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Dennis Norman FHA Announces Policy Changes to Address Risk and Strengthen Finances This week FHA announced policy changes that are going to help them shore up their finances but will make it more difficult and/or costly for your clients to purchase a home. The FHA policy changes include: Tweet This Post Dennis Norman In an effort to “stabilize home values and improve conditions in communities where foreclosure activity is high” FHA just announced a temporary waiver of requirements of 24 CFR 203.37a(b)(2). For those of you that don’t have your copy of the Code of Federal Regulations handy, this is referring to what is generally [...] According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent [...] Loose lending standards in government-backed mortgages is setting up the next wave of defaults and sharp declines in housing prices. Charles Hugh Smith, Of Two Minds Beneath the hype that housing has bottomed is an ugly little scenario: lending standards are still loose and the low-down payment, high-risk loans being guaranteed by government agencies are setting [...] Dennis Norman As if the fragile housing market didn’t already have enough deadlines to be concerned about, namely the home-buyer tax credit that has been a much-needed shot in the arm to the housing market and is set to expire November 30th, now there’s another deadline looming on the horizon: The American Recovery and Reinvestment Act [...] |
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