Kalamazoo, MI

As many of you are already aware the First-Time Home Buyer Tax Credit program ends November 30, 2009.  Only 60 days away.

Considering that in today's mortgage world it can take up 30 - 60 days to close on a home, the clock is certainly ticking and first-time buyers have at the most 2 weeks left to find a home.

In fact for the last two weeks some loan officer friends of mind have been referring buyers to me, because they know they can't meet the December 1^st deadline.  The bottom line is that buyers not under contract by October 15^th have a very small chance of meeting the deadline.

Buyers looking to purchase HUD owned properties and short sales need to understand that there is absolutely NO WAY they will close by the end of November.

There have been rumblings and rumors about this tax credit getting increase and/or extended.  The fact of the matter is that there are some bills on the table.   It is possible that the credit would be extended in its current form.  It is highly unlikely that the credit will be increase or rolled out to all buyers (congress has already shot down bill proposing this).  The main reason is because of the cost.  We (tax payers) have already spent 15 billion on the tax credit.  If they extend it a year it's estimated to cost another 10 billion.  Imagine how many billions more if it were rolled out to everyone or increase. 

I hear buyers talking about waiting because they heard the credit will be extended.  It has not been extended and I personally wouldn't bet 8,000 bucks on our government doing anything!

Why gamble and wait?  Rates are at historic lows, home prices are way down, & First-Time Buyers can get eight grand from Uncle Sam for free if they act now!

Hurry!  www.jeremydrobeck.com

Kind of, you may have heard many lenders have stopped originating and funding Rural Development loans as they wait for congress to appropreate more money for the RD program.  This happens every year. 

Here at AmeriFirst we will continue to originate and fund these RD loans.  It's business as usual, so have your buyers give me a call!

www.jeremydrobeck.com

Jeremy Drobeck talks about ways to boost your business

We have been waiting on this mortgagee letter for over a year and it is finally here! We can now do Site Condos effective immediately without having to meet the Spot Approval process for FHA. Very exciting news indeed. Please take the time to read the mortgagee letter as it answers any questions you may have regarding this new process.

HUD Publishes Condominium Letter: ML 2009-19

HUD has published Mortgagee Letter 2009-19 implementing new condominium rules pursuant to the law enacted last July. Lenders will have two condominium approval options. They are: 1) HUD Review and 2) Direct Endorsement Lender Review. (Environmental reviews will not be required on projects processed by Direct Endorsement lenders). Permitting Direct Endorsement lenders to process condominium project approvals should greatly enhance the use of FHA financing for condominium projects when this proposal is fully implemented in October 2009.

Other important changes include: not requiring project approval for "site" condominiums; allowing projects that have as few as 2 units; termination of the "spot loan" process; imposing a limit that no more than 30% of the units in any project have FHA insurance; allowing manufactured housing condominiums.

The guidelines take effect for case number assigned on or after October 1^st with the following exception.

*Site condominium changes are effective immediately

www.jeremydrobeck.com

There is nothing better than coming home from work to the lake. 30 minutes after leaving my office I am on the boat taking a cruise to unwind and take the kids to swim. It is amazing, I did the lake house thing three years ago, a really solid move for my family. Early morning kayaking, weekend skiing, evening cruises, jumping off the dock...it is good.

One of the good things about todays market is that there are again some pretty affordable options when it comes to lake living. This segment of the market has been on fire for the last 10 years and has cooled and prices (like me ) have relaxed. There is no doubt that long term this should be a very stable market, it is not housing it is a lifestyle, in most areas the greatest concentration of wealth is around the lake giving it stability. This is a good way to invest into the market, the benefits are way greater than just financial.

Surf some of Kalamazoo areas Lake Front Homes here, it's fun!

http://www.mlsfinder.com/mi_swmric/changingstreets?action=newsearchsession&city=kalamazoo&single_family=Y&waterfront=Y&has_lakefront=Y