Industry News - 5.5.10
Happy Cinco de Mayo!
Last Friday was when the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers expired. Service members, however, who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension. If a binding sales contract was signed by 4/30, home buyers have until June 30, 2010 to complete the purchase - remember that investors are not guaranteeing any funding dates!
Industry News - 5.5.10
Happy Cinco de Mayo!
Last Friday was when the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers expired. Service members, however, who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension. If a binding sales contract was signed by 4/30, home buyers have until June 30, 2010 to complete the purchase - remember that investors are not guaranteeing any funding dates!
Are you waiting for USDA programs to come back and want to keep up on the progress? Go to http://thomas.loc.gov/home/bills_res.html and look for H.R. 5003 and H.R. 5017.
The bond yield dropped this morning and a few lenders are out pitching their float down policies. If you have a loan already locked at Franklin American or Reunion Mortgage, you may want to check out their float down policies.
Pinnacle Capital now offers My Community Mortgage program. Pinnacle has also added a jumbo product to their menu. They are pricing a 30 fixed rate loan on their rate sheet; they also offer 3/1, 5/1, 7/1, and 10/1 arms. Guidelines were just published this morning; ReadyPrice will be updated shortly to reflect Pinnacle’s new product.
Home Savings is offering brokers an extra .125 off on your first submission through ‘eHome’, their broker portal.
Bay Equity is offering a May purchase special - .125 price improvement for all loans submitted in the month of May. Bay Equity also is now offering 95% ltv on conforming loans in California.
Remember, FNMA DU Refi Plus and Freddie Refi Relief programs aren’t just for the loans that are under water – reduced fees and reduced underwriting documentation can make it easier to close rate/term refinances. Wells Fargo is just one lender that is promoting their HARP products.
Look for these programs and lenders, and others, at www.readyprice.com.
Don’t forget - if you are already a CAMP member, you are already registered with ReadyPrice - a $720 value! Login to www.readyprice.com with your CAMP-recognized email address and your CAMP id#.