Mortgage 
Mortgage information provided by local lenders.
There are currently 3 blog entries related to this category.
Will the First Time Home Buyer Tax Credit be extended for all?
Tuesday, October 13th, 2009 at 6:45pm. 164 Views, 0 Comments.
Will the First Time Home Buyer Tax Credit be extended?
As we approach the deadline for closing on purchases to qualify for the First Time Home Buyer Tax Credit of $8,000, I am often asked what the chances are that the program will be extended. The answer to the question is always the same; your guess is as good as mine. However, I can give an update on what is happening in Congress where the decision will be made.
First, there is some very positive news from the U.S. House of Representatives. Last Thursday October 8, 2009 the House passed H.R. 3590, the Service Members Home Ownership Tax Act of 2009 by a vote of 416 to 0. This bill extends the First Time Home Buyer Tax Credit one full year for Military personnel (and some Civilian Federal workers)…
Pre-Approved or Pre-Qualified?
Saturday, October 3rd, 2009 at 3:18pm. 120 Views, 0 Comments.
Is there really a difference?
Pre-Qualified, and Pre-Approved are two very different things, and yet the two terms seem virtually interchangeable when talking with Realtors, and Borrowers. Most Realtors know that they prefer to deal with someone who is Pre-Approved to someone who is Pre-Qualified, but when pressed, they are not sure of the difference. Although they may not know why, they are correct in wanting to deal with a Pre-Approved borrower more than one who is Pre-Qualified. The bottom line difference is that someone can be Pre-Qualified, and yet never be approved for a loan while someone who is Pre-Approved will rarely fail to close on a loan.
The answer can be found in the root of the two words: qualified, versus approved. The word…
Tacoma Condo Financing Changes
Thursday, October 1st, 2009 at 3:13am. 137 Views, 0 Comments.
Condominiums have always required more in the way of paperwork than a traditional single family residence, and much of the reasoning for the increased documentation is not well explained, or understood by many loan officers. On top of this, there have been a myriad of changes to overall lending guidelines in the past six months. Perhaps as a result, the recent updates regarding changes in the approval process for condominium projects seemed to fly under the radar for most.
The biggest change is that FHA is no longer going to allow Lenders to give a “spot” approval for an individual condominium residence, but rather will have to certify the entire condominium project. HUD will continue to keep their database of approved projects, but as…
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