New FHA Rules

by admin on December 2, 2009

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  • The U.S. Department of Housing and Urban Development (HUD) released Federal Housing Administration (FHA) Mortgagee Letter 2009-50, addressing the 2010 FHA Loan Limits. The 2010 minimum FHA loan limit for single-unit properties will remain at $271,050 (65% of the conforming loan limit). The 2010 maximum FHA loan limit for single-unit properties is $729,750.

Read the Mortgagee Letter 2009-50

  • HUD has issued in the Federal Register a FHA Proposed Rule on loan correspondents (mortgage brokers) no longer needing independent FHA-approval for origination eligibility, as well as increasing the net worth for FHA-approved mortgagees. The deadline to submit comments on the proposed rule is December 30, 2009.

Read the Proposed Rule

  • Tax Credit or Seller Funded Down Payment Assistance.  Which do you prefer?  Place your answer in the comment section below.

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What is a Global Bank Levy?

by admin on November 24, 2009

A Global Bank Levy is when governments impose a global tax on banks to make them pay for financial sector bailouts costing hundreds of billions of dollars.

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  • In October, existing home sales rose by 10.1% and are now 23.5% above the year-ago rate. Sales were at a seasonally adjusted annual rate of 6.10 million, up from 5.54% in September and a 4.94 million pace a year ago.
  • Brian Klemmer – Eating the Elephant One Bite at a Time – great sales tip from the man.

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HVCC Meeting with Andrew Cuomo in New York

by admin11.23.2009

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Frank and Brian of Think Big Work Small and former NAMB President Mark Savitt presented the HVCC Petition with 117,000 signatures in 48 boxes to New York Attorney General Andrew Cuomo’s office.

Watch the Video to the right to see how their meeting unfolded. →→→
See the trip to New York from beginning to end.
Frank [...]

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Home Buyer Tax Credit Extended and Expanded

by admin11.19.2009

As of November 6, 2009 the $8000 First Time Home Buyer Tax Credit was extended and expanded with a $6500 tax credit to move-up buyers, new income limits and extension dates.
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The government realizes how important the housing market relates to the overall well being of our economy. They extended this tax credit to help with [...]

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