April 18th is tax day for 2011. But it is also the day that FHA Mortgage Insurance is going up!
Case numbers issued on or after April 18, 2011 will fall under the following premiums
The increase of over 27% will affect those clients that are now borderline and who might not qualify after the increase.
April 30th is also the dealine for qualified service personnel to be in escrow and qualify for the Federal Tax Credit. Personnel who served at least 90 days overseas between Dec 31, 2008 and May 1, 2010 are eligible for the credit. The transaction must close by June 30th, 2011
So let’s get the word out! Let’s make sure all those clients with borderline debt ratios know the dealine and how the changes might affect their buying power. And let’s remind all of our military personnel that they can still get the tax credit, even if they are NOT first time home buyers!