Bob Lowery

Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The Senate and House of Representatives approved the bill and the President should sign the bill into law as soon as Friday, November 6, 2009. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.
• Eligibility and amount of new credit:
• $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
• Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
• Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
• Homes valued at more than $800,000 are also ineligible.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYnkx.7jfyXE&pos=8

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com. I am available seven days a week.

Confidential applications can also be completed on our secure website at https://www.homeloans.com/bob-lowery

Thanks,

Bob Lowery

Home Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

https://www.homeloans.com/bob-lowery

Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The Senate and House of Representatives approved the bill and the President should sign the bill into law as soon as Friday, November 6, 2009. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.
• Eligibility and amount of new credit:
• $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
• Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
• Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
• Homes valued at more than $800,000 are also ineligible.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYnkx.7jfyXE&pos=8

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com. I am available seven days a week.

Confidential applications can also be completed on our secure website at https://www.homeloans.com/bob-lowery

Thanks,

Bob Lowery

Home Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

https://www.homeloans.com/bob-lowery

Free First Time Home Buyer Workshop - Baltimore - October 14, 2009

October 14, 2009 at 6:30PM

7939 Honeygo Blvd., #127

Baltimore, MD 21236

Seating is limited, so please RSVP by calling or emailing:

Bob Lowery, Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

· FREE Home Buyer's Guide

· FREE credit analysis

· $8,000 tax credit information plus $500 lender credit for all contracts dated 9/26/2009 and closed by 11/30/2009

· Down Payment and Closing Cost Assistance Available

I am available seven days a week.

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com.

Bob Lowery, Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com. I am available seven days a week.

Confidential applications can also be completed on our secure website at https://www.homeloans.com/bob-lowery

Thanks,

Bob Lowery

Home Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

https://www.homeloans.com/bob-lowery

Effective 60 days from September 18th, there will be some major changes to FHA streamlines. The major changes affecting FHA homeowners with refinancing are:

• Seasoning - this means all home owners must have owned their home for six months before they can refinance.
• Payment history
  • If home owned less than 12 months, 0x30 on mortgage history for last 12 months.
  • If home owned more than 12 months, 1x30 within the last 12 months is allowed.
• Lender must verify assets if borrower is bringing money to settlement table.
• Lender must verify employment.
• You will no longer be able to roll closing costs into the loan without an appraisal.

In addition to this, many lenders have put credit overlays on top of the FHA guidelines requiring 580, 600 and even 620 scores. Here is the link to the mortgage letter from HUD.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-32ml.doc

While I realize FHA and FHA lender have to tighten up just like everyone else, why is FHA tightening up on their consumer base that they have already insured? Doesn't it help to try and refinance as many of their current portfolio as possible to lower rates and payments?

I absolutely understand tightening up on purchases and "cash out" refinances, but tightening up on streamline refinances, doesn't make too much sense to me. If we are lucky, FHA will retract this new guideline before it actually goes into effect.