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Did you know there's a way to tap into your home's equity for tax-free cash—without having to make monthly payments? It's true.It's called a Home Equity Conversion Mortgage, or HECM—what many of you know as a reverse mortgage. But today's reverse mortgage isn't what it used to be. Harlan Accola is here to help us unpack how they work and whether one might be right for you.Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, an underwriter of Faith and Finance. He is also the author of Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. What's Changed? A Safer, Regulated OptionWhen you hear the phrase reverse mortgage, you might think of outdated financial tools with a bad reputation. However, home equity conversion mortgages (HECMs) significantly differ from those in the past.Reverse mortgages today are not the “Wild West” products of decades past. Since major reforms were enacted during President Reagan's term in 1988, HECMs are now heavily regulated under the Federal Housing Administration (FHA).No one can lose their house or have it taken away, provided they're working with a reputable lender and stay in the home while meeting basic obligations. Ownership doesn't change, and homeowners are protected.These changes addressed the risks that once made reverse mortgages controversial. Now, with strict oversight, they provide a reliable option for seniors wanting to tap into their home equity without selling.Are Reverse Mortgage Interest Rates Too High?It's a common misconception that reverse mortgage interest rates are significantly higher than traditional mortgages. But that comparison isn't apples to apples. Interest rates on HECMs are actually tied to the 10-year Treasury rate and are heavily regulated.Right now, interest rates for reverse mortgages are about the same as traditional mortgages—around 6.5%. This means homeowners aren't sacrificing much, if anything, in interest when compared to forward mortgages.What About Costs and Obligations?The closing costs for reverse mortgages are nearly identical to traditional mortgages, with one key difference: the addition of FHA mortgage insurance.This insurance offers three essential guarantees:You can remain in your home as long as you want (up to age 150!).Thanks to non-recourse debt protections, you will never owe more than the home's value.Your heirs won't be left with a bill.Yes, this insurance adds about 2% of the home's value to the upfront costs, but it's well worth it—just like homeowner's insurance is worth it if your house burns down.What Happens When the Borrower Passes Away?A major concern many have is what happens to the home after the homeowner dies or permanently moves out.The key is proper planning. Without a will or trust in place, any mortgage—reverse or traditional—can create problems for heirs. In most cases, the home is simply sold, and any remaining equity belongs to the heirs. For instance, if the reverse mortgage balance were $100,000 on a $400,000 home, the heirs would receive the remaining $300,000.Sometimes, grandchildren may want to keep the home, in which case they can buy out other heirs. Either way, the process can be managed with clear planning.Flexible Payout OptionsOne of the most attractive features of a HECM is its flexibility. Homeowners can choose to receive their funds in a variety of ways:A lump sumA line of creditMonthly income paymentsOr even a combination of these optionsThe big idea? Your home is not just a place to live—it's also a financial asset that can be used strategically, especially in retirement.Every financial situation is different. However, a reverse mortgage could be a wise part of a broader financial plan for older homeowners. When used correctly, it offers flexibility, security, and peace of mind without jeopardizing their home.Visit Movement.com/Faith to learn more about reverse mortgages or speak directly with Harlan Accola at Movement Mortgage.On Today's Program, Rob Answers Listener Questions:My husband has taken a new job, and we have been contributing to an HSA. He wants to contribute $1,000 a month to the HSA. We still own a home and are nearing retirement age. Should we work on paying off the home or continue to put dollars into the HSA?A week or two ago, I caught part of your program about freezing credit scores. I didn't catch the whole explanation. We've never really taken out loans except for our first house 45 years ago. Is there any downside to freezing my credit?I recently received a large amount of money from a dear loved one who passed away in January. I know I'm going to tithe and pay taxes on the amount. I have an appointment with my bank to set up a CD account, but I want to know what other types of investments I can make with the money. I just want to make sure I'm doing the right thing.Resources Mentioned:Faithful Steward: FaithFi's New Quarterly MagazineMovement MortgageBankrate.comChristian Community Credit Union (CCCU)Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
