New Bill (Howard C. Rep NC) Seeks To Improve & Expand Home Buyer Tax Credit

Okay, the name for this new bill may not be as catchy as "Cash for Clunkers" but you gotta love it: Home Ownership Moves the Economy(HOME) Act of 2009 - HR 2801.

It would continue the current tax credit for first time homebuyers set to expire on December 1, 2009, with a couple of notable changes:
- Income restrictions would be removed
- Buyers do not need to be first time buyers

Okay, everybody, all together now "SHHHHHHHHHHHHHHHHHH". For those of us who decided not to take a vacation in October and November to handle the "rush" of people trying to beat the deadline, this will squash that idea.

Who will rush to buy if they extend the tax credit anyway?

Well, they will be the same kind of people that have contributed to a record year for me in the mortgage business, but a different breed -
They are potential first time buyers who make way too much money to qualify and get KILLED each year paying income tax. They may be jumping off the fence when they reads this.
And people like them are much more likely to help the economy (they have more disposable income) than first time lower income home buyers...

Stay Tuned...

Dan

How To Buy A Home For $100 Down Using FHA?

"Opportunity Is Often Missed By Most People Becasue It Shows Up Dressed In Overalls and Looks Like Work." (Thomas Edison) Wow, was he right!
Check This Out - Click On This Property Below

Buying a HUD home may be a little work, but wow, will it pay off, especially today! The first step is to check my blog daily for an updated list of local "Just Listed" HUD Homes. There aren't many, so when they hit the market, they sell quick.
Next,
(1) Go to my website and get pre-approved www.mylenderdankeller.com
(2) Search for local HUD Homes For Sale at http://is.gd/2nux8
(3) Contact me if you need a Realtor, I'd be happy to refer a pro
I welcome your phone calls and e-mails, so please don't hesitate to contact me directly at (425) 350-7136 or dan.mortgageadvisor@gmail.com I hope that you are ENJOYING this amazing summer!

Exclusive Nationwide MLS Search Feature

FORWARD THIS EXCLUSIVE PROPERTY SEARCH ENGINE TO ALL OF YOUR FRIENDS AND FAMILY...I am now able to provide FREE MLS access to all of my clients. Take a look and enjoy! Let me know if you have any questions.
Dan

Mortgage Disclosure Improvement Act - (Reg. Z Disclosure)

Another change, but I do believe that change is good... Just know that I am committed to keeping my business partners informed about changes occurring within the mortgage industry. The Housing and Economic Recovery Act of 2008 (HERA) was developed to protect the mortgage consumer when purchasing a home. The Act contains provisions that revise the Truth in Lending Act under rules known as the Mortgage Disclosure Improvement Act (MDIA). These rules apply to all loan applications received on or after July 30, 2009.

This applies to primary and second homes only!

Initial Truth in Lending (TIL) Disclosure
The initial TIL disclosure has been amended to require specific language to notify the consumer that they are not required to complete the loan agreement merely because they have received the disclosure or signed a loan application.

Waiting Periods
For all timing requirements set forth below, “business days” are Monday through Saturday and exclude all legal federal holidays (Bank Holidays).

The revised rules implement waiting periods for the collection of fees and loan closings:
Creditors, mortgage brokers and any other person are prohibited from imposing any fee, other than a reasonable credit report fee, until the consumer has received my bank’s initial disclosures.
The loan cannot close (document signing) until 7 business days after the initial TIL disclosure has been mailed.
The loan cannot close until 3 business days after a re-disclosure TIL is received (if applicable).
If the disclosures are delivered via regular mail, the disclosures are considered received by the borrower three 3 business days after they are mailed.

Annual Percentage Rate Changes (APR)
If the APR increased by more than 0.125% from the previously disclosed APR, a re-disclosure TIL must be provided to the consumer. The loan cannot close (document signing) until 3 business days after the re-disclosure TIL is received by the borrower.

Appraisal Timing
Our banks will not allow conventional appraisals to be ordered through our website until 3 days after we have disclosed. FHA and VA appraisals cannot be ordered by the broker until the 3 day delivery period has expired.

So What Do We Do?
It’s simple – we write longer contracts and tighter loan application. A longer Purchase and Sale contract means 35-40 day closings. Talk to your lender to discuss the file to see what hurdles he/she envisions, and worse case scenario, you close an extra 10 days late. However, it is important that your lender writes an air tight loan application to avoid the re-disclosure delay of 3 days due to a .125% increase in APR

I am happy to answer any questions you may have regarding these new guidelines. So please, do not hesitate to call me directly at (425) 350-7136.