A fully qualified buyer can assume a low-rate FHA loan, but sellers need to get a lender release that guarantees they don’t have any future obligation to repay the loan. RICHMOND, Va. – Question: There are tons of low-rate FHA mortgages that now finance and refinance homes loans in the 3% range and sometimes lower. … Read more
Towns with a population of 50K or less that need more affordable housing can apply now for a HOPE VI Main Street Program grant up to $1M. WASHINGTON – The U.S. Department of Housing and Urban Development’s (HUD) HOPE VI Main Street Program provides financial help to communities that want more affordable housing in central … Read more
A man with a good job failed to qualify for a home loan because he has bad credit. What are the pros/cons if his less wealthy, creditworthy girlfriend cosigns? FORT LAUDERDALE, Fla. – Question: My long-term boyfriend has lousy credit but makes a good living and wants to buy a house and stop renting. I … Read more
HUD created a single system for inspecting homes and multifamily buildings under its umbrella. It calls the stronger standards NSPIRE. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced that its Final Inspection Standards Notice for the National Standards for the Physical Inspection of Real Estate (NSPIRE) will soon appear in the Federal … Read more
Fed investigators blame the tragedy on the builder’s failure to comply with building codes and standards. Also this week: Its new Dubai-based owner revealed its plans. MIAMI (AP) – The swimming pool deck of a beachfront South Florida condominium that collapsed two years ago, killing 98 people, failed to comply with the original building codes … Read more
TALLAHASSEE, Fla. – Gov. Ron DeSantis trimmed $510.9 million from a record-high state spending plan signed Thursday, with nearly one-fifth of the cuts coming from a single program designed to keep swaths of rural property from commercial and residential development. While DeSantis didn’t give any explanation for projects he slashed for the fiscal year that … Read more
Should buyers hope for lower mortgage rates later this year? Maybe a bit. Will it convince more homeowners to list their property? Probably not. CHICAGO – Ending a cycle of 10 consecutive rate hikes, the Federal Reserve voted to hold off on another increase to its key short-term interest rate. The news fueled hopes that … Read more
The answer to “Who are you?” could be on your T-shirt – or phone case or tote bag. Print-on-demand services help small groups create group swag. NEW YORK – Larger brokerages often have branded merchandise to help foster a group identity and spread enthusiasm about their brand. However, teams or small brokerages should also have … Read more
Last week, the average rate on a 30-year, fixed loan was 6.71%; last year, it was 5.78%. Freddie Mac’s chief economist credits the Fed’s interest-rate pause for the drop. WASHINGTON – The average long-term U.S. mortgage rate fell again this week, positive news for potential homebuyers after rates reached their highest level since November earlier … Read more
Buying investment rental property? It can be lucrative, but a survey of landlords identified challenges, with repairs/maintenance and tenant screening topping the list. NEW YORK – Peak rental season is approaching, and a new set of landlords could be entering the market. Zillow economists predicted that 2023 would bring a surge in first-time landlords after … Read more
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