Tax Credit Information and Seller Paid DPA's may be back

What is happening today in mortgage lending:
We know that HR 3221 made it so first time Home Buyers (i.e. anyone not owning a home in the last three years) can be eligible for a $7500 tax credit. Here is more information how this tax credit works.
HOUSING AND ECONOMIC RECOVERY ACT OF 2008 First time Homebuyer Tax Credit

First Time Home Buyer Tax credit frequently asked questions

Wait just when we were ready to say Seller paid DPAs and Risk based MI was gone along comes bill HR 6694. They are going to have to act fast if they are going to make Oct 1, 2008 deadline. Read more….
Congress weighs reprieve for seller-funded gifts

Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com