Archive for the 'Real Estate News' Category
CONDO INSURANCE FYI !
Related Posts: Government, Real Estate News, What If Realty News
hiSince 2004, Florida’s Condominium Act has required unit owners to maintain hazard insurance on their units - separate and above the hazard insurance on the common areas paid for by the condo association. HB 601 provides condo associations a way to enforce These insurance standards by requiring unit owners to provide proof of insurance every year. If a unit owner fails to provide a certificate of insurance, the association may purchase insurance on the owner’s behalf and assess the unit owner for the cost of the insurance. This effects all Florida Real Estate. Download it in PDF format at http://laws.flrules.org/files/Ch_2008-240.pdf,
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Americans will need Credit Repair over the next 7 to 10 years
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiThis credit situation is a mess. As credit get tighter on the folks the credit scores will suffer for no good reason in many cases. In addition, bankruptcies, foreclosures and just plain delinquencies will stay on the report for as long as 7 years if not dealt with. That means that folks who have been struggling for a few years and then fall into default will have a long uphill battle coming back. We do not recommend any organization only try to guide you to sites that can give you information about the players. This is one http://www.creditrepairreviews.net/?gclid=CNPe0KzeqZUCFRpknAodPkt9lA with more to come.
Here’s a guide that can help explain the impact of your score:
720 - 850 - Excellent – The best financing terms and represents the best score range
700 - 719 - Very Good – qualifies to receive favorable financing
675 - 699 - Average – will qualify for most loans
620 – 674 - Sub-prime – May qualify but will pay higher interest
560 – 619 - Risky – Might have trouble getting a loan
500 – 559 - Very Risky – You need to work on improving your rating
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No more “Buy and Bail”
Related Posts: Credit & Finance, Government, Real Estate News
hiThe FHA will no longer allow homebuyers to rent out their current home and use the expected rental income as part of the basis for obtaining a new mortgage to buy another home. Most buyers must now show that they can cover both mortgages unless they have 25-percent equity or provide proof of a job relocation and arrange a one-year lease on their current home. The FHA hopes the new rule - implemented as a temporary measure on Sept. 19 - will prevent buyers from purchasing a less expensive home and abandoning their current mortgage.
Source:
Inman News (09/24/08)
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688
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Who is Freddie Mac and what do they do?
Related Posts: Credit & Finance, Government, Real Estate News
hiFreddie Mac’s http://www.freddiemac.com/ mission is to provide liquidity, stability and affordability to the housing market.
Are they fulfilling their mission to create:
- Stability: Freddie Mac’s retained portfolio plays an important role in making sure there’s a stable supply of money for lenders to make the home loans new homebuyers need and an available supply of workforce housing in our communities.
- Affordability: Financing housing for low- and moderate-income families has been a key part of Freddie Mac’s business since we opened our doors. Freddie Mac’s vision is that families must be able both to afford to purchase a home and to keep that home.
- Liquidity: Freddie Mac makes sure there’s a stable supply of money for lenders to make the loans new homebuyers need. This gives everyone better access to homefinancing, raising the roof on homeownership opportunity in America.
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Who is Fannie Mae anyhow?
Related Posts: Credit & Finance, Government, Real Estate News
hiFannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America.
Fannie Mae provides stability, liquidity, and affordability to the nation’s housing finance system under all economic conditions. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market.
Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.
Find out more at http://www.fanniemae.com/index.jhtml how they effect the Florida Real Estate Market!
Are they helping or hurting!
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