NW Indiana Loan Guy Blog

Posts Tagged ‘first time homebuyer’

The government. You can’t live with ‘em and they apparently have no plans to go away…

I’m not passing judgment here; I’ll leave that to you. I’m just going to provide a little biased information.

The GOOD – The Senate approved the extension of the end date for the Homebuyer’s Tax Credit. The original plan was that the purchase agreement had to be signed as of April 30, 2010 and closing was to be no later than June 30, 2010.  Since there seems to be a backlog of applications that will probably not close by the June deadline, it has been extended until September 30 of this year FOR CLOSING ONLY.  You still need to have had the purchase agreement signed by April 30. Note: there are some exceptions for those in the military and other persons stationed overseas.

The BAD – The House has forwarded a bill to the Senate that would substantially increase the cost of mortgage insurance for FHA backed loans. If this passes, an FHA loan with an interest rate of 5% would have an APR of OVER 7%. Not much help if you are trying to stimulate the sale of homes. I can only assume that our elected officials have not yet seen the error of their ways and will eventually kill this idea. Of course, you know what happens when you assume…

The UGLY – While I may be a little slow in the geography and topography department, I don’t believe that islands are like floating platforms in the sea. I would assume (here we go again), that they are anchored somehow so they don’t float away. I may be incorrect judging by the obviously superior intellect of one of our fine elected officials. As you watch the video below, contemplate what the person is like who lost the election to him…

Scott

Your Indiana mortgage expert specializing in FHA, VA, and USDA Rural Development loans.