Hud has brought back the ability to use the $8000 tax credit for the down payment on an FHA loan. So far, as I mentioned before, CHFA is the only agency that has a program available to do this, but I'm sure other non profits will jump on the band wagon and have programs fairly soon. I'll keep you posted on that.
On another note, I had a great closing today. Why so good? Well this was a deserving young couple whose only problem was that their income went from a salary to self employed (same industry, same income). They were refinancing to reduce their monthly payments by $400 or so. The huge monthly savings were due to the fact that they bought their house for less than the appraised value, so I would be able to reduce their mortgage insurance as well as the interest rate. However, with all the restrictions we have these days it has been like pulling teeth as part of the income is considered unusable, which means that it appears that they are spending too much on their house payment. The long and short of it is, that after battling through major obstacles and objections with the underwriting and mortgage insurance company we closed today!!
It really felt great!!
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