In our worst market you can now get a bit of relief… With the government buy up the bad loans and completing its stimulus recovery. Families now have the opportunity in saving there homes. April 4th, 2009 Fannie Mae will deliver its “Home Affordable, guideline(s)” which are to allow those in need of refinancing; but suffer from lost of job or other finance etc, to do so. They will be offering two methods to the borrower, so let’s be basic today:
1. Modification 2. Refinance –
#1. will help through you bank and/or Non-profit entity which you have contacted and begun the application process with;
#2. will work through your Broker of choice… This is recommended, as your broker/bank has the abilities to research and cultivate a loan that would be more viable to the individuals lending needs. Conventional Lending Institutions only have one source of guideline – being there own and can not move beyond there limits. A brokerage firm, in high standings with the ability to complete Government and/or FHA Lending in house or through its resources can deliver multiple option(s) from several different financial resources. Having the ability to manage the resource to fit the clients needs is what makes the Brokerage use in programs and/or lender guideline(s), worthwhile. What makes this a benefit to me is that the Brokerage Firm “Sunset Mortgage, Co.” has lending relationships with both conventional and independent lender who are ready and willing to review my file and its performance potentials…
Remember your Broker is only as good as the client allows… Even with all the knowledge, he still need me to deliver all the correct documents in a timely manner, in order for my goals to be met…
The other great situation with lending today: The First Time Homebuyer Tax Credit – this is an incentive for 2009; and will allow for the purchaser of there new home to deduct as much as $8000.00, in the first year. If your tax liability in the first year is only $6000.00; this is what is called a “refundable credit” and the IRS will deliver the purchase the $2000.00 difference. If you are a Buyer or Realtor refer to the IRS Tax Liability Table… Both the Buyer and Realtor will have a reason to become motivated throughout the Buying and selling process..
I know that there will be other question(s) that arise… So, let’s talk. The Home Affordable, program is coming soon. It is expect to have a completion time of 4 to 6 weeks and get longer if you wait to submit your documents to us..