The Trump administration announced last Thursday it plans to nominate Dana Wade to serve as HUD’s assistant secretary for housing and federal housing commissioner, a role that would put her in charge of the Federal Housing Administration. Brian Montgomery holds that role now, and is currently awaiting a full Senate vote to confirm him as […]
No Appraisal Required for Certain Homes
Certain home sales of $400,000 or less will not need an appraisal since federal regulators approved a proposal to increase the threshold at which residential home sales require an appraisal. Last November, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase […]
New FHA Loans: Some See Risks, Others Revival
The Trump administration is vastly expanding the scope of condominium purchases eligible for lower-down-payment loans. The move, announced Aug. 14 by the Federal Housing Administration, could help revive the entry-level condo market for first-time buyers because FHA-backed loans require only a 3.5% down payment and lower credit score than conventional loans. It also loosens financial-crisis-era […]
FHA Promises Condo Flexibility
Federal Housing Administration Commissioner Brian Montgomery recently told attendees at the National Association of REALTORS® meetings in Washington D.C. that the agency is working to revise its condominium approval rules and expects a final rule to be announced soon. Montgomery called condos a “mainstay of affordable housing” for seniors and first-time buyers. Among the proposed […]
Reverse Mortgage Comeback
Professor Chris Mayer has a lesson for homeowners: Reverse mortgages, which let older Americans tap their home equity without selling or moving, aren’t as risky as some say. In an online video, he brushes aside “common misconceptions,” including fears about losing your home. Mayer, a real estate professor at Columbia Business School, isn’t an impartial observer. […]
FHA Loan Limit Increase for 2019
The Federal Housing Administration published its 2019 loan limits last week. Most areas in the country will see an increase. No jurisdiction will see a decrease from 2018 levels. The loan limit for lower-cost areas will be $314,827, or 65% of the national conforming loan limit of $484,350. In high-cost areas, the limit will be $726,525. […]
May 14 – CVAR At A Glance
Featured Classes and Events May 14 | CRMLS FREE Training – CVAR EAST May 15 | Broker/Salesperson License Cram Course – CVAR HQ May 16 | zipForm® Training – LIVE Stream to East & West May 16 | Remine Training – CVAR HQ – Free! May 17 | Alternative to 1031 Exchange Lunch & Learn – Free! […]
Change of PACE for 2018
Gov. Jerry Brown signed into law two measures that took effect on Monday, Jan. 1, 2018 and fundamentally reshape and improve PACE financing in its biggest market. Renovate America strongly supported the new laws, which create a landmark consumer-protection and regulatory framework for PACE by enhancing disclosures, strengthening contractor oversight, and conditioning PACE on a […]
FHA Loan Limit Increase Jan. 1
Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced this month that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28. In […]
Fannie Mae to Loosen Loan Requirements July 29
Fannie Mae will ease its loan qualification requirements, raising its debt-to-income ceiling from 45 percent to 50 percent on July 29. The move could make it easier for a larger number of new buyers to qualify for a mortgage, particularly millennials who may be burdened with student loan debt. The debt-to-income ratio compares a person’s […]