The Senate stayed late last night to finally approve an extension of the settlement date provision. The Home Buyer Credit deadlines stated that Home Buyers must be under contract by April 30th and must close their transaction and go to settlement by June 30th. Congress has now approved an extension of the settlement date deadline. Home Buyers that were under contract by April 30th, 2010 now have until September 30th, 2010 to go to settlement. There were fears the senate would not be able to approve the extension before recessing for the July 4th Holiday. The Home Buyer Tax Credit extension was tied to a controversial unemployment benefits package. Realizing the urgent need to approve the extension the bills were finally separated and the vote to approve the Tax Credit Extension passed unanimously. It now goes to the President for final approval.
Great News for Home Buyers Experiencing Mortgage Processing Delays
This is extremely good news for Home Buyers experiencing processing and underwriting delays with their lender. Many mortgage lenders have become extremely bogged down with processing delays. The rush of buyers seeking to beat the tax credit deadline collided with June’s Record Low Interest Rates. Many Mortgage Lenders have been unable to keep up. Many Home Buyers are feeling stuck with a lender providing poor service and unwilling to re-negotiate to today’s record low rates. Many mortgage borrowers were feeling stuck because switching mortgage lenders might jeopardize their tax credit. In early June, New American Mortgage saw an influx of applications fr0m borrowers switching from other lenders because of processing delays. New American Mortgage anticipated the mortgage demand and aggressively increased our operations staff. We are currently able to take on Rush processing requests and are able to get you to settlement in 2 weeks or less.
My Advice to Buyers Unable to Settle by June 30th – Take Another Look at Your Options
New American Mortgage is a Direct Endorsement FHA and VA Home Mortgage Lender. If you are unhappy with your current mortgage lender and have missed the June 30th deadline then consider switching lenders. You now have time back on your side. Take advantage of today’s record low rates and still get your Tax Credit. Call Todd Starr at 757-703-5503 or email me at todd.starr@newamerican.com to discuss your options.
