Last Thursday, the Senate approved S.1926, the “Homeowner Flood Insurance Affordability Act of 2014” by a vote of 67-32. This will delay dramatic increases in federal flood insurance premiums until 2017. During the next few years the Federal Emergency Management Agency (FEMA) will be tasked with the job of determining the impact ofGo to Resource
Category: National Legislation
With the recent government shutdown still in effect and no end in sight, many home buyers are wondering how this will impact their ability to obtain FHA financing and whether homes can be sold using FHA during this uncertain period. In response to the influx of inquiries, FHA has published several Q&A articlesGo to Resource
The CFPB issued its 804 page regulation recently as a part of the rule making required by the Dodd Frank Act. Many of you may be saying why do I care? These rules are important because they now make it clear that lenders MUST consider not only a borrower’s ability to pay mortgageGo to Resource
This morning, the Consumer Financial Protection Bureau released its federal Qualified Mortgage standard. The new guidelines establish minimum requirements for all mortgage loans which now include association assessments. Lenders are required to prove that borrowers have the financial resources to pay mortgage principal and interest, insurance premiums, property taxes and association assessments. IfGo to Resource
I have sat through countless Board meetings where Board members and owners alike bemoan the condition of bank-owned properties in the community. Often, weeds have overtaken the yard, the grass is dead, and the home is in need of a new coat of paint. The question that always comes up is “What canGo to Resource