Tax Credit Deadline for closing Extended and Flood Insurance again available

Great news for First Time Home Buyers and for those buyer's needing flood insurance to close on their loans!  Here are the latest updates from Congress.

• Tax credit processing extension

o        The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30^th.  There will also be no gap between June 30^th and the date the President signs the bill into law.  The extension only applies to transactions in which the purchase contract was signed by April 30^th. Please note this bill is pending the President’s signature.

• Flood insurance extension

o        The Senate has passed H.R. 5569 which extends the National Flood Insurance Program until September 30, 2010.  The bill is retroactive from June 1, 2010 to the date the President signs this bill. Please note this bill is pending the President’s signature.  

What makes it a good day to Lock or Float your Mortgage interest rate?

Here is a sampling of news I watch during the day so that I can advise my clients on when it is a good time to lock or float their interest rate.  With the information I gather, I am able to provide information to my clients so they can make an educated decision about when they would like to lock their rate.  

It is interesting to note how the Government is agreeing on the US economy strengthening (10:58 a.m.) right in the midst of a weak consumer confidence report (10:01) and the stock market worried about a double dip recession (3:09 at which time stocks are off 268 at close). 
 
3:09 PM ET - Equity investors fret over a chance of a double dip recession.

10:58 AM ET - President Obama and Fed Chairman Bernanke are in the Whitehouse this morning agreeing that the US economy is strengthening.

10:01 AM ET - Consumer Confidence plunges in June to 52.9 vs the 62.0 expected.