The first piece of the 8k credit extension is in place. The senate today voted in favor of giving qualified buyers a 3-month extension to get their loans closed provided they were under contract by April 30th, 2010. Though no articles have mentioned the process...we can assume it must be signed off by the House and President to go into effect.
Here is an article to read up on today's vote: 8k Credit Extension
In short...this is for buyers already under contract from April 30th. They will get 3 months to close and still be eligible for the 8k credit.
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One of the most obvious factors that affect your
ReplyDeletemortgage is your credit rating. The better your credit rating, the better your mortgage rate will be. Those with lower credit ratings will pay higher mortgage rates. This is the lender’s way of protecting itself from the danger that someone with a poor credit rating will default on a loan.