The U.S. housing market is facing two major shifts that could make homeownership even more challenging. First, the Trump administration is eyeing staff cuts at the Federal Housing Administration (FHA), which could slow down loan approvals, increase mortgage costs, and make FHA borrowers less competitive in a tight market. Then, new tariffs on lumber, drywall, and appliances are set to drive up construction costs by $7,500 to $10,000 per home, pricing out thousands of potential buyers. In this episode, we break down: ✅ How FHA layoffs could impact mortgage approvals and housing affordability ✅ Why tariffs on building materials could push home prices even higher ✅ What homebuyers, sellers, and investors need to know to stay ahead The housing market is shifting fast—tune in now to get the latest insights! Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage, where the homeowner makes monthly payments to a lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.Key Features of a Reverse Mortgage:No Monthly Payments: Borrowers receive payments instead of making them, though they must continue paying property taxes, homeowner's insurance, and maintenance costs.Loan Repayment: The loan balance increases over time as interest accrues and is repaid when the borrower no longer lives in the home.Home Retention: The homeowner retains ownership of the home as long as they meet loan obligations.FHA-Insured Option: The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).Ways to Receive Funds:Lump Sum – A one-time payment.Monthly Payments – A steady income stream.Line of Credit – Borrow as needed.Combination – A mix of the above options.Pros & Cons✅ Pros:Provides financial relief for retirees.No repayment is required while living in the home.Flexible payment options.❌ Cons:Loan balance increases over time.May reduce inheritance for heirs.Fees and interest rates can be high.Would you like to explore if a reverse mortgage is right for your situation?Tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566 dda mortgage nmls#324329 Support the show
The FHA 203(h) program is a Federal Housing Administration (FHA) loan specifically designed to help people affected by natural disasters, like hurricanes, purchase or rebuild a home. It provides an accessible way for victims of federally declared disaster areas to find stable housing quickly by offering favorable terms compared to traditional mortgages. Here's a breakdown of how it works and its benefits:Key Features of the FHA 203(h) LoanEligibility Requirements:You must be a homeowner or renter whose home was destroyed or severely damaged in a disaster within a federally declared disaster area.Typically, you need to apply within one year of the disaster declaration.Loan Coverage:You can use the FHA 203(h) to purchase a new primary residence or rebuild an existing one if your previous home was destroyed.It's available for both single-family homes and approved condominiums.Benefits of the FHA 203(h) Program:No Down Payment Required: Unlike traditional FHA loans that require a 3.5% down payment, the 203(h) program allows qualified borrowers to finance 100% of the home's cost, which can be helpful during times of financial stress.Lower Credit Score Flexibility: FHA loans generally have flexible credit requirements, and the 203(h) is no exception. The credit standards might be more accommodating due to the circumstances, though some lenders may impose their own minimum scores.Potential Waiver of Mortgage Insurance Premiums (MIP): Some lenders may waive upfront MIP payments under this program. However, it's common for standard FHA loans to have monthly premiums.Refinance Option: If your damaged home needs repairs and you want to keep it, you can combine the FHA 203(h) with a 203(k) loan to finance both the purchase and repair costs.Loan Limits: The FHA 203(h) is subject to standard FHA loan limits, which vary by county and property type.Documentation:Lenders will require proof that you lived in the disaster area, typically through utility bills, lease agreements, or similar documents.You'll also need proof of disaster loss, such as insurance claims, FEMA assistance documentation, or other relevant records.Steps to ApplyContact Lenders Familiar with FHA 203(h) Loans: Not all lenders offer this program, so find one experienced with disaster recovery loans.Gather Required Documentation: Make sure to have your identification, proof of residency in the disaster area, proof of loss, and any FEMA assistance documents.Consider FHA 203(k) Combination: If you want to buy a damaged home and repair it, discuss combining with an FHA 203(k) for renovation financing.Potential DrawbacksWhile the program is beneficial, keep in mind that:The loan amount is capped by FHA limits, which may not be enough in higher-cost areas.Mortgage insurance premiums can increase monthly payments, even if the upfront premium is waived.The FHA 203(h) can be a strong tool for those affected by natural disasters, providing quick access to housing and flexible financing terms at a time when resources might be limited.tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show
