Hometown Lending Blog

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Appraisals, HVCC with Frank Garay & Brian Stevens from think big work small

November 16th, 2009 11:17 AM

Folks we have some great news coming in from Brain Stevens and Frank Garay from www.thinkbigworksmall.com they are going to New York to meet with Andrew Cuomo who is the person that wanted this HVCC bill passed, and with this new mandated bill it has hurt our real estate transactions for our clients.

We hope that all of you take the time to watch this 4 minute very important video and I hope you all sign up for future blogs from these guys.

Here is the video link http://www.thinkbigworksmall.com/mypage/player/tbws/20039/1338551

As always enjoy the articles and if you have any questions or you are looking for a loan let me know how I can be of help.

Thank you David Haley

Posted by David Haley on November 16th, 2009 11:17 AMPost a Comment (0)

Tax Home Buyer credit and repeat buyer's

November 20th, 2009 8:42 AM

The new homebuyer program offers an exciting new opportunity missing from the previous incentives – a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. This gives those who already own a qualifying residence some additional reasons to take advantage of lower home prices and interest rates and finally move up to the home of their dreams.

Important Deadlines
Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Get the Facts
There are other important rules and guidelines you must meet to qualify for this great opportunity. So, if you or someone you know has missed out on the first two home buyer tax credit programs in the last two years, don't wait. Give us a call today. We'll gladly review your situation and see if you can benefit from this new and improved program.

Posted by David Haley on November 20th, 2009 8:42 AMPost a Comment (0)

Fannie Mae Launches Deed-for-Lease Program

November 10th, 2009 1:48 PM

Sorohan, Mike
Fannie Mae yesterday announced it would launch a Deed-for-Lease program, giving borrowers facing foreclosure the opportunity to remain in their home through a voluntary transfer of property to the lender.

Watch video click link here

Fannie Mae released released Servicing Guide Announcement 09-33: Introduction of the Deed-for-Lease Program. D4L allows qualifying borrowers facing foreclosure (or their tenants) to remain in their home by signing a lease in connection with the voluntary transfer of the property to the lender through a deed-in-lieu of foreclosure transaction. The D4L program is for borrowers who do not qualify for or have not been able to sustain other loan workout solutions, such as a modification. Servicers can begin offering D4L immediately.

Fannie Mae said D4L is designed to “minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes and the effect these have on families, communities and home price stabilization.”

To participate in D4L, a borrower must live in the home as his or her primary residence or lease the home to a tenant who uses it as a primary residence. Once approved for the program, borrowers or their tenants lease back the home at a market rate, and must be able to document that the new market rental rate is no more than 31 percent of their gross income.

Fannie Mae said servicers are expected to follow established process in considering a borrower for a DIL according to Fannie Mae’s workout hierarchy. Once a servicer determines a borrower is eligible for a DIL, the servicer will notify Fannie Mae that the borrower may also qualify for a D4L based on a pre-screen for borrower eligibility. The lease-back option is dependent on successful completion of the DIL.

Complete D4L program details and servicer processes can be viewed at https://www.efanniemae.com/sf/guides/ssg/2009annlenltr.jsp. Additionally, Fannie Mae has set up a Deed-for-Lease web page at https://www.efanniemae.com/sf/servicing/d4l/.

For questions or comments about the Deed-for-Lease Program, contact the Fannie Mae Servicer Support Center by phone at: 1-888-FANNIE5 (1-888-326-6435) or via e-mail: servicing_solutions@fanniemae.com.

Posted by David Haley on November 10th, 2009 1:48 PMPost a Comment (0)

Home Buyers Tax credit extended

November 9th, 2009 4:43 PM

Well great news incase everyone has not been informed or made aware of the Home Buyer Tax Credit has been extended until June 30th.

Make sure that you have a contract signed around be for April 30th of 2010 so you can have this great buyer advantage.

There is even a benefit if you have a home that you have owned previously and now you can receive some of the benefit that the first time home buyer is able to participate in.

So go get it! Check out this great website for further information www.FederalHousingTaxCredit.com

Posted by David Haley on November 9th, 2009 4:43 PMPost a Comment (0)