Weekly Market Update - US Senate to vote TODAY on extension of First Time Buyer Tax Credit

Weekly Market Update from Waterstone Mortgage

 US Senate to Vote today on extension of First Time Buyer Tax Credit

According to Senator Bill Nelson (D-FL), the US Senate is poised to vote today on an extension of the first time buyer tax credit.  There are 2 proposals being looked at, one from Senator Harry Reid (D-NV) and one from Senator Johnny Isakson (R-GA).  The Reid proposal phases out the credit, dropping it to $6,000 in April, $4,000 in July, and $2,000 in October, with it expiring at the end of December 2010.  Meanwhile, the Isakson plan will keep the credit at $8,000 and extend it to all buyers of primary residences, with it expiring at the end of June.  You can read more here - http://www.reuters.com/article/GCA-Housing/idUSTRE59P3VO20091026.

 

Pyramid of the Complete Realtor Presentation

I have been asked to give my presentation, The Pyramid of the Complete Realtor®, at ORRA for the ABC’s of Real Estate next month.  The presentation will be Wednesday November 4^th from 2:00 – 3:30.  I hope to see you there.

 

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 rates are in the 5.25% range while FHA is around 5.00%.  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.

 

2010 Realtor® Success Summit

Two weeks ago we sent out the first invitations for the 2010 Realtor Success Summit, to be held December 1^st from 9:00 – 1:00 at the Winter Park Civic Center.  So far we have received 69 RSVP’s, and we only have room for 150.  We will have multiple speakers, topics, expert panels, and FREE FOOD!  Reserve your seat today for what will be a great educational and motivational experience.

To RSVP, e-mail mpischke@waterstonemortgage.com

Have a great week!