The minimum borrower FICO score will be raised although the final number has not yet been determined. (rumor is the min score will be 640 up from 620) The agency is studying whether new FICO minimums should be accompanied by changes in other underwriting criteria for lower down payment loans. The up-front cash that a borrower will be required to bring to the table for an FHA-backed loan will also be increased to make sure that borrowers have "skin in the game.
Read More
President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law today. The legislation greatly expands the First Time Homebuyer Tax Credit by making more first time homebuyers eligible for the credit and now includes homebuyers that are not first time homebuyers. The current law is extended until April 30, 2010. Buyers have until that date to have a signed purchase agreement. There is an additional 60 day grace period to complete the financing.
Read More
Homes located within walking distance of amenities such as schools, parks and shopping aren’t only more convenient for their owners, often they’re also worth more than homes in neighborhoods where driving is the rule, according to a study released last month. The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” was commissioned by CEOs for Cities, a national network of urban leaders from the civic, business, academic and philanthropic sectors.
Read More
"I heard they are considering extending this credit past November. Heard anything like this?" about Six Critical Things You Need to Know to Get the $8000 Buyer Credit
on Wednesday, September 30, 2009 @ 7:57 AM
Steven said
"Well, time will tell I guess. For my sake I hope it's true but I have a feeling the high end market is going to come down in price for the next several years. " about
on Wednesday, September 30, 2009 @ 7:56 AM
Micah said
"Keep posting more articles like this. Question, does a short sale offer delay the foreclosure process??" about New Foreclosure Rules In Washington Assist Homeowners
on Wednesday, September 30, 2009 @ 7:54 AM
Jessica said
"This will be even more true when the price of gas jumps to seven dollars a gallon!" about Homes with High Walk-ability Worth More
on Wednesday, September 30, 2009 @ 7:52 AM