Financing

Idaho Banks Strength Helps Support the State’s Economy

Robb Hicken wrote in an article in the Idaho Business Review that :Banks in Idaho look bright: Despite challenges, banks move forward”.  He discusses the benefits of having sound Idaho banks to Idaho’s economy and some of the challenges the state faces as the economy recovers.

January 1, 2010 HUD-1 and GFE Changes

Effective January 1, 2010 a new Good Faith Estimate (GFE) and HUD-1 (closing statement) are required.  These updated forms are designed to better inform borrowers and to restrict fee increases that borrowers have experienced in the past.  It should help to eliminate surprises at the closing table in relation to fees the borrower pays or [...]

Considering Letting Your Property Go Into Foreclosure?

Are you in a position that you may be headed into foreclosure?  There are other options that you need to investigate.  I just answered a question from someone wanting to let their mobile home go into foreclosure.  Not knowing all of the information I gave advice that I would give to anyone in that situation.  Read my answer for further information.

Homebuyer tax credit extended and expanded!!!

“The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.”  Read entire article.

First-Time Homebuyer Tax Credit

The time to qualify for the First-Time Homebuyer Tax Credit is running short.  You must purchase a home before December 1, 2009 to qualify.   That means that you have to close by November 30, 2009, not just have a contract to purchase.  If you are going to finance your purchase,  it will take 30-60 days to close on your purchase depending on the type of loan that you get.   There are only 81 days left.  It is time to start talking to both your lender about qualifying for a loan and to your  REALTOR® about finding your first home.  Learn more about the First-Time Homebuyer Tax Credit

Home Ownership & Equity Protection Act (HERA)

This act goes into effect 7/30/2009 and will affect the timeline for closing on loans whether new purchase or refinance. It REQUIRES the borrower to have a 7 day “cooling off” period before proceeding with the loan whether they want it or not and the “cooling off” period can start all over if there are changes in the costs of the loan. Contact me or one of my preferred lenders, Kim Hurley, First Federal – (208) 543-8881; Pam Canoy,
Republic Mortgage – (208) 734-1000 ext. 104; Deborah Bishop, Bank of America – (208) 543-9205; or Becky Walter, Pioneer Mortgage – (208) 280-1474 for more information
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