Welcome Back Readers!
I apologize in advance for the negative tone of this post, but it is information that people who plan on buying this year need to have. Let me start with this: There are many solutions available to FHA’s problems, andthere are other programs that allow cash poor buyers to still purchase homes. It is not the end of the world, FHA is still a fine program, but I have an issue with their changes not offering a solution to their problem.
Call me if you want to find out how low money downprograms can still benefit you, in the meantime please be aware of the following info.
FHA has announced policy changes today that will potentially have a negative impact on the housing market. Read on after the jump to seeexcerpts from areleaseby NAR:
Waiting. Sometimes a wise strategy, sometimes a foolish one. When it comes to home buying, waiting will surely cost you. There are a number of reasons why, but beforeI go into that, let’s get one thing clear…. if you aren’t in a positions to buy, if you truly can’t afford it, don’t do it. But if you are unsure, if you are “thinking about it”, if you are planning to “start looking” in a few months, you need to hop off the fence and start now. Waiting is a mistake. Here’s why:
I know, I know, not the most inspiring title but seriously, when we look at market statistics in today’s ecnomy not that bad is pretty darn good! Read on to find out more!
This past Friday, President Obama signed into law H.R. 3548. This bill, at it’s heart a bill to extend unemployment 
benefits {which, by the way, is being completely overlooked as the critical step it was to help the unemployed workers in this country, but that’s a topic foranother day(see, I’m overlooking it too!)} contained a roundly supported amendment to Extend and Expand the First Time Home Buyer Tax Credit that was set to expire this month. Unless you were hiding under a rock, by now you’ve no doubt heard countless talking heads telling you that this bill will either (A) Save the US Economy or (B) Leadthe US Economyinto a head on Collision with the ever growing Mountain of National Debt.
Well, if you were looking for someone to supportChoice (B), you should probably look elsewhere. But if you were looking for someone to explain just why this bill is critical to the recovery of the nation’s housing market and just may save our entire economy, then keep on reading!
With aquickand resounding “Yes” vote, the House today passed HR3548, extending and expanding the Home Buyer Tax Credit! All we need now is forPresidentObama to sign the bill into law!
The Senate voted today 98-0 to pass the HR 3548. HR 3548 is a bill that extendsunemploymentbenefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!
Fees. It’s an interesting word and many
people don’t know just how many fees are involved in a real estate transaction. Lender fees, title fees, inspection fees, notary fees, administrative fees, recording fees, if you’ve ever looked at a settlement sheet you’d be amazed at just how many there are. Why so many?
Here is the headline from the AP Storythat ran yesterday “Senators agree to extend homebuyer tax credit”. Look spretty good, doesn’t it? Reading that, you would think we were in the clear, tax credits for everyone! Well, I hate to 
rain on everyone’s parade, but we still have a long way to go.
Think of this process like looking at the moon through a telescope, it’s there, you can see every
detail, you almost feel like you can reach out and touch it……. yet it is still thousands of miles away.
According to a quick release from The National Association of Realtors today, the Senate is voting on an amendment to Extend Unemployment Insurance Benefits. In this bill, there is an amendment titled “Dodd-Lieberman-Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit”.