When it comes to money, there are so many ways to learn vital lessons and techniques that help us make wiser financial decisions. Whether you're someone who likes to learn about financial topics for fun or tends to learn from experience, becoming financially literate is a goal most of us should strive for. In this episode, we're discussing financial literacy and its crucial role in our lives and society. Links: Financial literacy stats sourced from this article. Test your knowledge with the Investopedia Financial Literacy Quiz! Explore and download our When Dollars Make Sense workbook for kids! Check out TCU University for more financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union Financial Literacy Quiz answers: Which of these is NOT part of determining your credit score? Marital Status When you invest in an employer's traditional 401(k) retirement savings plan, your contributions are taxed when you withdraw them during retirement. What causes inflation? Increases in wages, price of raw materials, taxes, and/or a decrease in productivity Which of these is NOT a stock market index? New York Stock Exchange What Does Annual Percentage Rate (APR) Mean? APR is the rate you pay in interest on money borrowed. True or false: Annual Percentage Yield (APY) is the interest you earn over the course of a full year on money deposited. True Which home loan allows first-time homebuyers to put down just 3.5%? Federal Housing Administration (FHA) mortgage
Texas Land Commissioner and Veterans Land Board (VLB) Chairwoman Dawn Buckingham, M.D. announced that the VLB has approved an increase for the VLB home loan amount from 6,200 to 6,550. All qualifying Veterans will continue to receive a competitive interest rate and Veterans with a Veterans Affairs (VA) service-connected disability rating of 30 percent or greater still qualify for a discounted interest rate. Eligible Texas Veterans and Military Members can now apply for VA, Federal Housing Administration (FHA), or conventional financing using the Veterans Housing Assistance Program (VHAP) and a VLB participating lender. Veterans who utilize VA-backed home-buying benefits along...Article Link
he Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2024 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. Loan limits for most of the country will increase in the coming year due to continued strong home price appreciation over the past year.Click below to join the Academy todayhttps://mgmortgageacademy.com/Support this podcast at — https://redcircle.com/rants-and-gems/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Are you dreaming of buying your own home but wondering how to secure financing? Join us in this informative video as we dive into the exciting news about the increase in conventional loan limits and help you gain a better understanding of what conventional loans are. In the ever-evolving world of real estate, it's essential to stay informed about changes that can open doors to homeownership. Our video begins by explaining what conventional loans are, making it accessible even to those new to the world of mortgages. Conventional loans are a type of home loan that is not insured or guaranteed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). They are a popular choice for many homebuyers due to their flexibility and competitive terms. We'll then dive into the exciting news - the increase in conventional loan limits. This change could have a significant impact on your home-buying journey, potentially allowing you to afford a higher-priced home with the same mortgage flexibility. Whether you're a first-time homebuyer, a homeowner looking to upgrade, or simply curious about the evolving landscape of mortgage lending, this video is packed with valuable information to help you make informed decisions. Don't miss out on this opportunity to take your homeownership dreams to the next level. Like, share, and subscribe to our channel to stay updated on the latest real estate news and tips. Connect with Dana: https://danawilson.exprealty.com/holp/app Connect with Ryan: https://www.waterstonemortgage.com/originators/ryan-gilliam Follow us on You Tube for 2-4 Minute Tip Tuesday, The Neighborhood News, Housing Market Updates, Tips for Buyers and Sellers and More! https://www.youtube.com/channel/UCIUKDII6v8bYuU23Tay9q3A Here are some free "goodies"
What's a reverse mortgage? If you're a homeowner over 62, a reverse mortgage loan allows you to access your home equity and turn it into tax-free cash—while you continue to live in and own your home. A reverse mortgage differs from a Conventional mortgage, where a homeowner makes monthly mortgage payments, gradually decreasing the principal balance and increasing home equity. With a reverse mortgage, we make payments to you, and your loan balance grows with each one. A monthly mortgage payment isn't required for a reverse mortgage as long as you pay your property taxes, insurance and applicable HOA dues. However, just like any mortgage, the loan must be repaid when the borrower passes away, sells the home or moves out. Reverse mortgage qualifications and requirements If you're interested in a reverse mortgage loan, the first step is to meet with a HUD-approved counselor and undergo a financial assessment and counseling session to determine if this is the right loan solution for you. To be eligible, you must meet these five qualifications: 1. You must be 62 years of age or older A younger spouse or occupant of the home may be able to participate in the program in some states. 