As we proceed into the second half of 2009 there are some timely issues for first time home buyers and real estate professionals.
- To be eligible for the $8000 Federal Tax Credit purchases must be complete and finalized by 11/30/2009. Closings should be scheduled early with title co. and lender.
- Most down payment assistance programs have a limited amount of funds available and some of them are running out of money. Clients need to get the money reserved as soon as they have a property.
- All loan products (FHA, conventional, VA and RD) are being used to finance foreclosure property. Appraisal issues occasionally occur if the buyer is using FHA for financing due to the property not meeting all the appraisal requirements. It appears that some banks are more willing to improve property with an offer to meet these appraisal issues.
- Conventional loans with a minimum of 5% down are more readily available than earlier this year, even though the Twin Cities is considered a declining market. Most, if not all of these are being done with mortgage insurance. Some mortgage insurers now have their own underwriting criteria.
- Rural Development with 100% financing is a good option if the property is in a qualified area.
Mortgage lenders are getting new regulations and new guidelines almost weekly. Marketplace Home Mortgage is confident and ready to meet all challenges to continue to be a premier broker/lender in Minnesota.
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