You have a little over a month to meet the closing deadline of 11/30 for the potential $8,000 tax credit. Don't wait till the last minute, as lenders and closing agents are going to be swamped and you might miss it by a day.
This is an excellent program for 1st-time buyers, but programs like Rural Development loans, with zero down payment, are already backed up and taking considerably longer to get approved.
If the loan has to close by 11/30 and you take weekends and Thanksgiving out of the number of days, you may be already pushing the envelope here.
Don't wait - talk to a knowledgeable lender today if you want to make sure your loan is closed by 11/30. If you close 12/1 you're too late - there are no expceptions here.
Call me if you have any questions, 608-779-1519.
Jolyn
Tuesday, September 29, 2009
Thursday, September 24, 2009
HOW DOES INFLATION AFFECT INTEREST RATES?
To give you an easy way to remember how inflation affect interest rates:
INTEREST RATES ARE THE BOAT THAT FLOATS ON THE SEA OF INFLATION.
What this means is if inflation figures go up, interest rates will go up with them. Another general rule of thumb: If the stock market is doing well, mortgage rates will do worse. What happens is when investors are putting their money into the stock market, they are pulling it out of the bond market, which drives rates. When they want a safer haven for their investments if the stock market is not doing well, they pull it out of stocks and put it in the bond market, which makes rates get better. This isn't always the case, but it's a safe indicator.
All I'm hearing out there is the buzz that inflation is looming, and rates are going to go up. That, in combination with the fact that there's JUST enough time to buy and get in on the possible $8,000 tax credit if you close on a purchase before 12/1 makes it a good itme to buy. Rates are low, you might qualify for the $8,000 and there's a nice supply of homes on the market.
Call me if you have any questions!
INTEREST RATES ARE THE BOAT THAT FLOATS ON THE SEA OF INFLATION.
What this means is if inflation figures go up, interest rates will go up with them. Another general rule of thumb: If the stock market is doing well, mortgage rates will do worse. What happens is when investors are putting their money into the stock market, they are pulling it out of the bond market, which drives rates. When they want a safer haven for their investments if the stock market is not doing well, they pull it out of stocks and put it in the bond market, which makes rates get better. This isn't always the case, but it's a safe indicator.
All I'm hearing out there is the buzz that inflation is looming, and rates are going to go up. That, in combination with the fact that there's JUST enough time to buy and get in on the possible $8,000 tax credit if you close on a purchase before 12/1 makes it a good itme to buy. Rates are low, you might qualify for the $8,000 and there's a nice supply of homes on the market.
Call me if you have any questions!
Monday, September 21, 2009
Home sellers should plan to attend closings
Did you know that for Guaranteed Rural Housing loans, Federal VA and FHA loans,a seller MUST sign some closing documents? Having your sellers attend closing just makes things a little easier, as most of the time these days, closing papers arent done much before the day of closing. If you've got a loan closing soon, make sure the sellers plan on coming to the closing. If not, make sure you have plenty of time to get the closing papers completed and the signatures ahead of time.
With these loan programs, there are NO EXCEPTIONS to this rule.
With these loan programs, there are NO EXCEPTIONS to this rule.
Friday, September 18, 2009
I WAS SO SUPRISED - THANK YOU!
Last night (Thursday 9/17) I attended the La Crosse Area Realtor Assocation meeting to support Steve Lillestrand of Meyer Assocates as he was installed as the new president of the associaton. How suprised was I to find that I received the "POSITIVE ENERGY" award. How cool is that!!! Thank you to everyone.
It's a beautiful award too! I uploaded a photo of myself with award looking like a dork.
Thank you all - it means a lot to me!
Jolyn
Thursday, September 17, 2009
FHA appraiser checklist
With all the changes in the mortgage industry and guidelines getting tougher and tougher FHA loans are one of the last loans out there for many buyers who don't have the required 680 credit score or 20% down. It's a 30 year fixed rate, very competitive loan that requires only 3 1/2% down, and all the down payment can be a gift.
Appraisers are required to comment on a lot more details of a home than your regular 30 year fixed. It makes sense if you think about it. You've got a person putting minimal down. This usually means they don't have excess cash lying around if the roof is going to be needing replacement soon. So to avoid a borrower incurring high home repairs right after purchase, they want the home to meet certain requirements.
I've got a copy of the check-list FHA appraisers use when they inspect a home. If you are wondering if a home you're listing will have problems, check out the list. If you're working on getting a listing, explain to the sellers the importance of FHA loans in selling their home and what repairs would need to be done for the property to meet FHA minimum property standards.
If we're all proactive, you'll sell more homes, loans will go smoother, and more people can make their dream of home ownership a reality.
Shoot me an e-mail and I'll forward this appraiser checklist to you.
Let's work together to sell more homes!
Appraisers are required to comment on a lot more details of a home than your regular 30 year fixed. It makes sense if you think about it. You've got a person putting minimal down. This usually means they don't have excess cash lying around if the roof is going to be needing replacement soon. So to avoid a borrower incurring high home repairs right after purchase, they want the home to meet certain requirements.
I've got a copy of the check-list FHA appraisers use when they inspect a home. If you are wondering if a home you're listing will have problems, check out the list. If you're working on getting a listing, explain to the sellers the importance of FHA loans in selling their home and what repairs would need to be done for the property to meet FHA minimum property standards.
If we're all proactive, you'll sell more homes, loans will go smoother, and more people can make their dream of home ownership a reality.
Shoot me an e-mail and I'll forward this appraiser checklist to you.
Let's work together to sell more homes!
Tuesday, September 15, 2009
FLOOD MAP TIP OF THE DAY!
I found a pretty cool link today while trying to research whether a property is in the flood plain or not. Cut and paste this into your browser.
http://wi-lacrosse2.civicplus.com/index.aspx?NID=1088
you can pull up a map index that will give you an idea of what panel to go back and open, or you can click on FEMA MAP SERVICE and type in the address.
All lenders have to use an independent flood determination company to give us the final determination as to whether or not a property requires flood insurance, but this will give you a heads-up on your listings or if you're on the buyer-end of it, you can let your buyers know they will need to figure flood insurance into their monthly payment.
It's amazing what you can find out there if you know where to look!
http://wi-lacrosse2.civicplus.com/index.aspx?NID=1088
you can pull up a map index that will give you an idea of what panel to go back and open, or you can click on FEMA MAP SERVICE and type in the address.
All lenders have to use an independent flood determination company to give us the final determination as to whether or not a property requires flood insurance, but this will give you a heads-up on your listings or if you're on the buyer-end of it, you can let your buyers know they will need to figure flood insurance into their monthly payment.
It's amazing what you can find out there if you know where to look!
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