The tax credit expiration is only 75 days away. Buyers delaying any longer on their decision to purchase a home is in all likely-hood going to knock them out of receiving the first time homebuyer's tax credit of up to $8,000. Even as recently as today, the government has not indicated that they will extend the credit beyond November 30th.
As you know, it is taking sometimes 45 to 60 to even 90 days to close on a home.If buyers do not locate a home by the end of this month, the chances on them closing in time to be eligible for the credit narrowing.
I know you may be tired of seeing me and others write to you about this, it is just that I hate for people to miss out on great opportunities when it comes to purchasing real estate. If I can be of any assistance to you in any way, please feel free to call me directly at 530-722-3150.
Call Me Today for More Information About:
If you know anyone that could use the help of a professional mortgage broker, please feel free to give me a call. I am thankful for the opportunity to assist you in any way I can.
I appreciate your business and look forward to talking to you soon! Have a great day!!!
Sincerely,
Cindy Tomlinson
Loan Officer
USLending Company
DRE Lic # 01520422
530-722-3150 Office
Email- cindy@uslendingcompany.com
or visit my website:
www.realestateloanca.com
To date, this has to be the best solution for struggling home owners who are facing foreclosure! Hope for Homeowners is the program we have been waiting for. The program will let hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have decreased in value escape foreclosure by refinancing into a more affordable, fixed-rate FHA loan.
Affordability vs. value: The current lenders will take a loss on the difference between the existing lien and the new loan, which is based on 90% of current appraised value. The lender may choose to provide homeowners with an affordable monthly mortgage payment through a loan modification rather than accepting the losses associated with declining property values.
Borrower eligibility: Lenders that determine the H4H program is a feasible and effective option for mitigating losses will assess the homeowner's eligibility for the program:
* The existing mortgage was originated on or before January 1, 2008;
* The existing mortgage payment(s) as of March 1, 2008 exceeds 31% of the borrowers gross monthly income;
* The homeowner did not intentionally default, does not have an ownership interest in other residential real estate and has not been convicted of fraud in the last 10 years under Federal and state law; and
* The homeowner did not provide materially false information (e.g., lied about income) to obtain the mortgage that is being refinanced into the H4H mortgage.
Details are still arriving daily on the "How, What and Where" of this program, and I am in line to get that information.
If you, or any of your family and friends have any questions on this program, or others, Call me today to discuss your situation.
Please forward this to anyone you know who might benefit from a consultation.
Cindy Tomlinson
Loan Officer
USLending Company
530-722-3150 Office
Email- cindy@uslendingcompany.com
or visit my website: www.realestateloanca.com
President Bush signed the Housing and Economic Recovery Act of 2008. It is said that over 400,000 homeowner's will be able to take advantage of this bill. Home owners will be able to stay in their homes providing their current lender agrees to the terms of the FHA backed, "Hope for Homeowners".
This program will allow the hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have plummeted in value escape foreclosure by refinancing into more affordable, fixed-rate loans backed by the Federal Housing Administration.
There are still details of this program that are coming, but what I have confirmed, is that it will allow those to refinance into a new loan at 90% of the current appraised value.
Lenders would have to agree to take a substantial loss on the existing loans, and in return, they would walk away with at least some payoff and avoid the often-costly foreclosure process. The bill sets a cap of $625,000 on the loans that Fannie Mae and Freddie Mac may buy and the FHA may insure. It lets them buy and back mortgages up to 15 percent above the median home price in certain areas.
Call me today to discuss your situation.
Please feel free to forward this to anyone you know who might benefit from a consultation.
Cindy Tomlinson
Loan Officer
USLending Company
530-722-3150 Office
Email- cindy@uslendingcompany.com
or visit my website: www.realestateloanca.com
"A Day in the Life as a Loan Officer in Redding California"... yet another great title. WOW! Has this been yet another unbelievable week in the Mortgage Business.
Just when you think you've heard it all.. USDA comes in with their own set of delays. Not to worry, they are said to be worked out very soon.
The USDA Program runs on a fiscal year which just ended Sept 30, 08. Due to increased demand of the USDA 100% no MI program, all funds for 2008 were completely exhausted. In past years, any funds remaining were rolled into the following year beginning Oct 1. This year that just wasn't the case.
President Bush has now signed what is being called the "Continuing Resolution" insuring the continuance of the USDA program for all of fiscal year 2009. The USDA program is on a year by year basis thus having to have presidential approval annually to stay a viable GSE.
So all in all, USDA is alive and well and will be around through all of the fiscal year 2009. This is a fantastic loan program for homebuyers, whether it is their first time buying or not.
Cindy Tomlinson
Loan Officer
USLending Company
Direct- 530-722-3150
Email- cindy@uslendingcompany.com
Visit my website @ www.realestateloanca.com
"A Day in the Life as a Loan Officer in Redding California"... yet another great title. WOW! Has this been yet another unbelievable week in the Mortgage Business.
Just when you think you've heard it all.. USDA comes in with their own set of delays. Not to worry, they are said to be worked out very soon.
The USDA Program runs on a fiscal year which just ended Sept 30, 08. Due to increased demand of the USDA 100% no MI program, all funds for 2008 were completely exhausted. In past years, any funds remaining were rolled into the following year beginning Oct 1. This year that just wasn't the case.
President Bush has now signed what is being called the "Continuing Resolution" insuring the continuance of the USDA program for all of fiscal year 2009. The USDA program is on a year by year basis thus having to have presidential approval annually to stay a viable GSE.
So all in all, USDA is alive and well and will be around through all of the fiscal year 2009. This is a fantastic loan program for homebuyers, whether it is their first time buying or not.
Cindy Tomlinson
Loan Officer
USLending Company
Direct- 530-722-3150
Email- cindy@uslendingcompany.com
Visit my website @ www.realestateloanca.com
Loan Officer specializing in Residential & Commercial Lending. Whether you are a first time homebuyer, or a seasoned homeowner, or even an experienced investor.
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