Posts tagged ‘fha loans’

Realtors, Brokers Target Home-Appraisal Rule

From WSJ-

The mortgage-broker and real-estate industries are pushing to have a measure that would kill new home-appraisal rules inserted into pending legislation to overhaul financial-sector regulation.

The Home Valuation Code of Conduct, adopted in May 2009 to ensure appraiser independence, bars mortgage brokers and bank loan officers from selecting appraisers.

Mortgage lenders, on the other hand, are trying to fend off the measure. Several big lenders own or have a stake in companies that have seen a surge in business as a result of the new rules. (aka- AMC’s or Appraisal Management companies, this includes BPO Management Companies)

The Code of Conduct was adopted last spring by Fannie Mae and Freddie Mac, the government controlled mortgage giants, in settling a New York state attorney general’s probe of their appraisal standards.

(The entire investigation was brought about specifically by Andrew Cuomo, former HUD Secretary, who by the way made a series of BAD and politically motivated decisions between 1997 and 2001 that gave birth to the country’s current economic crisis.

He took actions that—in combination with other factors—helped plunge Fannie and Freddie into the subprime meltdown. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no DOC, no money down loans.

Basically he legalized what a federal judge has branded “kickbacks” to mortgage brokers that fueled the sale of overpriced and unsupportable loans. Four to five million families are now facing foreclosure, and Cuomo is one of the reasons why. Now Fannie and Freddie are going to CONSUME ONE TRILLION DOLLARS of TAX PAYER money.

This criminal, cuomo, was also responsible for the collaps of Lehman Brothers. Basically, Lehman CEO didn’t kiss Cuomo’s behind during his campaign bid and didn’t kick in millions to his political run. So, out of spite, Cuomo opened up an investigation of Lehman.

The rest…is well history. Cuomo is nothing more than a mafia hoodlum. This guy has single handedly corrupted HUD, Fannie, and Freddie. Destroyed the Appraisal industry and brought about the demise of Lehman.

June 18, 2010 at 6:37 pm Leave a comment

Colonial Home in Union Twp – Just Reduced!

Available and listed at $310,000, is this spacious and well maintained colonial home, located in the reputable Washington School district.

June 8, 2010 at 8:23 pm Leave a comment

EXIT Realty Educates the Public in Free Webinar!

 On Tueday June 8th, Exit Realty will be hosting and broadcasting a FREE webinar, Entitled “Real Estate After April 30th (when the $8,000/$6,500 home buyer tax credits expired) – What Now?”

There will be Two Free Sessions, one at 4 PM and the second at 7 PM. All you need to do is click on for the 4 PM session,

or for the 7 PM session. Register with go2meeting today!


June 4, 2010 at 2:21 pm Leave a comment

FHA 203k Purchase Rehabilitation Loan Info

The FHA 203(k) Rehab loan is an option for home buyers seeking to purchase a home that needs repairs. Sometimes dubbed a “fixer-upper” or Handyman’s Special” – buying a home that is in need of repairs can usually be bought at a discount and often yield a huge financial return.

The 203k Rehabilitation loan not only gives you the money to buy the house itself, but this loan also offers you the money you need to complete the required repairs to the home, all in one 30 year fixed mortgage at a low rate.

FHA 203k loans are in many cases cheaper than taking a construction loan to complete the necessary repairs. With a construction mortgage, you will most likely have to pay closing costs when you receive the initial construction loan, and additional closing costs once the construction is complete and you refinance.

With a 203k rehab loan, there is only one closing, one mortgage loan and 1/2 the fees! Read More about buying a house with a FHA 203k home mortgage loan…

Qualify for a FHA 203k loan now
Read more about FHA 203k loans

Watch a 54 second video on 203k loans:


908-334-1475 or

June 1, 2010 at 5:49 pm Leave a comment

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