After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.
The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.
The NATIONAL ASSOCIATION OF REALTORS® supported extension of that closing deadline because buyers are experiencing delays in getting their financing closed. The delays are the result of the large number of transactions that are short sales, which can take a long time to close, and the rush of transactions lenders are processing from buyers submitting contracts before the April 30 contract deadline.
The legislation, which now goes to President Obama for signature, is designed to create a seamless extension of the closing deadline; there will be no gap between June 30 and the date the President signs the bill into law.
NAR worked closely with congressional leaders on both sides of the aisle in supporting lawmakers' passage of the legislation, which the association says will help provide additional stability to real estate markets across the nation.
Separately, the U.S. Senate also last night passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), which extends the National Flood Insurance Program until September 30. This will allow home purchases in the 100-year floodplain to move forward. The House passed the bill last week.
When signed into law by the President, the bill, which will apply retroactively, will cover the lapse period from June 1 to the date of enactment of the extension. Without flood insurance, households buying homes in the 100-year floodplain cannot obtain mortgage financing.
More information on both pieces of legislation is at REALTOR.org.
Source: NAR 
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Fenton, St. Louis County - We invite everyone to visit our open house at 560 Oakwood Dr on July 11 from 1:00 PM to 3:00 PM.
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Crestwood, St. Louis County - We invite everyone to visit our open house at 8914 Lou Ct on July 11 from 12:00 PM to 2:00 PM.
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St. Louis, Missouri 63123 - We invite everyone to visit our open house at 7830 Genesta St on July 11 from 1:00 PM to 3:00 PM.
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Sunset Hills - We invite everyone to visit our open house at 4012 S. Lindbergh Blvd on August 9 from 1:00 PM to 3:00 PM.
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Stop by and check out this great townhome between 1:00 - 3:00 on Sunday! Right across from Grants Clydesdale Pastures and Grants Trail! What a beautiful setting!!
http://7914RoyalArmsCt.markandbecci.com
10. The news is bad…for a reason
9. Uncle Sam wants you…to be a homeowner!
8. Long term, owning usually beats renting
7. Home ownership builds equity
6. Market timing is far from perfect
5. There’s no such thing as “the real estate market”
4. Finding value is easier in a tough market
3. There is more than one yardstick
2. The concession stand is open
1. Financing is favorable…for now
To read the full article and explaination for each of the above reasons,
visit http://10Reasons.markandbecci.com.
In the history of our great nation, has there ever been a better time to be a first time homebuyer? The market is down, rates are low, and incentives abound.
LET US COUNT THE WAYS:
FHA: The Federal Housing Administration offers 30 year fixed rate mortgages with only 3.5% down. The seller can credit up to 6% toward the buyers closing costs. (No first time home buyer requirement)
Federal Housing Tax Credit: A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence before December 1, 2009. Visit www.federalhousingtaxcredit.com. Amend your 2008 return and you could have your $8,000 within 10 weeks.
Tax Credit Advance Loan: If you don’t have 3.5% down, The Missouri Housing Development Commission (www.mhdc.com) will loan the down payment, which would be repaid when the tax credit is received.
Neighborhood Stabilization Program: The Missouri Housing Development Commission (www.mhdc.com) has developed a program to help move foreclosed properties. MHDC will provide $14,999 to be used for down payment and closing costs. This is a 5 year forgivable 2nd mortgage.
Now is the time to take advantage of the market. If you have any questions or comments about this article, please contact Matt Eversgerd at 314-620-7227 or matt@firstintegrity.com.
Contrary to popular opinion, you don’t need 20% down to get a great loan in this market:
Power Plus: This is First Integrity’s premier program. Power Plus allows borrower’s with a credit score of 740 or better to avoid PMI with only 10% down. Those in the healthcare field can take advantage of a 5% down option. If you are a Jumbo loan buyer (417k plus mortgage) you can avoid the costly jumbo mortgage with a 1st mortgage of 417k and a 2nd mortgage up to 200k, both at the same rate.
FHA: The Federal Housing Administration offers 30 year fixed rate mortgages to anyone looking to buy a new home or refinance their existing mortgage. You don’t have to be a first time homebuyer. The maximum mortgage amount is $281,250, the minimum down payment is 3.5%, and the minimum credit score is 620.
VA: The Veterans Administration has a great program for active or retired military that allows for 100% financing with no monthly mortgage insurance.
Conventional: Conventional loans offered through Fannie Mae and Freddie Mac requires at least 5% down. While they will allow as low as 620 for a minimum credit score, the penalties are significant if the score is below 700, and FHA might be a better option.
The housing market is poised for recovery. Now is the time to take advantage of low rates and affordable prices.
If you have any questions or comments about this article, please contact Matt Eversgerd at 314-620-7227 or matt@firstintegrity.com.
Crestwood, St. Louis County - 2 Great Open Houses this Sunday, July 26th from 1:00-3:00 p.m.
9151 Fort Donelson Dr. - 4 Beds, 2.5 Baths - $234,500
9142 Fort Donelson Dr. - 4 Beds, 2.5 Baths - $229,900 
We invite everyone to visit our open house at 9142 Fort Donelson Dr. and 9151 Fort Donelson on July 12 from 2:00 PM to 4:00 PM! Both are great homes!
9142 Fort Donelson Dr. - $229,900
9151 Fort Donelson Dr. - $234,500
Tax Credit Provides Outstanding Opportunity for Home Buyers!A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Want more details? Give us a call! 314-775-2709
We invite everyone to visit our open house at 4012 S. Lindbergh Blvd on July 12 from 1:00 PM to 3:00 PM.
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We invite everyone to visit our open house at 5507 Murdoch Ave. on July 12 from 1:00 PM to 3:00 PM.
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