New Changes to Buyer Financing Options - How they will affect your home purchase

Friday, 19 March 2010
New Changes to Buyer Financing Options - How they will affect your home purchase
Andover, North Andover and surrounding communities - Real Estate Update for March 19, 2010.
Today I have an update on the new changes coming for buyer financing.

Notice regarding FHA loans (the most popular loan option consumers are utilizing)

“ As of April 5th 2010 HUD announced that they will be changing their upfront mortgage insurance on all FHA loans from 1.75 to 2.25. They also announced the change of seller concessions from 6% (closing cost credits) of the purchase price to 3% of the purchase price” They will also be rolling out stricter qualifying ratios.
Please check all of your pre-approvals with your lenders there is due to be some fall out with the higher up front mortgage insurance.

If you are utlizing an FHA loan contact me for a FREE list of approved condominiums and townhouses and other properties (978) 984-3107 or email homes@gracyteam.com

Notice last week regarding USDA Rural Housing

“This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.”

Notice regarding Mass Housing Loans

“Effective April 1, 2010, Mass Housing will be lowering the maximum Loan to Value from 100% to 97% on one unit properties. All applications with Loan to Values greater than 97% must be dated (and) reserved on www.emasshousing.com on or before March 31st, 2010 and be closed and funded by May 31st, 2010. Mass Housing is unable to grant extensions beyond the dates noted above.”
If you have any 100% Mass Housing pre-approval out there make sure you are under contract by April 1st. Time is running out on this call me today for a list of USDA approved locations and properties (978) 984-3107.

Notice regarding the first time home buyer credit
“Under new law, an eligible taxpayer must buy, or enter into a binding contract to buy a principle residence on or before April 30th 2010 and close on or before June 30th 2010”

Investor Notice regarding FHA 90 flipping Rule
“Hud has temporally loosened their guidelines regarding the 90 flipping Rule. In order to obtain a waiver the property has to be approved by Hud. In cases where a home inspection is required due to the increase in transfer price of 20% or more

For instant access to all local area properties visit http://www.GracyTeam.com

Mark Gracy
Keller Williams Realty
168 N. Main Street
Andover, MA 01810
One Call Phone & Fax: 978-984-3107
Email: Homes@GracyTeam.com
www.GracyTeam.com


Copyright© 2010 2010 Mark Gracy, All Rights Reserved.
Portions Copyright© 2010 2010 Pro Step Marketing

$8,000 for Homebuyers on the Merrimack Valley Andover, MA and Southern NH

North Andover, MA real estate update - Merrimack Valley Real Estate Update on the $8,000 tax credit for homebuyers.
I have been getting a lot of questions lately on the homebuyer tax credit so I thought I would take a moment and give everyone an update. The clock is ticking on the $8,000 credit AND there is still time to take advantage and qualify for this opportunity. Here are the revised criteria:
Home Buyer Tax Credit Revised in November 2009 First-time Buyer -
Amount of Credit $8,0 00 ($4,000 married filing separate)
First-time Buyer
Definition of Eligibility May not have had interest in a principal residence for 3 years prior to purchase
Current Homeowner - Definition of Eligibility Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Deadline for Tax Credit Purchases after April 30, 2010 (Binding contract must be written by this date. Purchaser has until July 1, 2010 to close on the property.)
There are some additional income and property purchase price limitations. Give me a call of shoot me an email for details. Don't hesitate. Interest rates are at an all time LOW and will be going up, home prices have never been more affordable and the tax credit will be going away SOON. Don't miss this historic opportunity to capitalize on your real estate investment. SEARCH FOR ALL MLS PROPERTIES IN MA AND NH today and find your perfect home.
Mark Gracy - Your Real Estate Resource in the Merrimack Valley
(978) 861-4016 (tel &fax) Visit our website for FREE Homebuyer reports

Mass Homebuyer Seminar

Buying Your Home

FREE Homebuying Seminar
There is still time to take advantage of the $8,000 tax credit!

Thurs March 25, 2010 6-7:30 pm
Thurs April 8, 2010 6-7:30 pm

All attendees receive $250 off closing costs with Leader Bank and
$100 off '09 tax preparation with Emond Tax and Financial

Where: Emond Tax & Financial Group Conference Center
11 Middlesex Ave Suite 10 Wilmington MA

Andover MA real estate resource - Mark Gracy - The Gracy Team Keller Williams Realty