Fannie Mae recently released some new guidelines that have changed the waiting period for individuals who have had to sell their homes through a short sale, a pre-foreclosure or a Deed-In-Lieu of Foreclosure sale. Their old guideline specified that you would have to wait four (4) years before applying for a Fannie-Mae backed loan. The new … [Read more...]

On March 25, 2010 a new law, AB 183, was signed by Gov. Arnold Schwarzenegger as a 2010 Tax Credit for new home / first time buyers; the law allocates $200 million to be used for tax credit incentives to homebuyers for homes purchased between May 1, 2010 and August 1, 2011. That's twice the amount allocated to a similar state credit passed for … [Read more...]

This week in quick succession, the U.S. Senate and U.S. House of Representatives, on Wednesday and Thursday respectively, voted to extend the home credit in a new $24 billion economic stimulus bill, and today President Obama signed it into law. The bill extends tax incentives to prospective homebuyers; it also includes additional benefits to those … [Read more...]

If you are a pre-qualified buyer with a lender ready to go, my advice is - don’t wait too long to pull the trigger on your loan. You may be waiting for that perfect time to buy because you think that prices are still coming down, and maybe you are right. Prices may still come down some more. But if you wait too long, you may be missing the boat for … [Read more...]