Waiver for 90-day resales extended through 2012
By Inman News, Wednesday, December 28, 2011.
Inman News®
For the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning homebuyers relying on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days.
The waiver is a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers to include those relying on FHA-backed loans, popular with first-time homebuyers and others who lack the cash to make large down payments.
In extending the waiver through 2012, FHA said all transactions must continue to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender can document the justification for the increase in value, FHA said.
FHA instituted the anti-flipping rule in 2003 to protect its mutual mortgage insurance program from losses on homes that were merely flipped, rather than rehabbed. Homes repossessed by Fannie Mae, Freddie Mac, and state- and federally chartered financial institutions were exempt from the rule.
In February 2010, the Obama administration waived the waiting period for resales -- including homes purchased and rehabbed by private investors -- in the hopes of stabilizing home prices and revitalizing communities hit by foreclosures.
It often takes less than 90 days to acquire, rehabilitate and sell properties, the Department of Housing and Urban Development said at the time. Some sellers of rehabbed properties had been reluctant to enter into contracts with FHA buyers because of the cost of holding a property for 90 days, HUD said
Thinking of buying or selling?
Call CLARA - 856-264-1058
Showing posts with label New jersey homes. Show all posts
Showing posts with label New jersey homes. Show all posts
Monday, January 2, 2012
Monday, May 9, 2011
Happy Mother's Day
My mother is living and well in sunny California! I love her dearly as she is definitely one of the true angels who dwell on this planet in human form. If she were catholic, she'd be a saint!! Everyone is always wanting to claim my mother as their own...and I understand how wonderful she is so I don't mind it too much...But I remind them, especially when I am home, that she is MY mom! LOL....
I am also fortunate enough to be surrounded by a few wonderful women who I call "MOM", one of which is my mother-in-law. My husband & I picked her up, after moving through the Susan B Orman Cure for the Cause traffic. This traffic jam had me ponder that every event is an opportunity for something wonderful. I saw parts of the city I'd never seen which were beautiful and reminded me of the rich history of the architecture of the city. One of the reasons that I got involved in real estate is that I love both structures and landscapes...Yes I'm a tree hugger. LOL.
We joined my brother in law and his wife for a wonderful Cuban "dim sum" at Cafe Libre. I thought I had won a guest judge spot on TOP CHEF. The chefs tasting menu was just that, a sample of most of the menu in small but fulfilling portions.
The appetizer course consisted of three spreads: one consisting of eggplant & spices, another a black bean hummus - yummy, and the third a seafood chopped salad to be dipped with plaintain, casaba? and yucca chips.
The next course, another trio of chicken & corn, beef & shrimp & spinach enpenadas, crab cakes, tuna ceviche, and ribs, all over unique spicy/sweet relishes. By the main course, my taste buds were peaked and my belly kinda full...but the anticipation of the entree trio had me push through.
The entree course was a trio of mahi mahi, perfectly seared, buttery delicate and sweet; a jumbo prawn on a sugar cane stick - very nice touch; and a medium, tender beef steak. All served with a side of rice and fresh sweet plaintains! I don't know where I put it, but I did not leave anything on my plate...It was scrumptilicious!
Okay one more course to go! A trio of desserts...Really...no room....creme brulee, rice/tapico? pudding and a triangular jelly filled crisp bread. Okay so now you can pull me up off the floor as I am passed out on food. So I ordered a cafe con chocolati...a cuban mocha with expresso but smooth cuban cofee....to wake me up for the drive back to my in-laws....and then back across the bridge to my bed beckoning me from home!
Given that the past few weeks in real estate have been extremely busy as the the weather gets nicer, it was nice to have a day off...only a few of my clients called...most to say Happy Mother's Day...to enjoy a true break in the day and a moment with family and friends.
As I said, I love structures and landscapes....Cafe Libre was an opportunity to be transported to another country in the middle of the afternoon. The open lower restaurant, faux windows, buildings and banana fans, the food, the service, down to the check in a cuban cigar box created a new memory to share and a perfect compliment to living in the trio of Philadelphia, New Jersey, & New York.
I am also fortunate enough to be surrounded by a few wonderful women who I call "MOM", one of which is my mother-in-law. My husband & I picked her up, after moving through the Susan B Orman Cure for the Cause traffic. This traffic jam had me ponder that every event is an opportunity for something wonderful. I saw parts of the city I'd never seen which were beautiful and reminded me of the rich history of the architecture of the city. One of the reasons that I got involved in real estate is that I love both structures and landscapes...Yes I'm a tree hugger. LOL.
We joined my brother in law and his wife for a wonderful Cuban "dim sum" at Cafe Libre. I thought I had won a guest judge spot on TOP CHEF. The chefs tasting menu was just that, a sample of most of the menu in small but fulfilling portions.
