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The US Senate voted unanimously to extend the tax credit closing date and the National Flood Insurance Program (NFIP) to September 30. According to the National Association of REALTORS, "After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623)". The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension - the new closing deadline for eligible transactions is now September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

Up to 180,000 home buyers will lose their tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit by June 30 when the closing deadline expires. According to estimates by the National Association of REALTORS® there are home buyers in every state of the union that will be impacted, from 390 in Wyoming to 17,700 in California. These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline. NAR issued the following state-by-state estimate of the number of home sales that would be delayed beyond the June 30 deadline (numbers are rounded to the nearest 10): Alabama, 2,590; Alaska, 830; Arizona, 5,440; A

Rates are at an all-time low! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordably than ever before. Both 30 Year and 15 Year Fixed Rates clipped down to their lowest levels. All this is incredible as just months ago, many experts had anticipated that rates would be well above 5% this summer and on their way to 6% by year end. Visit my website's Mortgage Center for more helpful credit information.

Yesterday, the U.S. Senate approved a three-month extension to the tax credit closing deadline, which would give buyers until Sept. 30 to close. It is not completely final since it is attached to another bill that still has to be passed by the House. The extension would apply only to buyers who met the April 30 deadline to have signed purchase contracts. NAR estimates up to 180,000 buyers who were hoping to close by June 30 and get the tax credit are likely to miss the current deadline, so the extension is essential.

Rural Development has received additional Guaranteed Single-Family Housing Loan funds in the amount of $2.5 billion. They are able to begin to issue Conditional Commitments on loans subject to the availability of funds as follows: The guarantee fee for purchase transactions will be 3.5 percent The guarantee fee for refinance transactions will be 2.25 percent If have any buyers who have been waiting for it to come back, it's time to start shopping again!!! Click here for more detailed information.

Earlier this week, the US House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (HR 5017). Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional Appropriations (Currently we believe to 3.5%). Additionally, HR 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal 2010. This would represent an $18 billion in loan making authority for the remainder of the fiscal year. Before these changes can be implemented, similar legislative action will need to occur in the US Senate. Following the action in the House, the USDA Rural Development National Office sent an announcement that stated “Depending on Congressional activity with the proposed legislation it is possible that the Agency may consider issuing additional commitments.” We're getting closer!

Yesterday, the Kanjorski bill (HR 5017) passed unanimously in the House Financial Services Committee and we anticipate that it will be voted on by the Full House of Representatives early next week. HR 5017 is a bill aimed at supporting the rural housing market that has struggled to get passed. Also known as the Rural Housing Preservation and Stabilization Act of 2010, it will end the current method of using federal funding to backstop the guarantee and instead will fund the program through mandatory fees. HR 5017 ensures rural homebuyers access to affordable loans through USDA, but because these loans have tripled since 2006, federal funding will be running out literally in the next few days, making passage critical. Rep. Barney Frank, who is a big supporter of the program, expressed his concern that the program was going to run out of funding by the end of the month, and said that he was going to do everything possible to expedite the bill so that would not happen. In order to pay for

Homeowners should be proactive in making energy-efficient home renovations in order to receive the rebates outlined in President Obama’s new “Home Star Retrofit Rebate” program, recently introduced in Congress. If passed, the proposed $6 billion program could reduce energy costs for middle-class families by hundreds of dollars a year. Here ios an easy check-up list every homeowner can do to optimize the energy efficiency of their home: Windows and Doors Holes in windows and doors allow conditioned air to leak from your home and allow outdoor air to infiltrate, which can tax your heating and cooling systems and raise your energy bills. Caulk around windows and doors where there are gaps. Also caulk areas where plumbing lines or electrical wiring extend to the exterior of the home. Floor and Wall Insulation Insulation acts as a barrier to heat movement and helps keep any home cooler in the summer and warmer in the winter—all while using less energy. Making sure insulation is used at pote

The U.S. Treasury plan to help homeowners avoid foreclosure potentially applies to 75 percent of the mortgages in the U.S., including those backed by Freddie Mac or Fannie Mae (those two organizations are currently devising guidelines). The plan, which provides incentives for lenders and homeowners for completing Short Sales, is many-faceted: It provides incentives to lenders and borrowers for completing Short Sales It streamlines and standardizes the documentation necessary for Short Sales It limits the ability of subordinate lien-holders to obstruct the Short Sales process It sets limits on the time it takes lenders to approve or reject Short Sales requests It steps up pressure on lenders to make permanent the 650,000 trial loan modifications they started earlier in 2009 Incentives to Borrowers Under the plan, borrowers who complete a Short Sale are released from all mortgage debt. Additionally, they receive $1,500 for moving expenses. Incentives for Lenders The plan provides for pay

Homeowners across the United States who are undergoing financial hardship could avoid foreclosure under a plan announced on Nov. 30 by the U.S. Treasury Department. Under the plan, millions of at-risk homeowners could be free of mortgage debt without going through foreclosure, and given $1,500 for relocation. The Treasury plan, which potentially applies to 75 percent of the mortgages in the U.S., including those backed by Freddie Mac or Fannie Mae (those two organizations are currently devising guidelines), provides incentives for lenders and homeowners for completing Short Sales – transactions in which the lender agrees to a sale price that's less than the borrower owes on the mortgage. Short Sales are preferred to foreclosure because homeowners take less of a hit on their credit and lenders realize a smaller loss. However, Short Sales often get bogged down because of the complicated nature of the transaction. Deals can fall through because they take too long. Buyers are discourag