Weekly Market Update - FHA Loan Limits and 2010 Realtor Success Summit

Weekly Market Update from Waterstone Mortgage

There are only 48 days (unless it’s extended) until the first time buyer tax credit expires on November 30^th so get those buyers off the fence.   

How long does it take to close?

Many lenders are advising 45 day contracts, especially for FHA loans.  If you are running into delayed closings please call me.  As a direct lender who underwrites in house, we can easily close in 30 days, even on FHA loans.  If you have buyers looking to close before 11/30 and another lender can’t get it done in time, I can help, so call me. 

Tax Credit Extension

Congress just passed a 6 month extension of the first time buyer tax credit for members of the military who have recently completed 90 days of active duty service.

There is nothing new on the overall extension of the credit.  I expect an announcement in early November, so one way or another, we should know in 3-4 weeks if it will be extended for all first time buyers. 

Higher FHA loan limits becoming permanent

In January the increase of the FHA loan limit is set to expire.  Remember that the previous limit was $271,000 before it was increased to the current limit of $353,000 in most of Central Florida.  If the limit was to return to previous levels, or even lower based upon a much lower median sales price for the area, it would have a very negative impact on the local Real Estate Market.

Congress is currently considering HR 2483, a proposal to make the increased loan limits permanent.  Call your representatives to support this bill today!

 Underwriting

Our current underwriting turn time for Conventional, FHA, and VA loans is 2 days!  That’s right, two days after sending a file to underwriting, I have an approval.  If you are having issues closing on time call me.

 Market Update

Interest rates have ticked up slightly this week.  Conventional and FHA rates are in the 5.125% range.  5/1 ARM rates have dropped considerably in recent weeks, into the upper 3’s, and can be a good alternative for someone looking to own a home for 4-6 years.

 ORRA Seminar on Business Planning

I will be giving a presentation at the ORRA ABC’s of Real Estate on November 4^th from 1:00 – 3:00.  You can RSVP through ORRA directly.  I will be teaching Realtors how to write their business plan for 2010.

 2010 Realtor® Success Summit

In the coming days you will be receiving information on our end of year seminar.  Block off December 1^st from 9:00 – 1:00 for an event you don’t want to miss.  We will have multiple speakers, topics, expert panels, and FREE FOOD!

To RSVP, e-mail mpischke@waterstonemortgage.com

Have a great week!