Effective today, January 1, 2010 several new procedures and forms go into effect, courtesy of Housing and Urban Development, that, in theory will allow home buyers who are obtaining mortgages to better understand and compare their options. In theory, this will
Posts under ‘Mortgage’
Aurora Condo and Townhome market report
Market Stats Report on Condos and Townhomes in Aurora. This will be following the same format as the monthly single family homes report but will focus on this segment of the market. Industry news in recent weeks has included the expansion and extension of the Home Buyer’s Tax Credit.
Housing and Economic Recovery Act impacts Naperville home buyers
The Housing and Economic Recovery Act amends the Trust in Lending Act (TIL), implemented through Regulation Z. It has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements surrounding the early final
Update to Tax credit as downpayment approved by HUD for Naperville home buyers
The following paragraph is excerpted from an Illinois Association of Realtors bulletin published June 2, 2009. It addresses what is being done in light of the lack public funded programs in Illinois. FHA approved lenders may come off the sidelines in the near future but for now, they are still examining and evaluating the program.
Naperville home buyers – Tax credit as downpayment approved by HUD
Ok folks, the word is out again. HUD Secretary, Shaun Donovan, announced that homebuyer’s will be allowed to apply the $8,000 tax credit towards the purchase cost of a FHA-insured home. The concept was first announced several weeks ago at the NAR mid year convention in DC but was quickly retracted while additional details were worked out.
Update: OMB has asked FHA to hold off on tax credit bridge loan program
Tuesday evening I blogged about the FHA program that would have allowed first time home buyers to use the expected tax credit as a down payment. Apparently, at the request of OMB, FHA has withdrawn Mortgagee Letter 09-15. Hopefully this action is only temporary.
Tax Credit Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
FHA is not a bad (nor obscure) word!
FHA Mortgage programs, in conjunction with the first time buyers tax credit, can amount to some pretty significant tax savings.
