Good News from Dr. Manny: March '10

Good News from Doctor Manny
Let no one ever come to you without leaving better and happier.
--Mother Teresa

Dear Friends,

Welcome to the revised issue of Dear Dr. Manny! We live in a world filled with a lot of negative news and misinformation, and not just in the mortgage industry. In response to this, I decided to share information, stories and experiences with you that I hope bring light and a smile into your life. Please enjoy!

MORTGAGE GOOD NEWS
Recently, a young couple came to me for a loan pre-approval. Their reason for wanting to buy at this time was the $8,000.00 First-Time Homebuyer Tax Credit. This tax credit has been extended to April 30, 2010. Current homeowners who are buying another principal residence can deduct $6,000.00 from the price of purchase. Click here to read more .

Lenders still offer Home Affordable Refinance Programs (HARP). If your current mortgage is serviced by FANNIE MAE or FREDDIE MAC (not adjustable), you may be eligible for the program even if the loan to value is 105%, the credit score can be as low as 620 and the income ratio can be over 50%. The interest rates are as low as other fixed rate programs and cost less than conventional refinancing. Naturally, there are some limitations; for instance, MI-mortgage insurance is not allowed, and there are no cash out refis. Call me for details.

PERSONAL GOOD NEWS
My daughter Tamar, who we raised as a vegetarian from birth, is very knowledgeable about healthy food and its preparation. About a year ago she started to teach people about the benefits of healthy eating. This evolved into an idea to create a web based series. A trailer of the web series,