My New Blog

I just wanted to recap a couple of key items that occurred this week.  It has certainly been a roller coaster and is only going to get more intense in the weeks and months to come

Condo max loan to value 75%
Write your contracts with at least 45 day minimum to close as we now need to get investor approval after a 921 key is filled out by the HOA

Second Home max loan amount is 80%
There are minimum credit scores for loan to values 80 -

Departure residence - we must count the buyers current mortgage loan plus the new mortgage loan if the house is not going to be sold before closing.  They cannot rent out their current home to offset the debt unless they have at least 30% equity in the home.

Wells Fargo has placed a moratorium on their foreclosures.  They are not proceeding with foreclosures on loans that they own - including Wachovia loans and the Pick a Pays.  There is no set time on how long the moratorium will last

FHA loan limits increasing - FHA has not made any formal announcements on this to date

Economic Stimulus Package - it was passed by Congress and signed by the President.  That is all we know at this point.  No formal instructions on how this will effect new mortgage financing or existing has been announced yet.  We will need to sit tight and wait for the guidelines to be structured.

First time home buyer tax credit has been increased to $8000 or 10% of the value of the home.   It will not have to be paid back if they own the house for 3 years.

I honestly feel we should all be out there promoting this.  It will really encourage people to purchase a home and we all know this is a GREAT time to buy.  We need to incent our prospects alittle and this is a great way.

Have a fun, safe and successful weekend.

Call me if you need me

Stacey

Stacey D. Van Schenck
Mortgage Consultant
Capstone Home Mortgage, LLC
An Affiliate Of Wells Fargo Home Mortgage
MAC M1965-011
3126 Little Road
Trinity,  FL  34655
(727) 842-6275 Tel
(866) 425-6407 Toll Free
(866) 406-7661 Fax

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