Cassette tapes, VCRs, Pagers, and FHA spot approvals

BarrysBlog_FB$8,000 and how to get it
Remember when rumors were running amuck about how the government would give $15,000 for any first time homebuyer that purchased a home before December 1st? That shrunk down to 8k. Then there were rumors you could get that 8k at the closing, as opposed to getting a tax credit. Those rumors are, well…still rumors. Supposedly this might get passed for FHA loans, but for now the only way you are going to get this money is on your tax return. I’ll keep you posted if I hear anything new. More rumors that are just rumors: I never tried out for American Idol, I don’t wear a toupee, I have never appeared on Judge Judy, and that was not me that got arrested streaking across Wrigley Field in 1988.

Cassette tapes, VCRs, Pagers, and FHA spot approvals
The first 3 on this list are extinct. The 4th – FHA spot approvals – will join that list shortly. According to HUD, effective October 1st – lenders will now decide if they want to do FHA loans in condos. Basically the bank will approve of the entire project (this will last for a maximum of 2 years and then have to be re-approved) themselves for FHA.

Quote of the Day
“And in the end, the love you take is equal to the love you make.” – The Beatles, The End.

Rates
Three weeks later I’m still suffering some sticker shock from the dramatic increase in rates, however they have come back quite a bit. 30yr fixed is around 5.25% today. As usual, this can fluctuate based on equity in the home, what type of home, and credit score.

Trivia
Congratulations to all of you last week that guessed Elizabeth Hurley. The first ten people to guess today’s question correctly will win a $5.00 Starbucks gift card. Email me the answer to this Who Am I? question: “I turn 62 today. My early credits included writing jingles for Band-Aid (I am stuck on Band-Aid, ’cause Band-Aid’s stuck on me!”) and State Farm Insurance (Like a good neighbor, State Farm is there…”). Besides jingles, I guess I’m known for the way I dress too – because in the movie Breakfast Club, Bender asks Vernon if I know he raids my wardrobe.

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