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- Sales of existing homes may be slowing down but in certian makets sales are strong...
- HAFA is a new federal government program designed to assist home owners facing foreclosure.
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FHA is tightening up their rules. The policy changes are designed to shore up the FHA's capital reserves. "These changes, while serious, are reasonable," say the FHA top dogs. Credit back to buyer for closing costs will be lower to 3% from the more generous 6% which was the norm until now.
Some buyers will have to have more money to close the deal and or get a lesser home. Further damage will be done as they increase the mortgage insurance as well to a 2.25%. Buyers in the entry level market will be feeling the pinch in the months to come.
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Banks do not want more foreclosures... The Loan Modification program and the short sale process have new rules you better know about.. and HAFA is one of them!
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Bank of America, known for being one of the most difficult banks to deal with in a short sale, has said that it has eased its policy related to short sales to facilitate more of them, instead of letting properties slip into foreclosure, according to a report in American Banker. Also, new federal programs related to stoppomg a foreclosures have been put in place to stem the tide of homes being lost in foreclosure after a loan modification or other programs did not save the borrower. New rules apply to real estate agents as well. You will need to contact an expert agent with real trainning to handle HAFA for example. |
| BROWARD FSBO SERVICE AGENT |
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Interested in selling BY OWNER?
If yo are thinking of selling your home without an agent you need to read this.
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