FHA Mortgages - Seller concessions gone gone gone

One of the key attractions of FHA home mortgage financing might be gone very soon. Sometime this summer, the Federal Housing Administration plans to slash maximum “seller concessions” from 6 percent of the home price to 3 percent. However, sellers and buyers who move fast can still make the most of it.

Homebuyer Tax Credit Closing Deadline Extended

Congress has passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.