October 2009

Both the Senate and House voted yesterday to extend the current higher loan limits for Fannie Mae, Freddie Mac and FHA loans through December, 2010. The resolution was attached to a continuing resolution that passed late in the day and prevented the higher limits from expiring at the end of the year.

Lawmakers had temporarily raised the loan limits back in 2008 as part of the Housing and Economic Act of 2008 and then again in 2009 through both a HUD mandated guideline and the Economic Stimulus Act up to a maximum of $729,750 for high-cost areas.

To find your individual counties higher loan limits, you can read our blog post at…

Just when you think you have all the bases covered in applying for your mortgage loan, Fannie Mae and Freddie Mac have added another stumbling block into the application process. Seems some unscrupulous individuals figured out that by disputing an account claim and having a notation added to your credit report removed that tradeline from being taken into credit scoring consideration and thus was left out of the automated loan approval process.

Now, just exactly how they were getting these disputed tradelines on credit reports past the lenders underwriting process that is supposed to occur on all automatically approved DU or LP…

The internet is a remarkable tool for real estate agents to use in their daily business life. The multitude of website providers and the information available to be used as website content is almost limitless. However, with such use also comes a fair amount of responsibility and accountability on your part as a professional. Flying by the seat of your pants and not taking these two things seriously are the stupidest things you can possibly do as an agent/webmaster.

Take this case as an example - The Pros Advantage. Seems the agent hired a firm to design a new website and they literally copied the design and code from a very well…

The Federal Housing Administration (FHA) announced yesterday they are adopting a new Cash for Keys program whereby lenders will pay borrowers with FHA-backed loans $2,000 for agreeing to turn their property over to the lender by using a deed-in-lieu of foreclosure. By applying for and getting an approved deed-in-lieu under this program, borrowers will be released from their obligation to repay the mortgage and may also have their deficiency judgment waived too.

To qualify for the program, borrowers must be facing long-term financial hardship, had their house on the market at a fair price for at least 90 days, and not have any…

The Bonita Springs City Council has agreed to keep its tax rate the same as last year. The 2009 tax rate will be 82.73 cents per $1,000 of assessed value. That's great news for Bonita Springs homeowners, who will likely see a 17% decrease in their property taxes.

When you add in the fact that the Lee County Property Tax Rates are also going to remain unchanged, 2009 is going to bring a welcome relief to area residents stung by recent years rising real estate taxes.

In addition, both the City Council and the County Commissioners reduced spending accordingly in order to make up for the short fall in tax revenues. Fortunately, both…