Stimulus act stalled, rates have gone up, Obama is angry and the highest unemployment rate since the early 80’s!!

Things need to be done immediately to stop this free fall and the politicians need to get it right to make the fix.
The stimulus act has so many holes in it that the real question is, will it help?
One thing that will help is the $15,000 tax credit for new home buyers, either in 2008 or 2009. This will not be a loan. This will not be a deduction. This will be a credit. This is huge!
The republicans in the senate are trying to push this through and we need to support this decision. Write a letter to your Senator and your House representative. Tell them to pass this part of the bill. This will help stimulate home purchases. It could start to stabilize the housing market and quite possibly, bring the construction market back for new the homes being built.
Imagine this, a $15,000 tax credit, interest rates at an all time low and points on your loan deductible as well. One would also be able to use the credit over a two year period if need be.
The next question you are probably angered about is why are rates higher right now? The answer to that is lenders are waiting for the stimulus act to go through because they do not know how this is going to effect rates. We have seen a few days when we have been able to take advantage of a short term lock, but the file needs to be completely approved with no conditions to take advantage of this type of situation. Soon, we will probably see a nice little drop in rates on this type of lock. If you have not got your packages in, you should do so now. Most lenders are running 30-45 days in underwriting. All through, right now at our bank, we are at about a week, which is good. But, if I were to send your loan out to Countrywide, they are 45 days in underwriting, so one could not even lock for 75 days with them.
What I find funny is the big banks are quoting low rates on ten day locks that they can’t even deliver on. It is the old bait and switch story. They bring you in, you think you are going to get a cheap rate and then your file is stuck in underwriting hell and now you have to pay for lock extensions.
One more good thing in the stimulus act will be the raising of loan limits back to last years numbers! The rest of the act is full of a lot of pork. I suggest reading what is in the Stimulus Act. You can Google this and you might be shocked.
Remember we are here for you. Give us a call and get your packages in, 858-259-6070