Friday, November 5, 2010

Fannie Mae & Freddie Mac debate…

The National Association of Realtors (NAR) told members attending the annual conference in New Orleans today that the debate over Fannie and Freddie’s future is likely to stall legislation regarding the restructuring of their current role into 2012 or beyond. It could also mean a push for further tightening of FHA lending standards and affect tax subsidies for homeowners such as the mortgage interest deduction and capital gains tax cuts enacted by President George W. Bush.

"We'll have to separate what people said before Tuesday, and what they (do when they) get to Congress," said Jerry Giovaniello, NAR's chief lobbyist, of the prospects of Democrats and Republicans forging compromises on pressing issues. "On GSE reform, we've been meeting with members since January ... members of both parties are saying the old model is dead."

President Obama has committed to putting forward a plan for restructuring Fannie and Freddie and the mortgage markets in general by the end of January.

Although NAR has opposed some recent changes in FHA underwriting standards that are intended to limit losses and stave off the need for a taxpayer bailout, "We support very tough FHA reform," Giovaniello said.

When it comes to Fannie Mae and Freddie Mac, NAR advocates converting the companies into government-chartered, non-shareholder-owned authorities that would continue to do what they do today: purchase and guarantee mortgages.

Wednesday, August 18, 2010

Financing Updates & the "Real Finance: A Consumer Advocate Approach to Real Estate & Mortgages" Seminar

HuD announced the upfront Mortgage Insurance Premium (MIP) will go to 100 basis points (1%) and the annual MIP, also known as monthly mortgage insurance premium or MMIP, will go to 85 basis points on LTV's <= 95% and 90 basis points on LTV's > 95%.

Check with lenders on your team to see how this may affect your borrower's qualifying.

Closing costs are also up in many areas so it is a good idea to have the lender on your team give you an updated general Good Faith Estimate of Closing Costs for the average price range in your market.

The initial buyer interview is more important than ever. The more educated the Buyer is on what it will take to purchase their dream home the smoother the transaction will go after you find that perfect home.

It is also important to educate your Sellers in your Listing Presentation on financing options that can help them sell their home and how they can offer finance incentives to open up the market to more buyers.

The "Real Finance: A Consumer Advocate Approach to Real Estate & Mortgages" Seminar will give you the knowledge and tools you need to educate Buyers, Sellers, For Sale By Owners and Expired Listings and help you add value to your services.

The next live seminar is in West Virginia in October.

Location: Holiday Inn, Martinsburg
301 Foxcroft Avenue Martinsburg, WV 25401

Dates & Times: October 4, 2010 from 9:00 - 5:00 and October 5, 2010 from 9:00 - 12:00.

In today's market it is more important than ever for real estate professionals to understand what takes place behind the scenes with mortgages and how they can protect their clients from predatory lending practices.

For more information about the Seminar or to schedule a Real Finance Seminar in your area email Boyd@realfinancesolutions.com.

Saturday, May 1, 2010

Military Tax Credit Extension

Members of the Military serving outside of the US have an extra year to qualify for the first time home buyer tax credit.

An eligible taxpayer must buy, or enter into a binding contract to buy, a principal residentce on or before April 30, 2011.

If a binding contract is entered into by that date, the taxpayer has until June 30, 2011 to close the purchase.

Click Here for more details.

Friday, April 30, 2010

REAL FINANCE SOLUTIONS Now Hiring!

CLICK HERE to view our business presentation to see if you have what it takes to become a RFS Consultant. All training provided!