Government To Pay Additional 3.5% On Top Of $8,000 Tax Credit To Borrowers

More Breaking News In The Housing Market: According to a news release on their site, "people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances (see article http://bit.ly/aRpUw9 )

For those in the market to buy a home, this is a buying incentive op top of the current Federal Homebuyer Tax Credit. The incentive is for owner-occupants who close on the purchase of the property before May 1, 2010.

CONTACT ME DIRECTLY FOR A CITY SPECIFIC LIST OF FANNIE MAE OWNED HOMES – dan.mortgageadvisor@gmail.com

The Fannie Mae HOMEPATH Loan Program guidelines are:
- 3% down
- No PMI
- No appraisal necessary
- 660 min Credit Score (call for more details...)

Think about this for a minute folks: $8k for First Time Home Buyers Tax Credit, 3.5% of purchase price for closing cost and/or new equipment and a rate that’s about 1% lower than norm due to Fed MBS purchasing program. That’s a gift of around $18,500 from our Government just to buy a $300,000 home compared to any other time in our history!

If you have been waiting and wondering when a good time to buy will be, NOW IS IT!!! We only have a few more months until ALL of these programs end and these INCREDIBLE savings will be history.

To find qualifying homes, go to http://www.homepath.com/ or contact me directly.

FEMA Revises Flood Plain Maps For 150 Cities

The Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP) are updating flood hazard maps across the country. These new flood maps, also, known as Digital Flood Insurance Rate Maps (DFIRMs), show flood risk at a property-by-property level. Changing weather patterns, erosion, and development can affect floodplain boundaries. The NFIP is currently updating and modernizing the nation’s Rate Maps. Your home could be affected by these changes. For more information to see if your home is affected by these changes, click here, FEMA.gov and type in your address. You may also call me for questions.

FYI – If your home falls into this new floodplain and you believe it is reported in error, the only way to contest this ruling in regards to financing or selling your home is to contact the county and request information on attaining a “Certificate of Elevation”. For more informaiton, please contact me directly and I can direct you to the right people to gather more information on the revised ruling, as well as helping you to attain flood insurance quotes. My e-mail address is dan.mortgageadvisor@gmail.com