The $8,000 tax credit for first time home buyers is set to expire on December 1st of 2009.  There are talks that this credit may be extended, or modified and extended.  However, if you are in the market for a house you can not count on this extension.

We are advising all of our home buyers to try and be under contract on a home by no later than October 15th.  Currently it is taking only three weeks for the banks to work through a loan and prepare for closing.  However, if everyone and their mom tries to get this tax credit at the last minute the banks are going to be over loaded in October and November.   At the beginning of the year when rates were ultra low we were seeing underwriting times take as long as 45 days.  The same situation could happen again.

There is always a way to get a loan done in less time.  However, if you want to give your self a chance at getting the best rates and best terms you are going to need to be under contract by the 15th of October.  Flexibility is always the key and giving your self enough time to close will ensure that you keep your options open.

Today the Colorado Department of Regulatory Agencies (DORA) inactivated 4,560 Colorado mortgage broker licenses.   For the past couple of years DORA has been working on regulating Colorado mortgage brokers.  Today is finally the day when the hammer came down and people who  have not yet taken care of the requirements are no longer allowed to do business in the state of Colorado.

A licensed mortgage broker in the State of Colorado has to have Errors and omissions insurance, have a bond, take 40 hours of mortgage related education and have passed a state and federal exam.   On top of this a back ground check is done to make sure no one with previous financially related crimes becomes a mortgage broker.

For the past two years all of the mortgage brokers here at American Capital Financial have remained licensed mortgage brokers in compliance with DORA and the state of Colorado.  We have gone above and beyond the requirements because of our belief that our borrowers deserve the most honest and professional service.  Call us any time if you have questions about the requirements or want to know what AMCAPFIN has done to champion this cause.

303-831-9636