Nick Libert

Now that both the Senate and House have passed the extension (and revisions) to the Hombuyer Credit (98-0 and 403-12, respectively, and President Obama has a public signing tomorrow morning) it's time to review the details:

• The $8000 first time homebuyer credit will extend to contracts SIGNED by April 30th and must close by June 30th, 2010.
• The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years.
• The credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

• The credit would be available only for the purchase of principal residences priced at $800,000 or less. The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This is GREAT news for anyone looking to buy or upgrade, particularly those interested in short sales or FHA rehab loans that may take an extended time period to close. Please contact me with any questions, or view my website www.nicklibert.com to browse Chicagoland's FULL current inventory!

My mortgage partner at Pan American Bank, Nick Buitink, got in touch with me after my last blog letting buyers know that most lenders were cutting off the pipeline for new loans that had to close Nov 30th. Nick let me know exactly what his team is doing to get buyers safely closed by November 30th's tax credit deadline as long as they are under contract and have the following items (see below) submitted IN ADVANCE:

Review, forward, and post to your buyers ASAP! Don't let them give up, we all have a week PLUS left to find great properties and negotiate contracts to get the $8,000 tax credit. And as we all know, there is NO VOTE IN CONGRESS or any promise whatsoever to have it extended!!!

1st thing is the online application http://www.NickBuitink.com has it right on its first page. They (and you) can also call Nick directly at (512) 501-9353 Direct Mobile, (312) 244-3294 Fax, or nbuitink@panamlending.com.

then they need to Fax:

RESIDENTIAL MORTGAGE LOAN
VERIFICATION OF INCOME
W-2's for the most recent two (2) years and pay stubs for the most recent thirty (30) days
Most recent two (2) years tax returns, include all schedules NO EXCEPTIONS (Borrower's who haven't filed Taxes are NOT ELIGIBLE FOR MORTGAGE LENDING)
If self-employed, please provide the most recent two (2) years personal tax returns include all schedules, and the most recent two (2) years business tax returns (if Partnership, S Corp, Corp, LLC, etc)
If you own multiple properties, please include copies of all leases, Tax Bills for each Property for current year, and Current Hazard Insurance Policy (showing annual premium) for ALL properties owned
For ALL Mortgages, Real Estate Loans, and Equity Loans on Credit, provide the most recent Mortgage Statement, showing payments and loan type or provide a copy of the Note for each Real Estate debt listed on Credit (the terms of each loan have to be made known to lender in order to accommodate for Adjustable Rate, Balloon Terms, Buydowns, etc -- There are NO EXCEPTIONS to this documentation requirement - If it's on credit, it must be provided to the lender)
Proof of retirement income, pensions, social security and other "Passive" income with most recent two months proof of receipt (such as check stubs, or Bank Statements showing Direct Deposits.)

VERIFICATION OF LIQUID ASSETS
Copies of the most recent two (2) months bank statements for all accounts, if statements are provided quarterly please provide the statement for the most recent quarter. Include all pages for each statement.
C D and I R A verification can be accomplished by providing a copy of your statement of account or by having your deposit institution provide a letter on their letterhead listing your C D's and I R A's their account numbers and present value
Stock Market or Annuity Investment verification can be accomplished by providing the most recent three (3) months statements or the most recent quarterly statement if applicable. Otherwise, the account numbers, address, telephone number and contact person for the fund holder will be needed

LANDLORD VERIFICATION
If you are presently renting, please provide us with your landlord's name, address and telephone number.
If your Landlord is a private individual, and not a Management Company, you MUST PROVIDE 12 months Cancelled Checks showing payment each month within 30 days of the due date UNLESS your Loan Officer indicates otherwise.

HOMEOWNERS INSURANCE COVERAGE for the new home
Prior to your loan closing date (at least 5 days before closing) you will need to provide proof of homeowner's insurance coverage on the property you will be purchasing and a receipt for proof of payment of the first FULL year's coverage. We will not close your loan without this coverage.
IDENTIFICATION DOCUMENTS
A loan will not be submitted for you without a CLEAR easily read Gov't Issued ID and Proof Of Social Security Number

This sounds like a lot of stuff but if you highlight the items that apply to you, it wont be much after all. HOPE THIS HELPS YOU GET THOSE LAST MINUTE BUYERS CLOSED!

I just received word today from one of my bank lenders that this bank, along with many others, would be cutting off applications THIS FRIDAY, OCTOBER 23RD, for buyers wanting to take advantage of the 8k Homebuyer Credit being offered until November 30, 2009.

Most banks feel that in the current lending environment it takes 30-40 days to fund a loan and they do not want to be responsible for buyers attempting to rush a loan that will not close in time for the desired rebate.

Therefore, if you are not under contract by this Friday, many lenders will not work under the Nov 30th deadline and you will lose the $8,000! THERE IS STILL TIME THIS WEEK TO VIEW, WRITE, AND BUY ON AN ACCELERATED TIMELINE! MY TEAM IS PREPPED AND EDUCATED ON THE MARKET AND READY TO ASSIST.

See the blog post below I wrote in late September for more information, and get in contact with me ASAP this week!

http://activerain.com/blogsview/1265176/there-s-still-time-to-get-8-000-from-the-government-and-buy-a-home-with-next-to-nothing-down-your-questions-answered-here-