On July 30, 2009, a new law is being implemented by loan regulators, which has increased disclosure requirements for lenders. It is called the Mortgage Disclosure Improvement Act. (MDIA) The intent of this bill is to tighten up lender disclosures (from application to closing), so there will be no surprises while signing the closing loan documents. While the goals of this rule seem laudable, it may have some unforeseen consequences. Read the rest of this entry »
Posts Tagged ‘HUD’
Jun 11
First Time Homebuyers – $8000 Tax Credit Cannot Be Used for 3.5% Downpayment
Thursday, June 11, 2009 | Add a comment
Update regarding $8000 Tax Credit (See Below) – “This seemed to good to be true”. Read the rest of this entry »
Jun 10
Using the $8000 for money down, closing costs on FHA loans
Wednesday, June 10, 2009 | 1 comment
For weeks, the subject of HUD allowing buyers to use the $8000 Federal tax credit for FHA money down and closing costs, was bandied about, with no real expectation it would actually become a reality. Read the rest of this entry »
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