A Couple Of Points Of Interest

Hello Again!

It's great to be back. After a long absence due to technical troubles (gee, that never happens) and other general issues, it's great to be blogging again. I can only hope that all the issues have been taken care of and are now far behind.

Here we go:


First Time Homebuyers Tax Credit

The time is running out for this credit. If you or any one that you know is looking to buy a home soon, it's time to act right now! The tax credit in it's current form is scheduled to end November 30, 2009. All loans must be closed by that date to be eligible for the tax credit.

But, because of the anticipated rush of closings, lenders are going to be swamped with trying to close these loans before the deadline. This will cause an already slow process to be even slower. So don't get shut out, get the loan rolling today.

And I can't stress this enough, make sure you are even eligible for the tax credit in the first place. Talk to your tax accountant or go to www.irs.gov. for eligibility questions.

I've seen people close on loans and then find out they are not eligible for the tax credit.

Bummer!



FHA Streamline Refinances

Starting in November, FHA is going to change their guidelines regarding how they underwrite a FHA Streamline Refinance as far as credit scores, seasoning , loan amounts and appraisals. The FHA Streamline Refinance was a great tool to help a homeowner lower their mortgage payment with less paperwork and no appraisal. I can't tell you in this housing market how important it is not having to get an appraisal.

So if you are thinking about refinancing your current FHA mortgage, get it going today!


And just a side note, if you haven't seen the episode of "Family Guy" where there are multi-universes, you need to see it. Brilliant!

If you have any comments on this article, I would love to hear what you have to say!

Feel free to comment below. Thanks for reading!

Dan Tenchall
Great Lakes Mortgage Funding

For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!

Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com

Are we back on?

For some unfortunate reason, this blog was knocked off line. However, we are back working again so look for more commentary from this blog site coming soon.

Thanks for waiting!