Extending Buyers a Helping Hand (& Leg & Arm) (One more) pop quiz: what’s the biggest source of fraud in today’s housing market? A. Inflated appraisalsB. Seller downpayment “gifts” to their BuyersC. Borrowers falsifying data — including income –on their mortgage applicationsD. Shaky mortgages bundled into securitized debt and re-sold to investors Answer: B. Think...Read More
(Almost) Done Deal! The Senate passed the bill 98-0 yesterday; the House followed suit today. President to sign tonight/tomorrow. Highlights per Steve Mohabir, City Lakes’ in-house loan officer: One provision will continue for five months a popular $8,000 credit for many first-time home buyers, which was to expire Nov. 30, and create a $6,500 credit...Read More
Post-Nov. 30 Tax Credit: More Targeted The following is from Edina Mortgage’s Steve Mohabir, City Lakes’ excellent, in-house loan officer: Good morning Lakers, http://www.bloomberg.com/apps/news?pid=email_en&sid=ayS36Cg5hu5w There has been some encouraging news on the extension of the $8000 tax credit. However, it is NOT a done deal, as it still must be reconciled between the House and...Read More
“Going, Going . . . Gone”According to my office’s in-house mortgage lender — Steve Mohabir of Edina Mortgage — the cupboard is almost bare at Minneapolis’ loan program for first-time Buyers, called Minneapolis Advantage. Specifically, only 4 loans are left out of 100 originally made available. According to Mohabir, other municipal loan programs around the...Read More
