You may have seen rumors about a 3.8 percent tax on real estate sales since health care reform was enacted into law more than two years ago. But there’s a lot misinformation out there. Watch a short video featuring NAR experts to get the facts on how this legislation affects only certain home sales.
Posts Tagged ‘Santa Barbara’
New HARP 2 Streamlined Application Rules
Wednesday, September 26th, 2012
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP), and you may be eligible to take advantage of these changes.
There is a new refinance program that went into effect in early Jan 2012 that allows underwater homeowners the ability to refinance into a lower interest rate, regardless of their Loan-to-Value (LTV).
Referred to as HARP 2.0, DU Refi Plus and the Obama Refinance Plan, the Home Affordable Refinance Program is a federal program under Making Home Affordable that is intended to help 4-7 million responsible homeowners lower their mortgage rates.
Below is a list of questions to help determine if you are potentially eligible for a HARP refinance:
Streamlined application process: Borrowers will apply through a streamlined process designed to make it simpler and less expensive for borrowers and lenders to refinance. Borrowers will not be required to submit a new appraisal or tax return. To determine a borrower’s eligibility, a lender need only confirm that the borrower is employed. (Those who are not employed may still be eligible if they meet the other requirements and present limited credit risk. However, a lender will need to perform a full underwriting of these borrowers to determine whether they are a good fit for the program.)
For more info go to Whitehouse.gov
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Thanks for reading this blog and I welcome your comments.
-Sylvia E. Miller
Cell: 805-448-8882
Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!
FHA eases burdensome condo financing rules
Monday, September 24th, 2012By Kenneth R. Harney
September 23, 2012
FHA Update
The revised guidelines, which were issued Sept. 13 and took effect immediately, should make it easier for large numbers of homeowner associations to seek certification by the FHA. The certification process is intended to provide the FHA, a government-run mortgage insurance agency, with key information about a development’s legal, physical and financial status. Without approval of an entire development ― regardless of whether it’s a small complex in the suburbs or a massive high-rise in the center city ― no individual unit can be financed or refinanced with an FHA mortgage.
One of the most significant changes the FHA made involves personal legal liability for condo association boards and officers. The previous rules required officers to attest that they had “no knowledge of circumstances or conditions that might have an adverse effect on the project or cause a mortgage secured by a unit” to become delinquent, of “dissatisfaction among unit owners about the operation of the project or owners association” or of “disputes concerning unit owners.” The penalty for officers who “knowingly” and “willfully” submitted information to the FHA that was found to be false: fines of up to $1 million and 30 years in prison.
Although the previous rules focused on entire buildings, individual unit owners seeking to sell often have taken the brunt. The Community Associations Institute, the condo industry’s largest trade group, welcomed the relaxation of the FHA rules, predicting that “this will spark home sales and help tens of thousands of condominium communities begin to recover from the housing slump.”
Not surprisingly, many board officers declined to take on what they interpreted as lifetime legal responsibility for such details as whether the condominium fully complied with state and local environmental and real estate requirements. Although the FHA insisted that the associations were overreacting, the new certifications contain much less scary language. The penalties for intentional frauds against the government remain the same, however.
Among other key rule changes:
Source: L.A. Times
Thanks for reading this blog and I welcome your comments.
-Sylvia E. Miller
Cell: 805-448-8882
Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!
All the Tenant Screening Tools Landlords Need.
Friday, September 21st, 2012For Your Credit Screening Needs… TransUnion SmartMove®
TransUnion SmartMove℠ – a web-based solution provides independent landlords with access to the same screening tools used by the largest property management groups. It’s fast and convenient…Check it out at TransUnion SmartMove℠
Thanks for reading this blog and I welcome your comments.
-Sylvia E. Miller
Cell: 805-448-8882
Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!
Welcome Autumn 2012!
Friday, September 21st, 2012Did You Know:
Santa Barbara Autumn
Thanks for reading this blog and I welcome your comments.
-Sylvia E. Miller
Cell: 805-448-8882
Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!
