Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. – NOT So FAST!

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented it...

Update On 2009 First-Time Homebuyers Tax Credit

Rer IRS Website: This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase...

Am I Eligible For Making Home Affordable Refinance

Fannie and Freddie have officially announced and launched Making Home Affordable Plan Program! Making Home Affordable program “looks the other way” with respect to falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner. Not every...

The Five Main Factors Affecting Credit Scoring

There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: •    Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact....

Good Credit Equals Lower Mortgage Rates

In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a “man of his word,” so to speak. Fair Isaac sought to take human error out of the...

Mortgage Rates April 2, 2009 – Mark To Market

Today FASB announced its decision in favor of relaxing standards on mark-to-market accounting rules.  As discussed in yesterdays post it was speculated that the equity markets would favor relaxed standards and the bond market may not.  This speculation came to fruition as we saw the DOW post a gain of...