There is some good news in the real estate industry day, the first time homebuyer tax credit has been extended! It has also been extended to “move-up” buyers who would receive $6,500.00.
Under the measure, an $8,000 tax credit for first-time homebuyers would be extended for seven months and expanded with a $6,500 credit for some prospective homebuyers who already own homes. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years. The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify. (credit: cnbc.com)
Please also keep in mind that the rate market has been fairly strong in the past few days, especially today after jobless claims came in higher than expected at 10.2%.
Additionally, starting November 17th, there will be changes to streamline refinances for FHA loans. If you are thinking of refinancing your FHA loan or know someone who may be thinking about it, their last chance to do it under the old guidelines will be Monday, November 16th.
We have changed a little bit in the past month, we are now a VA lender and can offer 100% cashout refinances and purchases to eligible veterans.
Please keep us in mind for future transactions. We have always provided the best possible service to our borrowers and excellent rates.
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Michael Conti