
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What sellers can expect from participating lenders starting in April:
-- Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
-- The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.
-- Lenders ...
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FHA has a federally mandated reserve requirement of 2%. The audit today (11/12/09) came out at having only 0.53% in reserves. It was expected to be less than 2% but not this low. This means we should be strapped in for a bit of turbulence with FHA. Unlike conventional loans which normally have “regional” ...
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