Here are some answers, but more program affecting the interest rates on (only those loans owned by Freddie Mac or Fannie Mae will be eligible) details will be out on 11-15-2011 and loans available as early as 12-1-2011?
http://www.google.com/hostednews/ap/article/ALeqM5jj-W6cU10ZTbXRoAPK23Ikk0Et0A?docId=cf2fde584ac54589b9dce05464a2e436
Is your loan owned by Fannie Mae or Freddie Mac? Check these websites to verify if your mortgage is owned by Fannie or Freddie - freddiemac.com/mymortgage; Fannie's is at fanniemae.com/loanlookup.
Other recent comments from FHFA Director Edward Demarco - possibly raising the 125% LTV limit on refinance - FHFA's DeMarco Releases Statement on Potential HARP Changes => http://www.mortgagenewsdaily.com/09092011_fhfa_statement.asp
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Tuesday, October 25, 2011
Wednesday, October 19, 2011
Property taxes rise due to foreign investment?
One benefit for local municipalities in Florida, Arizona and other states where foreign investors have swooped in to capture real estate is the increased property taxes.
Usually, primary resident homes are eligible for several homestead exemptions (or reductions in property taxes) including a relatively large discount on taxes for older residents. However, if foreigners buy real estate, they may be ineligible to apply for those exemptions. But the lower US property taxes, compared with other countries, is still a deal.
A side question I have is: "Do the rules for foreign ownership specifically exclude foreign residents from using normal and age related homestead exemptions, some of which may result in a 67% reduction of property taxes?" It all depends - if the rules are not clear, and it's the only property the foreigner owns in the US, would they still be eligible to claim the homestead exemption? How would they prove if they lived there >6 months otherwise to claim residence?
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Usually, primary resident homes are eligible for several homestead exemptions (or reductions in property taxes) including a relatively large discount on taxes for older residents. However, if foreigners buy real estate, they may be ineligible to apply for those exemptions. But the lower US property taxes, compared with other countries, is still a deal.
A side question I have is: "Do the rules for foreign ownership specifically exclude foreign residents from using normal and age related homestead exemptions, some of which may result in a 67% reduction of property taxes?" It all depends - if the rules are not clear, and it's the only property the foreigner owns in the US, would they still be eligible to claim the homestead exemption? How would they prove if they lived there >6 months otherwise to claim residence?
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Tuesday, October 18, 2011
Why do banks sell your mortgage loan?
Quick answer: To make money on the sale of the loan and relend the proceeds to make another loan and repeat the cycle....over, and over, and over....again!
Note: (See The Golden Rule - Those with the Gold make the Rules!)
Source: http://www.creditinfocenter.com/mortgage/sellloans.shtml
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Note: (See The Golden Rule - Those with the Gold make the Rules!)
Source: http://www.creditinfocenter.com/mortgage/sellloans.shtml
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Tuesday, October 11, 2011
Real Estate Legal News
This blog post will be updated with other appraisal related news from time to time.
The US Supreme Court will hear a case in 2012 related to RESPA (Real Estate Settlement Procedures Act) regarding improper lender fees involving discount fees charged without associated reduction in interest rates. Source: http://therealdeal.com/newyork/articles/the-us-supreme-court-will-rule-on-illegal-mortgage-fees-in-lawsuit-against-quicken-loans
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
The US Supreme Court will hear a case in 2012 related to RESPA (Real Estate Settlement Procedures Act) regarding improper lender fees involving discount fees charged without associated reduction in interest rates. Source: http://therealdeal.com/newyork/articles/the-us-supreme-court-will-rule-on-illegal-mortgage-fees-in-lawsuit-against-quicken-loans
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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