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Mortgages Unlimited - Home Mortgage Financing

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Fast Reponse - Perfect Customer Service - Thursday, January 21, 2010
I met Ben several months ago and my client\'s loan was completed with no stress and in a very short period of time. I challenged Ben with a fast closing date due to my Buyer\'s constraints and Ben came through - no problem at all!
Joe Baker

Quality Service - Sunday, December 27, 2009
Without Ben\'s help my loan would not have closed in time. THANKS! Robert Swedeen
Robert Swedeen

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Blog

Short-Sales at a Glance...
Friday, February 26, 2010

Understanding Short-Sales

Big Changes to FHA
Friday, January 22, 2010

FHA changes could make it harder to qualify for a loan.

The Federal Housing Administration released updates yesterday to some of their guideline changes.  The initial changes, which will be implemented in the months to come, consist of a reduction in the amount that sellers can contribute toward the buyers closing costs from 6% of the purchase price, to 3%.  Also, the Up-Front Mortgage Insurance Premium will increased from 1.75% to 2.25%.  Ultimately, these changes will require that homebuyers who want to use FHA financing will need to come up with more cash at closing.

In addition, there are many other upcoming changes to down-payments, credit scores, and even origination requirements to be unveiled throughout the year.

Understand that the mortgage qualifications in today's industry are continually changing.  It's like trying to hit a moving target.  Once you think you've got it figured out, the rules change.  And be aware that what you qualify for today, may not be what you qualify for next month!

At Mortgages Unlimited, we are committed to coaching you and educating you throughout the loan process.  Give us a call and we'll walk you through all of your financing options.

Home Buyer Tax Credit Changes - FAQs
Friday, January 22, 2010

The Home Buyer Tax Credit has been extended and expanded!

Directly from the National [censored]ociation of REALTORS®, here are some of the most frequently asked questions regarding the changes to the Home Buyer Tax Credit:

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his prin[censored]l residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.