Federal Home Loan Bank's $7,500 First Time Buyer Grant is back for many qualifying individuals. Brian Picker, one of my mortgage partners from 1st Mariner Mortgage, announced the return of the program and his company's involvement in it. Here are particulars on the grant qualifications from the information he sent over to me: Details: • [...]
Computerized appraisals have been an issue for awhile, but recently, they have become a problem for a much larger group of people. Appraisals done by people in general are both objective and subjective, which means that often if you had two professional appraisers come to your house, you would likely get two different price opinions, [...]
FHA Condo approval expiration dates were extended by the FHA, and this news shared by one of my mortgage partners, Brian Picker, of 1st Mariner Mortgage Corporation. Thank you, Brian! From Brian Picker, 1st Mariner Mortgage: Big news as older FHA Pre-construction Condos in Toronto projects were set to expire yesterday which would have been [...]
With the many changes in the mortgage industry, it is hard to keep up with what deadlines are coming up next. On December 7, 2010, the FHA condo recertification process must be completed by each individual condominium complex in order to be eligible for homebuyers to receive FHA financing in their building. There is an [...]
Yesterday, I posted two good reasons why now is a good time to buy a house from a publication from Keller Williams Realty International entitled "7 Reasons Why Now is a Great Time to Buy a Home" , after posting the top three on Tuesday. Today round out the final two good reasons why a [...]
Yesterday, I posted the top three good reasons why now is a good time to buy a house from a publication from Keller Williams Realty International entitled "7 Reasons Why Now is a Great Time to Buy a Home" . Today, two more good reasons why a buyer should buy now! To recap the top [...]
At the end of 2009, HUD changed its' condo approval process for FHA condo financing. No longer can a community be given a "spot" approval when a unit goes under contract if a buyer desires to use FHA financing. Condominium developments must be approved in advance of an FHA sale and the approval is only [...]
The Home Valuation Code of Conduct (HVCC) will be eliminated, thanks to a bill signed into law by President Obama. HVCC was enacted in 2009, and has been a big issue in the appraisal battle many home sales have been experiencing. In June last year, Tasha Linton and I wrote about how HVCC Could Negatively [...]
Beginning December 12, 2009, Fannie Mae will have new requirements on credit scores and debt ratios for all of their conventional loans. Prior to this change, the lowest credit score a borrower could have for this type of loan was 580. The new lowest score is 620. This is not negotiable, even if you are [...]
Towson Condo Owners have a new issue to grapple with. First there was the change in the laws for condo insurance converage. Now we have the new FHA condo guidelines that may affect many people who want to buy or sell a Towson condo! HUD announced this change in July, and the new guidelines were to take place [...]