2. You own your home and use it as your primary residence A primary residence is the main home where you and your family live. It's the place where you spend the majority of your time and where you receive mail and pay your bills. Reverse mortgages can't be used for rental properties, second homes or vacation homes. 3. The house is single-family, multi-family (up to four units) or an approved condominium or manufactured home For a multi-family home (up to four units), you may qualify for a reverse mortgage as long as you occupy one of the units. 4. You own your home free and clear or have a small amount left to pay on the existing mortgage Borrowers must also be current on all federal taxes and settle any tax debts. 5. Your home is in good condition before taking out the loan A home appraisal and inspection may be performed on the property. Types of reverse mortgages According to the Consumer Financial Protection Bureau (CFPB), there are several types of reverse mortgages. The most popular are home equity conversion mortgages (HECMs)* insured by the Federal Housing Administration (FHA). A HECM is a federally insured reverse mortgage that allows qualifying homeowners to access the equity in their property and use it to supplement retirement income. Pros and cons of reverse mortgages While a reverse mortgage can be a valuable financial tool, it's essential to understand the potential benefits and drawbacks to make an informed choice about whether it's the right option for you and your retirement goals. There are several potential benefits to a reverse mortgage: Convert your home equity into cash Reverse mortgages can give you greater flexibility in using your home equity. No more monthly mortgage payments Unlike a Conventional mortgage, a reverse mortgage does not require monthly payments. Use the funds for anything you choose These funds can be used as supplemental income however you choose. Common uses include saving for retirement, vacationing, improving your property or paying for medical expenses. Stay in your home You're still the owner of your home, and your equity is protected up to the loan amount. A reverse mortgage can also help address your concerns about the high cost of downsizing or relocating. The loan doesn't have to be repaid As long as you live in your home and meet your loan terms, repayment is deferred until you sell or no longer use the home as your primary residence. It's a non-recourse loan This means you'll never owe more than your home is worth. While there are many benefits to a reverse mortgage, there are also several drawbacks. Here are some of the most common cons: Higher costs Reverse mortgages can give you greater flexibility in using your home equity. Reduces your home equity Since the loan balance typically grows over time as interest and fees accumulate, a reverse mortgage can decrease the equity you have in your home. In addition, failing to maintain your home or make necessary repairs can lower its value and potentially reduce the amount of equity available. Use the funds for anything you choose These funds can be used as supplemental income however you choose. Common uses include saving for retirement, vacationing, improving your property or paying for medical expenses. The ongoing costs of homeownership don't go away If you're unable to meet the obligations of a reverse mortgage, such as paying property taxes or maintaining homeowners insurance, you may be at risk of foreclosure. It may impact retirement benefits like Medicaid or Supplemental Security Income (SSI) A detailed discussion with a HUD-approved counselor will give you important information to help you decide whether a reverse mortgage is right for you. To get the most out of your counseling session, CFPB recommends coming prepared to discuss your financial needs and goals and the circumstances leading you to consider a reverse mortgage. Difference between a reverse mortgage and a home equity loan Another way to borrow cash against your equity is through a home equity program. A HELOC is a line of credit secured by your home. You can use your revolving credit line for large purchases such as tuition, renovations and emergency expenses. A home equity loan (HELOAN) provides up to 95 percent of your home's equity as a piggyback second mortgage. Guild Mortgage's reverse mortgage program Discover how much you may get from a reverse mortgage with the Guild Mortgage reverse mortgage calculator, then let's connect. Important information: At the end of the reverse loan term, some or all of the property's equity won't belong to the borrower, and they may need to sell or transfer the property to repay the proceeds of the reverse mortgage. Guild will add the applicable reverse mortgage origination fee, mortgage insurance premium, closing costs, or servicing fees to the balance of the loan which will grow, along with the interest, over time. Interest isn't tax deductible until all or part of the loan is repaid. Failing to pay property taxes, insurance, and maintenance might subject the property to a tax lien, foreclosure, or other encumbrance since the borrower retains the title. *Fixed-rate and adjustable-rate reverse mortgages are insured by the FHA. Fixed-rate loans are distributed in a single lump sum with no future draws. Adjustable-rate reverse mortgages offer five payment options and allow for future draws. The age of the youngest borrower determines the amount of funds that can be received with a reverse mortgage loan. The amount of funds that can be received during the first 12-month disbursement period is subject to an initial disbursement limit. These materials are not from HUD or FHA and were not approved by HUD or a government agency. The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
