First Time Homebuyer Tax Credit & Loan Limits Extended. HVCC Appraisals Going Away?

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0:27 Rich Iacovetta of RMI Lending promised you at the end of the show last week that i would have more news about the $8000 first time homebuyer tax credit being extended. Now it has been passed by the senate, which means it more than likely will go through the house and the presidents desk soon enough. Once completely passed, it will extend the first time homebuyer tax credit not just to first time homebuyers, but also allow repeat home buyers who have owned their homes for at least 5 years a credit up to $6500. The amendment would also expand income limits from $75,000 to $125,000 for individuals and from $125,000 to $250,000 for couples, but the credit could not be claimed on purchases of homes exceeding $800,000. The new dates to remember is that you must be in contract by April 30th, 2010, and close on your home by June 30th.

1:50 The steps to getting rid of HVCC appraisals have begun. The house financial services committee recently passed a bill that would end HVCC as we know it. Remember HVCC was implemented on May 1st which eliminated your loan officer from having any communication with your local appraiser, and the results have been mindboggling with homeowners losing value in their homes and seeing delays in their loans thanks to this system delaying appraisals. The new bill still has to go through the House and Senate, and be signed into law by the President, but change is on the way. Once passed, it will allow mortgage brokers to order appraisals with appraisers that are locally familiar with your specific neighborhood. So lets keep our fingers crossed for this one.

1:20 Temporary conforming loan limits have been extended throughout 2010. This is great news because it allows loan amounts up to 729,750 in many California counties to have access to super low interest rates that weve been enjoying for the last year. This week, the 30 year fixed rate for these types of loans were around 5% with 0 points.

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