Why do they wait until the last minute and drive everyone crazy? Is this the way to rebuild a failing economy? Holy cow!
The extension apparently was “cut out” of the main bill and approved by the House AGAIN. Now it goes to the Senate and hopefully they will act promptly to extend this deadline.
We here at PowerHouse Solutions are experts with the Miracle Rehabilitation Loan known as the FHA 203k Loan.
So many Buyers today are eager to purchase homes at below market prices. Often these homes are in need of serious repairs or improvements to update the property. The 203k Program handily meets those needs.
This miracle program allows you to purchase the home and obtain the monies for repairs or home improvements all rolled into a single loan with a SINGLE monthly FIXED RATE payment.
The repairs can cost as little as $5,000 or can run as high as necessary to gut-rehab a home. The limit on the repair monies that can be included in the loan is the Loan-To-Value Limit based on statutory FHA Loan Limits in your area. And this LTV percentage is calculated based on the value of the house AFTER improvements. You can request that up to 6 months’ worth of mortgage payments be included in the loan so you don’t have to pay two monthly housing expenses—rent and mortgage—while the house is under construction.
With more REO properties offered for sale, more Home Buyers will need the 203k Program and PHS is here and ready to help you make those purchases happen!
Contact a PHS Solutions-Provider today to get Prequalified for this Miracle Loan Program!
House Republicans ganged up on important legislation aimed at extending unemployment to millions of Americans. Included in that legislation was an extension of the closing deadline to obtain the Homebuyer Tax Credit.
Last week the Senate approved the legislation and sent it to the house for approval.
The Homebuyer Tax Credit—for those qualified Homebuyers who signed a contract of sale by April 30th—requires Homebuyers to close on those purchases by June 30th. Last week’s Senate approval would have extended the closing deadline to September 30th, thus giving harried Homebuyers struggling with onerous Lender underwriting processes sufficient time to close and obtain the credit.
The Republican shutdown of this piece of legislation closes the door on many otherwise qualified Homebuyers from obtaining the Tax Credit.
A Good Time to Buy Real Estate
Purchasing a property is profitable and still manageable. Owning a property has its benefits; appreciation in market value, personal income tax deductions, and ownership of something tangible that can be passed on to your loved ones.
Property taxes on all real estate are fully deductible against current income taxes (consult your tax advisor). Also interest paid on mortgage loans up to $1 million is completely deductible for the year in which it is paid even if it is from your second home (consult your tax advisor). Plus points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller (consult your tax advisor).
Home ownership offers the freedom to make decisions about your home. There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially.
Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. With mortgage interest rates still low at middle fives and sellers competing with other sellers and builders for purchasers this makes now the right time to buy.
We recommend you explore a variety of resources and teaming up with qualified leading individuals in the industry prior to getting started.
The United States Senate has approved an extension for closing through September 30th. Homebuyers who signed a contract to purchase before April 30th to qualify for the Homebuyer Tax Credit can breathe a sigh of relief. The mortgage lending process can be a slow-moving behemoth, and Lenders have been inundated with loan applications due to the tax credit purchase phenomenon.
Now Buyers who signed on time to qualify for the credit have until September 30th to close on the transaction.
The measure now will move on to the House and ultimately to the President for his signature.
Read more here
Thanks to Carolyn Romberg of Corcoran Group for the link.
Reuters reports that Senate Leader Harry Reid is proposing an amendment to extend the closing deadline from June 30th to September 30th for those homebuyers qualifying for the Homebuyer Tax Credit who signed contracts to purchase prior to the April 30th deadline. This would be welcome news as many folks in process to obtain loan approvals and closing dates are experiencing anxiety due to the slow processing times at many lenders.
CNNMoney.com reports that two other Senators, Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. support Senator Reid in his efforts to extend the deadline. According to CNNMoney.com, “The senators said they want to make sure banks have time to process the transactions — especially short-sales, which is a more involved process.”
According to MarketWire.com, the National Association of Realtors commends the Senators for offering to extend the deadline.
More information here thanks to Reuters.
Processing time for mortgage loan applications here at PowerHouse Solutions currently run substantially faster than industry standards due to our experienced operations staff and a commitment to a high level of client service.
Reserves is the money you have left over after closing on a mortgage loan after you paid your downpayment and closing costs. In the event you experience a catastrophe in the future, like a job loss, you can use the reserves to pay your mortgage every month while recovering from said catastrophe.
Reserves are required for two months’ worth of mortgage payments for Conventional (Non-Government) financing. The FHA does not require reserves for 1 or 2 family home financing; 3 and 4 family homes require 3 months’ reserves.
Mortgage Loan Underwriters like “reserves” on a loan application. Reserves count a lot; the more you have, the better your prospects for a smooth loan approval.
Keep your retirement statements and 401k and IRA statements handy when you apply for a mortgage loan. Make sure your Loan Originator gets those important documents at time of application. It’s good for you and good for your loan approval!
We here in the PHS Family want to take a moment to send out a warm internet WELCOME! to James Patrick Wales of HSBC to the New Rochelle branch.
James is a Vice President and Premier Relationship Manager, with many years experience helping HSBC customers get the most out of their banking experience.
We’re glad to know James is one of our professional neighbors here in beautiful downtown New Rochelle.
WELCOME TO NEW ROCHELLE JAMES!!!
You can reach James for his exceptional banking assistance at the North Avenue Branch of HSBC: 914-654-2433 or in person: 260 North Avenue New Rochelle NY 10801.
Dakota Veterinary Center will be sponsoring a Pet Adoption Day with North Shore Animal League on Saturday, June 19, 2010 from 12:00pm to 4:00pm at Dakota Veterinary Center 381 Dobbs Ferry Rd, White Plains NY
North Shore Animal League was recently spotlighted in the news for its emergency assistance with Tennessee Rescue after the recent flooding in and around Nashville.
North Shore Animal League will be bringing puppies and kittens as well as older cats and dogs all looking for a good home.
Please pass this on to a friend or colleague and help to make this a successful event.
For more information call DVC: 914-421-0020
June 6th, 2010 12pm to 12am: The Westchester Italian Festival to benefit The Leukemia & Lymphoma Society Fighting Blood Cancers.
Great food, Games, Contest, Rides, Car & Scooter Show, Live Entertainment and So Much More!
At The New Radisson Hotel New Rochelle
One Radisson Plaza New Rochelle NY 10801
Good for the Community; Good for the Cause.
Call 914-576-3700 for information or to get involved!
