Here are the highlights for the newly extended First-Time Homebuyer Tax Credit per H.R. 3548, dated November 4, 2009:
Extension of First-Time Homebuyer Credit for Individuals On Qualified Official Extended Duty Outside the United States
Qualified Official Extended Duty applies to: a member of the uniformed service; a member of the Foreign Service of the United States, or; an employee of the intelligence community.
Provisions to enhance the Administration of the First-Time Homebuyer Tax Credit
I hope this has been helpful. Please contact me if you have additional questions.
As a mortgage professional, it is my responsibility to alert you to market conditions that you can both take advantage of or alert you to when certain conditions exist. Now is one of those times. If you are thinking of restructuring your mortgage, do it now. Rates are poised to rise, a lot!Just as your financial advisor or CPA subscribes to services to assist them in shaping the advice they offer you, I do the same. One of the tools I use to help me protect you and your financial assets is RateWatch. RateWatch tracks and monitors real time mortgage backed securities (MBS) prices which in turn impact the rates I have the ability to offer you.I won't overwhelm you with technical information but I would like to show you a chart to explain why I am reaching out to you.Below is a chart showing prices of one Mortgage Backed Security (MBS). The first thing to keep in mind when viewing this is that the higher the markings on the charts, the lower the rates I have the ability to offer you.
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There are 27 days remaining to take advantage of the first time home buyer tax credit and this doesn't take into account weekends.
If a first time home buyer were to meet with us by November 11th, 2009, we can still close their purchase in time as long as they provide their information in full and provide all documentation up front.
This would mean the borrower must provide the following documentation on day one:
Additional items will be required depending on the circumstance:
There may be other items needed and that will be discovered at the time of the interview.
The need for these items up front is to identify any potential obstacles that could delay a speedy closing and to ensure a solid approval.
NOTE: There are some loan programs that cannot close quickly enough to meet the November 30th deadline, but most can and those are the programs that we are speaking of.
Our goal is to close the transaction as quickly as possible so you or your referral can take advantage of the first time home buyer tax credit.
Call today or complete an application while you are visiting my website.
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