The appetizer course consisted of three spreads: one consisting of eggplant & spices, another a black bean hummus - yummy, and the third a seafood chopped salad to be dipped with plaintain, casaba? and yucca chips.
The next course, another trio of chicken & corn, beef & shrimp & spinach enpenadas, crab cakes, tuna ceviche, and ribs, all over unique spicy/sweet relishes. By the main course, my taste buds were peaked and my belly kinda full...but the anticipation of the entree trio had me push through.
The entree course was a trio of mahi mahi, perfectly seared, buttery delicate and sweet; a jumbo prawn on a sugar cane stick - very nice touch; and a medium, tender beef steak. All served with a side of rice and fresh sweet plaintains! I don't know where I put it, but I did not leave anything on my plate...It was scrumptilicious!
Okay one more course to go! A trio of desserts...Really...no room....creme brulee, rice/tapico? pudding and a triangular jelly filled crisp bread. Okay so now you can pull me up off the floor as I am passed out on food. So I ordered a cafe con chocolati...a cuban mocha with expresso but smooth cuban cofee....to wake me up for the drive back to my in-laws....and then back across the bridge to my bed beckoning me from home!
Given that the past few weeks in real estate have been extremely busy as the the weather gets nicer, it was nice to have a day off...only a few of my clients called...most to say Happy Mother's Day...to enjoy a true break in the day and a moment with family and friends.
As I said, I love structures and landscapes....Cafe Libre was an opportunity to be transported to another country in the middle of the afternoon. The open lower restaurant, faux windows, buildings and banana fans, the food, the service, down to the check in a cuban cigar box created a new memory to share and a perfect compliment to living in the trio of Philadelphia, New Jersey, & New York.
Looking to Buy or Sell?
Call Clara 856-264-1058
Wednesday, July 7, 2010
As you may have heard, the real estate industry received a big win today when President Obama signed two important pieces of legislation into law.
The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but have not yet closed. Previous blog was about the Senate approval...Now that the President has signed it is official naitionally. Real estate agents working with buyers who fit into this category, please let them know about the extended deadline.
In addition, the National Flood Insurance Program, which provides flood insurance to homeowners in participating communities in flood-prone areas who could not otherwise obtain coverage due to cost or ineligibility, was also extended until September 30, 2010. As a result, buyers in these areas can now obtain mortgages and transactions can move forward. This bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.
If you or anyone you know is interested in purchasing real estate, please:
Contact Clara at 856-264-1058
FREE: Find home values in your neighborhood...Click on Home Values link
The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but have not yet closed. Previous blog was about the Senate approval...Now that the President has signed it is official naitionally. Real estate agents working with buyers who fit into this category, please let them know about the extended deadline.
In addition, the National Flood Insurance Program, which provides flood insurance to homeowners in participating communities in flood-prone areas who could not otherwise obtain coverage due to cost or ineligibility, was also extended until September 30, 2010. As a result, buyers in these areas can now obtain mortgages and transactions can move forward. This bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.
If you or anyone you know is interested in purchasing real estate, please:
Contact Clara at 856-264-1058
FREE: Find home values in your neighborhood...Click on Home Values link
Monday, June 21, 2010
Senate Passes Home Buyer Tax Credit Extension
Recently the United States Senate approved an amendment to HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010, which would extend the homebuyer tax credit closing date deadline from June 30, 2010 to September 30 2010.
The amendment applies only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 & $6500 tax credits and creates no new eligibility. Before the Senate bill can be sent to the president for final approval, it must be reconciled with the House legislation. (Source NAR/NJAR)
The amendment applies only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 & $6500 tax credits and creates no new eligibility. Before the Senate bill can be sent to the president for final approval, it must be reconciled with the House legislation. (Source NAR/NJAR)
Thinking about Selling, Leasing, or Buying?
For all your real estate needs
Call CLARA at 856-264-1058
Monday, April 26, 2010
New Short Sale Rules
New rules are in place for sellers in regards to short sales. A short sale is when the bank accepts less than what is owed on the property for sale. Below are the basic guidelines:
1. In order for the bank to accept a short sale Sellers must NOT qualify for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
2. The bank will set an acceptable value of the home upfront, based on an appraisal or broker’s price opinion.
3. Lenders must approve or deny a purchase offer within 10 days of it being submitted.
4. Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven. These mortgage payments will not be shown as late on credit reports.
5. At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.
1. In order for the bank to accept a short sale Sellers must NOT qualify for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
2. The bank will set an acceptable value of the home upfront, based on an appraisal or broker’s price opinion.
3. Lenders must approve or deny a purchase offer within 10 days of it being submitted.
4. Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven. These mortgage payments will not be shown as late on credit reports.
5. At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.
Thinking of Selling or Buying?
CALL CLARA for all your real estate needs
856-264-1058
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