On this day, June 27th, in legal history, the Federal Housing Administration came into being. The Federal Housing Administration (FHA) was established in 1934 as part of President Franklin D. Roosevelt's New Deal program during the Great Depression. On June 27, 1934, the National Housing Act was passed which functionally created the FHA. The primary goal of the FHA was to stabilize the housing market and increase homeownership opportunities for Americans. It did so by providing mortgage insurance to lenders, enabling them to offer loans with lower down payments and longer repayment terms if those loans complied with certain underwriting conditions.The FHA played a significant role in expanding homeownership, particularly for low-income and first-time homebuyers who were previously unable to secure traditional mortgages. It introduced standardized underwriting guidelines, making it easier for lenders to assess borrower creditworthiness. Additionally, the FHA established regulations for home construction and safety standards to improve housing conditions.During its early years, the FHA primarily facilitated the construction of single-family homes. However, after World War II, it expanded its programs to include multi-family housing, aiding the construction of rental properties and helping address housing shortages.Over time, the FHA's role evolved, and it became a vital institution in the mortgage market, ensuring the availability of affordable home loans. However, it faced criticism for some of its practices, including redlining, a discriminatory practice that disproportionately affected minority communities by denying them access to mortgage loans.Despite its shortcomings, the FHA continues to operate today as part of the U.S. Department of Housing and Urban Development (HUD), supporting affordable housing initiatives and promoting access to mortgage financing for a wide range of borrowers.KPMG LLP, one of the Big Four accounting firms, is planning to lay off nearly 5% of its US workforce, amounting to approximately 2,000 positions, citing challenging economic conditions and low turnover rates. This marks the second round of layoffs for the firm in 2023 and deviates from its earlier strategy of offering incentives to retain employees during the "Great Resignation" trend. The job cuts are expected to be completed by late summer, and affected employees will receive severance packages and access to career services and healthcare benefits. KPMG's decision aligns with similar actions taken by competitors like Deloitte, Ernst & Young, and Grant Thornton, who have also reduced their consulting businesses due to declining demand. Despite the layoffs, KPMG reported a 14% increase in revenue for its US affiliate in the previous year and expressed optimism about future growth opportunities. The firm's leaders noted a significant disparity between workforce size and the resources required to deliver services, citing economic headwinds and low attrition rates as contributing factors. While staff in tax and audit practices received immediate notifications, professionals in the advisory business and other areas were told they would have to wait until later in the summer to learn their fate. Unlike its counterparts, PwC has not announced any layoffs driven by market conditions but instead informed its staff to expect bonus pay and merit raises, with increased in-office presence.KPMG Cutting US Workforce 5% in Second Round of 2023 Layoffs (1)The County of Los Angeles has severed ties with law firm Lewis Brisbois Bisgaard & Smith following the release of racist, sexist, and antisemitic emails by two former senior partners. The county will no longer assign new matters to the firm and will review existing cases to determine if they should be transferred to other outside lawyers on a case-by-case basis. County counsel Dawyn Harrison emphasized the importance of promoting inclusion, diversity, equity, and anti-racism in law firms contracted by the county. The LA County counsel's office assigns cases to contract law firms for various government departments and has an apportioned budget of around $186 million for the current fiscal year. Lewis Brisbois has represented clients such as the LA County's Metropolitan Transportation Authority, Sheriff's Department, and Board of Supervisors. The firm is currently in discussions with the county but declined to provide further comment. This development follows the departure of leaders from Lewis Brisbois' labor and employment group, who left to launch a competing firm and subsequently prompted the release of offensive emails. Lewis Brisbois, known for its work in insurance defense, has undergone leadership changes and is now led by managing partner Gregory Katz.LA County Cuts Ties With Lewis Brisbois After Racist Emails (1)Rite Aid, the drugstore