Housing Opportunity Resources

Fannie Mae Offers New Closing Cost Assistance and Appliance Incentive for Homebuyers
Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for closing costs; the purchase of new Whirlpool® appliances by Fannie Mae; or a mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%. Read the details.

Will Federal Short-Sale Rules Speed Deals?
Lenders have until April 5 to implement procedures for complying with federal short-sale guidelines released in November. In an interview with REALTOR® Magazine, NAR Managing Director of Regulatory Policy Jeff Lischer walks your members through the new rules and the forms that go with them, and shares his assessment of what their impact could be. Watch the video.

The Basics: Short Sales
Stay up to date on the latest federal short sales guidance and forms under the new Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu of foreclosure. Read “The Basics” now.

Local Market Reports Video
The Local Market Reports provide insights into the fundamentals and direction of the nation’s largest metropolitan housing markets. In this short video, economist Ken Fears discusses the contents of the Reports, explains what data is included and why it is relevant to you and your market. The reports themselves, which reflect data from the third quarter of 2009, evaluates a number of factors affecting home prices.

2009 State Residential Mortgage Foreclosure Laws
Highlights legislation enacted by states in 2009 to prevent and mitigate foreclosures. Read the National Governors Association’s Report.

For one year, beginning February 1,2010, there is a temporary moratorium for FHA buyers on foreclosed properties. Buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties. Prior to this announcement, FHA prohibited insuring a mortgage on a home owned by the seller for less than 90 days; though certain exceptions did exist, such as HUD-owned, government-owned, and bank-owned properties. Read the details,    Click here

HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners
Print Article
RISMEDIA, January 19, 2010—In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan recently announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration’s commitment to addressing foreclosure. Secretary Donovan recently announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential home buyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many home buyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.

In today’s market, FHA research finds that acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

-All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
-In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
-The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

For more information, visit www.hud.gov.

Read more: http://rismedia.com/2010-01-18/hud-takes-action-to-speed-resale-of-foreclosed-properties-to-new-owners/#ixzz0d65JBrMX

Lower mortgage rates drew a lot of home owners to refinance their home mortgage in the hopes that they will be able to save substantial amount of money. However, there are more factors to consider when refinancing home mortgage than the interest rate alone. Keep in mind that refinancing home mortgage does not pay off the debt but restructure it to a lower interest, different mortgage term, or consolidate your debts. In order to make the right decision, a careful analysis and some serious thoughts is required.

Read more…

Ever Wonder What Thief’s Are Looking to Do That Most People Don’t Even Think About? And They Get It Done Without You Even Knowing That It Happened!
This is NOT A JOKE!
FTC (FEDERAL TRADE COMMISSION

Report Just Released States that 30 Million People In the USA will have their Identity Stolen in 2010
Read a Copy if this Report Click Here
How to Protect Yourself for Less than a Cup of Coffee Per Day!
It’s Your Choice Protect Yourself Today or Let The Criminals Fix You for Life! FIX ME NOW! Go to Http://timrobbinstv.com/proptect1