The US Senate has amended a bill to give homebuyers who were under contract on a home purchase on or before April 30, 2010 an additional three months to close the transaction and claim the Federal Homebuyer Tax Credit. Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev. No extension to the deadline for qualifying for the credit (April 30th, 2010) was approved…See More

National Flood Insurance ProgramThe program expired on March 28, 2010. . Unfortunately, the United States Senate adjourned without approving H.R. 4851, which would have extended a number of programs including the National Flood Insurance Program (NFIP). The lapse in authority means that mortgage transactions will be delayed in which a new flood policy is required but was not issued before the expiration date. A procedural motion has been filed in the Senate setting up a vote for the week of…See More

John Tuggle March 10, 2010Program funding for USDA Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding…See More

Freedom Mortgage Corporation, John Tuggle Announces New Position, DivisionJohn Tuggle February 15, 2010Tuggle Joins Freedom B2B Division, Wholesale Rates from a Retail Lender!!!I am pleased to announce that effective immediately I have joined Freedom Mortgage Corporation, B2B Retail Division.…See More