Simply The Best Loans

Currently awaiting approval from the Nationwide Mortgage Licensing System?  Don’t let your North Carolina or Maryland license expire!  Mortage Training Concepts, a premier provider of mortgage pre-licensing and continuing education, can help you maintain your current license while you are in process for approval with the NMLS.  Check out the Introduction to FHA Loans, a CE course approved for 8 hours of continuing education credits in North Carolina, South Carolina and Maryland. 

Earlier this year the government passed legislation allowing first-time homebuyers to receive up to $8000 in tax credit when they purchased a home.  A first-time buyer is defined as one that has never owned a home or has not owned property in 3 years or more.

Many first-time buyers have benefited from this tax credit.  The credit is based on the purchase price of the home and the maximum refund a new homeowner can receive is $8000.  Homebuyers even have the option, if they purchased a home after they had filed their 2008 tax returns, to file an amended return after their closing and still receive the tax credit this year.

FHA then came out with a bridge loan program for homebuyers that alllows the homebuyer to use the tax credit at the time of purchase as part of their down payment.  Borrowers can purchase the home with a bridge loan at no interest for 12 months in order to allow them time to file their return and receive the tax credit and pay off the bridge loan without incuring any penalty.

The tax credit benefit ends on 12/1/09.  A new homebuyer must close by 11/30/09 in order to take advantage of this tax credit.  With the high volume of refinance loans resulting from the extremely low interest rates, lenders are swamped with files and turn-times for processing have gotten longer. 

It is important for any first-time buyer wanting to take advantage of the tax credit to get their loan application in early and to work with their realtor to find, offer and contract on their new home within the next 60 days to ensure they can get their loans closed before the tax credit end deadline.

There’s never been a more favorable time to buy a new home, don’t miss out!

The Nationwide Mortgage Licensing System and Registry is preparing to provide licensing and training to all loan officers in the United States.  While several states, like North Carolina, have a long-standing history of requiring licensing of individual loan officers, it has never been a uniform requirement country-wide.  By ensuring that industry professionals are properly trained and monitoring the licensing process across the US, consumers will benefit from an overall increase in professionalism and ethical practices.

The legislation governing this process requires that any loan officer be fully trained on state and federal regulations and best practices as well as licensed by the NMLS by 7/1/2010.  The NMLS will offer training through approved providers and oversee licensing nationwide. 

The result, whether you are getting a mortgage in NC or in any of the other 50 states, you will know that your loan officer has met both state and federal standards for knowledge and best practices.