Neil Blumberg // 502-254-9600 // NeilBlumberg@GMail.com
Neil Blumberg, Principal Broker, Kentucky and Indiana, Metro1
Call Neil Blumberg, Metro1, at 502-254-9600 or write to neilblumberg@gmail.com. Visit us at www.Metro1Realty.com.
Call Neil Blumberg at 502-254-9600 or write to him at NeilBlumberg@GMail.com
Good news for home buyers and sellers in Louisville Kentucky and the rest of the US. Congress has now passed an extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have valid ratified contracts as of April 30, 2010 which have not yet closed. The legislation creates a seamless extension so that there will be no gap between the old June 30th, 2010 deadline and the new September 30th, 2010 deadline.
In addition, the Federal Senate recently passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5669) which retroactively extends the program until September 30, 2010.
J'town, Louisville, Kentucky. 3 bed, brick ranch with basement, 2,000 sq ft finished, 2.5 car garage, hardwood floors, huge yard. Great price. Call Metro1 Realty at 502-254-9600 before its GONE!
Nothing lasts forever. Great rates, great financing terms, Stimulus money. At some stage these all disappear. FHA entry terms just tightened (Jan 21, 2010): it announced yesterday new policy changes to strengthen it’s capital reserves and protect itself from rising defaults. The most significant changes include: (1) increasing the amount of up-front cash paid by all new borrowers and (2) requiring much higher down payments from those with the poorest credit.
The FHA will increase MIP (mortgage insurance premiums) that borrowers pay upfront at closing from 1.75 percent to 2.25 percent of the loan value. Most FHA borrowers will continue to make down payments of as little as 3.5 percent (this increased from 3% not too long ago) when they take out a loan, but those homebuyers with credit scores of less than 580 will have to come up with a down payment of at least 10%.
If you're a short sale or regular buyer in the Louisville Kentucky or S Indiana area, call Metro1 at 502-254-9600 for updates and referral to lenders for mortgage locks. Inquire also how your $8,000 stimulus money can be used to assist in these charges. For buyers in the Louisville Metro area as much as $20,000 may be available to you from local programs.
