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July 4th, 2010

A Week Full of Tax Credit Information

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Last week’s blog posts pretty much focused on the homebuyer tax credit’s closing deadline. We did our absolute best to deliver the latest news as it happened. Let’s review last week’s posts:

Saturday:

GUEST POST: ‘All Right! The Deadline Has Been Extended!‘”:

All right! The deadline has been extended to September 30! I work in mortgage banking and have been working nights and weekends since early April to try and get the loans done so customers can get the tax credit. We have been slap-dashing through the files and are exhausted. There is pressure from customers and realtors to approve loans that we shouldn’t, and that makes things harder.

Friday:

Update3: Obama Extends Homebuyer Tax Credit Closing Deadline“:

UDATE3: According to a report on MarketWatch.com, President Obama signed a three-month extension of the homebuyer tax credit closing deadline this morning.

The president also signed into law the “National Flood Insurance Program Extension Act of 2010,” reports HousingWire.com.

To our knowledge, lawmakers weren’t able to agree on the extension of unemployment benefits before their July 4 recess.

Summer Doldrums Worse Than Usual This Year“:

However, given the slew of negative economic reports we’ve seen over the last few weeks, the evidence suggests that this summer season may be even slower, even quieter than many in the past; and that has to do with a lot more than just housing.

Thursday:

Home Affordable Unemployment Program Begins Today“:

The Home Affordable Unemployment Program (HAUP) begins today. It is designed to provide relief to unemployed homeowners. HAUP (referred to as “UP”), “offers eligible unemployed borrowers a forbearance plan to temporarily reduce or suspend their mortgage payments.”

By August 1, 2010, all servicers who are participating in Making Home Affordable will be helping homeowners who are struggling to stay current because of unemployment.

Tuesday:

Homebuyer Tax Credit Influences More Than Just Sales“:

Earlier today I was discussing the upcoming expiration with a colleague when she asked me, “What happens to the housing market without the homebuyer tax credit?” I proceeded to tell her that May’s dismal home sales numbers have already given us a taste of just how bad the falloff from the tax credit has been and will be.

Monday:

Bad News for Homebuyer Tax Credit’s Closing Extension“:

Late last week the Senate failed to secure enough votes to push through a bill that would not only extend unemployment benefits, but would also extend the closing deadline for borrowers looking to take advantage of the homebuyer tax credit.

The way it stands now, this Wednesday (June 30) looks to be the official end of the homebuyer tax credit.

Mortgage Rates Fall to Record Lows, Old News?

If you were following us last week you would have read that mortgage rates once again fell to record lows. How low? We’re talking the lowest levels in 54 years. On Thursday of last week, the 30-year Conforming fixed rate rang in at 4.69%, a figure last seen in 1956.

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4 Responses to “A Week Full of Tax Credit Information”

  1. MIssX Says: July 6th, 2010 at 2:22 pm

    I am a teeny bit confused. So if someone missed the April 30th contract signing, signed in May, but still close by the end of Sept does that person still qualify?

    I’ve been looking everywhere and there doesn’t seem to be very clear writeup on the specifics!

    Thanks in advance,
    M

  2. Tim Manni Says: July 6th, 2010 at 3:22 pm

    MIssX,

    As we understand it, if a person failed to get the contract signed before April 30, they do NOT qualify, regardless of when they close

    Thanks for asking,
    Tim

  3. MissX Says: July 9th, 2010 at 6:39 am

    Hey Tim -

    Thanks a bunch for the clarification. And keep up the great work! I bought my first house when I was 25 and used HSH back then (in paper form :) ). 12 years later and you’re still the first place I go when I’m looking at financial _anything_ related to real estate.

    M

  4. Tim Manni Says: July 9th, 2010 at 6:45 am

    MissX,

    Wow that’s incredible, we love to hear people say that! If you ever have a suggestion for a blog, an article, anything, always feel free to leave me a comment or shoot us an email. We’re glad you continue to regard HSH as “the first place [you] go when [you're] looking at financial _anything_ related to real estate.”

    Thanks so much,
    Tim

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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