A night on the town in Andover MA Dinner and Entertainment!

An evening of entertainment and dinner too in Andover, MA



ACT presents: From Stage to Screen at the Indian Ridge Country Club Aug 13-14
for more information visit the ACT website, call the reservation line at (978) 289-4123 or email reservations@actandover.com

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Resources for Homebuyers Informational Session

Resources for Homebuyers Informational Session

The City of Lawrence Community Development Department is launching a new down payment assistance loan program to help eligible homebuyers with the purchase of a foreclosed and vacant property. As part of the Economic and Housing Recovery Act of 2008, the City of Lawrence has designed a homebuyer assistance model to include financial assistance in down payment, closing costs, up front private mortgage insurance and a buy down option to make the home affordable.

This is a great opportunity for your borrowers to receive a deeper subsidy in the purchase of their home. Please join us at our Resources for Homebuyers informational session offered on:

Wednesday, July 22, 2009
Heritage State Park
3rd Floor Community Room
1 Jackson St.
Lawrence, MA 01841
From 9:30 am to 11:30 am


Please RSVP via email to Caroline Reynolds at: creynolds@cityoflawrence.com or Call 978-620-3537

Mark Gracy - Your real estate resource in the Andovers, Merrimack Valley Massachusetts and Southern New Hampshire
The Gracy Team www.GracyTeam.com Keller Williams Realty
168 N Main Street Andover MA 01810

Main tel & fax (978) 984-3107

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July 15, 2009 MassHousing and First Time Home Buyer Credit

July 15, 2009 Untitled: "Patrick, MassHousing Monetize First-Time Homebuyer Credit
By Ian B. Murphy
Banker & Tradesman Staff Writer
Today

Gov. Deval Patrick has announced a loan program through MassHousing allowing first-time homebuyers to monetize and use an $8,000 federal tax credit as a funding source toward the closing costs of their new home.
The principal and interest payments for the loan will be deferred until June 1, 2010, to allow first-time homebuyers to pay back MassHousing with their federal tax credit. If loans aren't paid by the June deadline, they will be amortized for 10 years at the rate of their original mortgage.
 
Gary Rogers, president of the Massachusetts Association of Realtors (MAR), said not paying back the loan with money saved from the tax credit is still a decent option.'If that's what the homebuyer opts to do, that's still an excellent program; usually second mortgages have much higher rates,' Rogers told Banker & Tradesman.
 
The loans will be available only to homebuyers with MassHousing mortgages, through MassHousing-approved lenders. To be eligible, loan participants must use the home purchased through the program as their primary residence for at least three years, and must purchase a one, two, three or four-family home from a seller unrelated to the buyer by Nov. 30.
 
'These loans will both help prospective homebuyers achieve the comfort and stability of homeownership for their families, and also stimulate the commonwealth's economy through increased home sales, while reviving neighborhoods impacted by foreclosure,' Patrick said in a statement.

This is the first program of its type in Massachusetts, according to Rogers, but there have been other variations of the same theme in other states. MAR worked with Patrick, Lt. Gov. Timothy Murray, and MassHousing to bring the program to fruition. 'It's a partnership; we're right there with them, and we'll be making sure that our Realtors inform the people who this is aimed for, and that they know about the program,' Rogers said.
 
'The Tax Credit Loan will be of great benefit to homebuyers, Realtors and MassHousing-approved lenders, and we applaud the Patrick-Murray administration for its leadership in promoting affordable homeownership opportunities in Massachusetts,' said MassHousing Executive Director Thomas R. Gleason.

Mark Gracy
The Gracy Team
Your real estate resource in the Andovers, North Shore, Merrimack Valley and Southern New Hampshire
Preview 1000’s of homes available right now on-line at http://www.GracyTeam.com
(978) 984-3107
Email to: Mark@gracyteam.com "

(Via .)

New timelines for mortgages

The mortgage industry has undergone some big changes lately and sellers and buyers are being impacted by some recent changes which impact the purchase and sale timeline:

HERA and HVCC - background information

In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act
(HERA) were passed by Congress, and the Federal Reserve Board published the regulations under the Truth in Lending
Act. These regulations were written to provide a more transparent, level and fair regulation of the real estate industry; to
add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more
informed — and therefore more confident— in their home financing choices. Also, Fannie Mae and Freddie Mac
adopted the Home Valuation Code of Conduct (HVCC) to reinforce appraiser independence, valuation
protections, and enhance the overall integrity of the valuation process.

Effective May 1 2009 - HVCC - Promotes the accuracy of appraisals by shielding appraisers from undue
influence, and ensuring that borrowers have sufficient notice of appraisal
content by requiring that borrowers receive a copy of their appraisal reports no
less than three days prior to the closing of their loan absent a borrower waiver
of this requirement.

Effective July 30, 2009 - HERA - Amends the Truth in Lending Act (TIL), implemented through Regulation Z.
Has a number of provisions including the Mortgage Disclosure Improvement
Act, which changes the Truth in Lending Act requirements surrounding early
and final disclosures to homebuyers and addresses the timing of when fees can
be charged.

A few things to keep in mind

These new regulations will impact closing timelines. In the past, homebuyers and sellers would agree on a closing date,
and then service providers – including lenders – would work as best they could toward
meeting that date. Going forward, purchase contracts can still be written with a
specific closing date in mind, but all parties need to take into account that the
earliest any home purchase transaction can close is 7 business days after the
homebuyer is issued his or her initial mortgage disclosures from the lender.

Upfront fees cannot be collected by the lender (except for a credit
report fee) until the initial disclosures are received. If the disclosures are
overnighted, they are considered “received” the next business day —
(excluding Saturdays) allowing the fees to be collected on the following
business day.

Historically, upfront fees could be collected immediately at the time of
application for both in person and phone applications. Moving forward, the
homebuyer must receive his or her initial disclosures before upfront fees can be
collected. The only exception is the credit report fee which can be collected at
application.

The homebuyer must be provided with a copy of his or her appraisal a
minimum of 3 days prior to closing.
If the homebuyer believes the 3-business-day required review period is not necessary for whatever reason,
he or she has the right to waive that requirement.

Plan your closing around a minimum 35- 45 day timeline from your offer date and keep in mind the factors mentioned which could impact the timeline.


Mark Gracy The Gracy Team www.GracyTeam.com Keller Williams Realty
168 N Main Street Andover, MA 01810
Andover, MA Real Estate Consultant
Serving real estate customers on the North Shore, Merrimack Valley, MA and Southern NH

Information provided by Wells Fargo Mortgage
Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.