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Lenders backpedal regarding $8,000 and use as downpayment.
Saturday, 06 June 2009 15:13
Robert
Most lenders are backpedalling with regard the using the $8,000 tax credit as downpayment. The following was released last week from PHH Mortgage (one of the nations largest direct lenders):
"With regard to Conventional Conforming loans, both Fannie Mae and Freddie Mac have initially indicated that funds from a ‘tax credit anticipation loan’ (a loan that is secured against the first-time homebuyer tax credit) would not meet their criteria for consideration as borrowed funds secured by an asset. As such, a tax credit anticipation loan would need to be treated as a personal unsecured loan which is not an acceptable source of funds for down payment, closing costs, or reserves. Although the GSEs continue to have discussions as to whether tax credit anticipation loans would be permitted under other circumstances, no formal decisions have been made to allow this as an acceptable source of funds.
With regard to FHA loans, HUD recently issued Mortgagee Letter 09-ML-15 Using First-Time Homebuyer Tax Credits on May 29th which outlined the parameters under which tax credit advances could be offered with second liens or the tax credit could be purchased by an approved mortgagee, non-profit organization, or governmental agency."
Last Updated on Saturday, 06 June 2009 15:27
April 2009 Market Statistics
Saturday, 06 June 2009 15:28
Robert
Summary - Median sales price is down to $190,000 (down 5%) for Greater Reno-Sparks area based on 473 transactions (up 17.1%). Total number of active listings down to 3,145 for entire area.
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10070 Galilee Dr, Reno NV 89506
$144,900 : Open kitchen, huge master bedroom with oversized walk in closet and master bathroom, downstairs office/den and full bath, upstairs laundry room, small loft area. Smaller backyard features retaining wall with rose bushes lining fence, concrete patio and dog run on side.
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Foreclosure Tsunami expected for 2ndQ 2009
Thursday, 14 May 2009 08:43
Robert
RIS Media reports that the National Short Sale Center is expecting record setting number of foreclosures for the 2nd Quarter of 2009. 1 million nationwide.
"We’re returning to pre-moratorium percentages, with a rather large initial increase in the second quarter as properties that have been in the moratorium flood through,” says Travis Hamel Olsen, president of National Short Sale Center. “From our data, we are forecasting more than one million foreclosure filings in the second quarter of 2009.”"
More info at Foreclosure Tsunami Expected in Second Quarter of 2009 | RISMedia
Last Updated on Thursday, 14 May 2009 08:48
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