New Respa rules you need to know about...

At this point I am sure you have heard about the new HUD1 that will take effect Jan 01,2010. There are other changes that started in August that you need to keep in mind when writing a contract. Now the earliest that you can close on a purchase transaction is 7 days from the signing of the mortgage application. If there are any changes in the seller assistance for repairs or negoications that effect the APR by more than one eighth of a percent then there is a 3 business day waiting period from the date of disclosure of the change.