Sue Horchem has been with our group since January 2008. She reactivated her license in the early spring of 2008 when I needed a new assistant and someone to organize us (and by us I mean me). She has been training ever since, learning all the nuances of this crazy business. A few weeks ago she innocently asked (after we had put out one of many real estate “fires”) if there was ever a routine deal. My answer was an emphatic “No!”
Tyler Homes Blog
Archive for June, 2009
“We specialize in a unique real estate experience… Yours”
Tuesday, June 23rd, 2009$8000 Tax Credit Advance - Back to the Future?
Monday, June 8th, 2009After much “to do” then “Indian giving,” the powers that be have finally decided that first time home buyers (defined as anyone who has not owned a home in the last 3 years) can now get an advance on the $8000 tax credit. They can now use it for their down payment and closing costs through the use of a temporary or “bridge” loan. Opponents say that this is going back to the old days of 105% financing and will get us back into the mess we are trying to stop.
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FHA OKs First Time Homebuyer Tax Credit Advances - Buy Now; Pay Later
Thursday, June 4th, 2009And we think they mean it this time, HUD issued Mortgagee Letter (ML) 2009-15, “Using First-Time Homebuyer Tax Credits for the Down payment” on May 11, 2009 only to pull it from their site the same day. Needless to say there was much rumor and speculation about the “whys” and “what-fors” but they have now re-issued the Mortgagee Letter and here’s the skinny…
This is not really a new concept. At least 10 states have already enacted some form of “Tax Credit Advance” legislation. They offer secondary financing and/or short-term loans to get the $8,000 tax credit provided in the American Recovery and Reinvestment Act of 2009 to the homebuyer BEFORE closing to use as down-payment and/or to cover closing costs. (more…)
