Important 2010 Dates for Home Buyers and Investors
Posted by Paul Gonzales | Visited 548 times, 2 so far today | Leave A Comment »
If you thought 2009 was a transitional year in real estate, here comes 2010! Largely through the intervention of the Federal Government there are a number of very important dates that home buyers and investors need to be keenly aware of. Knowledge truly is power – being aware of these upcoming changes, and more importantly how to leverage them, can make this a stellar year for purchasing real estate! Here are those events and dates:
- March 30th – The Federal Reserve is scheduled to terminate it’s subsidy of low mortgage interest rates and cease purchasing mortgage-back securities. Many experts speculate that this could add a half to possibly a full percentage point to mortgage interest rates
- April 5th – The Up Front Mortgage Insurance Premium that FHA will charge homebuyers will increase by a half point, from 1.75% to 2.25% of the purchase price. Other important FHA changes to come – reduction of the maximum seller contribution from 6% to 3% of the buyer’s closing costs (expected to happen sometime in the Spring)
- April 30th – The home-buyer tax credit ($8,000 for first-timers and $6,500 for buy-ups) expires with purchase contracts dated after April 30th. Buyers must close escrow no later than June 30th
- May 1st – Fannie Mae’s 3.5% assistance to home buyers who utilize the HomePath program will expire
- February 1, 2011 – HUD’s temporary waiver of the 90 day anti-flipping rule will expire
As in many things in life “Timing is Everything“! If you are thinking of buying or refinancing a home or investing in real estate this year, these dates are of vital importance to you. It’s time to get moving!
contact Paul Gonzales, Manager, Countywide Mortgage Inc for more information (760) 746-7388 or paulforloans@aol.com
