The market reported that existing home sales for September rose 9.4%. Very good news for the market and hopefully will bolster the need for an expanded tax credit program. There is currently a bill on the floor to extend the credit until the end of June, 2010.
A couple weeks ago FHA announced changes to the condo approval process. These changes were to make condo approvals much more difficult and essentially undermine the recovery effort. These changes, however, were postponed until December 7th in order for a further in-depth analysis to be completed. This is VERY VERY good news for all of us. We do not want these condo changes to take place!
Rates remain strong. Remember, Monarch has hired additional staff to help with the rush we are seeing as closings try to take place before the tax credit expires. Our current underwriting turn around time is three days – much quicker than larger national institutions. If you have a new buyer trying to make the deadline don’t hesitate to contact me. I can think of nothing worse than a first time homebuyer closing December 1st.
By Samuel Meekins III
Senior Loan Officer
Monarch Mortgage