Please see the attached article with CNN Money addressing the newly released tax credit. The credit has recently been expanded and extended through 2010 & we are exited of the new opportunities for home buyers in general.

money.cnn.com/2009/11/06/real_estate/tax_credit_extended/

 

Whats Going on With Foreclosures

Article on Foreclosure situation nation wide

www.bloomberg.com/apps/news
 

Changes to FHA Streamline Refinances

The previous guidelines were pretty uncomplicated, but the new guidelines will be stricter.

Applicants must now show proof of employment, income, and cash required at closing.

In addition,  you won’t be able to finance closing costs into the mortgage without getting a home appraisal done.  If there is a declining value issue, this may make the refinancing a no go.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-32ml.doc