chain burdened by a $2.9 billion debt, has ended its relationships with two law firms, Bradley Arant Boult Cummings and Littler Mendelson, due to personal connections between their partners and Rite Aid's former and current senior executives. The decision was made to ensure that "related persons" do not have a significant interest in the company's legal matters. Rite Aid cited the presence of the sister of its former chief legal officer at Bradley, which represented the company in opioid-related litigation, and a Littler partner who is the brother of Rite Aid's chief financial officer. The company did not disclose the names of the lawyers involved. Rite Aid recently appointed Christin Bassett as its acting legal chief following the departure of its former chief legal officer, Paul Gilbert. Thomas Sabatino Jr., previously the top lawyer at Tenneco Inc., will succeed Gilbert as the legal group leader. Rite Aid is currently dealing with various legal issues, including opioid litigation and a growing debt load. Bondholders have engaged Paul, Weiss, Rifkind, Wharton & Garrison as they prepare for discussions on restructuring the company's debt.Rite Aid Cuts Loose Law Firms With Personal Ties to ExecutivesThe U.S. Supreme Court has dismissed a Republican appeal to defend a Louisiana electoral map that was challenged as discriminatory. The map, drawn by the Republican-led state legislature, was accused of unlawfully discriminating based on race. A federal judge had ordered the creation of two congressional districts where Black voters would be the majority, potentially benefiting Democratic chances in the upcoming elections. The Supreme Court's dismissal allows the case to proceed before the 5th U.S. Circuit Court of Appeals in New Orleans for review before the 2024 congressional elections in Louisiana. Black voters and civil rights groups had sued, claiming that the map disenfranchised and discriminated against Black Louisianans by packing them into one district and diluting their voting power in others. The ruling follows a similar decision in an Alabama case, where the Supreme Court found that the Republican-drawn map violated the Voting Rights Act by diminishing the voting power of Black Alabamians.US Supreme Court tosses race-based dispute over Louisiana electoral map | ReutersThe U.S. Supreme Court has rejected an inventor's bid to challenge a patent ruling based on the grounds that one of the judges involved is facing a competency probe. Inventor Franz Wakefield argued that the investigation into Judge Pauline Newman of the U.S. Court of Appeals for the Federal Circuit raised concerns about due process and warranted a new hearing. However, the Supreme Court denied the petition without providing a written opinion. Wakefield had sued several tech companies for patent infringement, but the patent was invalidated in 2021 by a Delaware federal court and affirmed by a three-judge panel at the Federal Circuit that included Judge Newman. Wakefield claimed that the presence of a judge with a mental disability on the panel undermined the principle of a fair and impartial hearing. Judge Newman, who is 96 years old, has denied the claims and filed a lawsuit to halt the competency probe.US Supreme Court won't reconsider ruling by judge facing competency probe | ReutersIn this week's column, I lay out and compare some tax rates in the United States and Norway, pointing out that the top federal tax bracket in the US for 2023 is 37%, while in Norway, it reaches 55.8% – but the top US rate in 1944 was a staggering 94%, applied to income over $200,000 (equivalent to $3.45 million today). I acknowledge that advocating for such a high rate would be difficult. Instead, I propose a compromise: maintaining the current rate structure but adding a 100% tax rate for individuals earning over $1 billion.The proposed tax would apply to both income and capital gains, without any loopholes or exceptions. At the outset I acknowledge the complexity of implementing such a tax, given the intricacies of the US tax code, but I'd argue that the lack of proper regulation ensuring billionaires pay their fair share is a result of political unwillingness rather than administrative obstacles.There are a limited number of billionaires who earn over $1 billion per year in income, it is an elite group, and taxing just this elite group would generate relatively modest revenue (that is, approximately $6 billion per year). However, there are massive unrealized gains held by billionaires, which amount to around $2.7 trillion in the US. I thus suggest implementing a mark-to-market tax, requiring billionaires to recognize gains and losses on their investments at the end of each tax year.By applying a mark-to-market tax rate of 100% on gains and income above $1 billion, I argue that it would prevent the further growth of billionaires' wealth and could generate significant revenue. For example, if the year ended today, it could raise around $335 billion from the top billionaires alone. I conclude by highlighting the ease of administering such a targeted tax due to the relatively small number of billionaires in the US (724). That said, the main obstacle to implementing a 100% tax rate is not administrative feasibility but rather the political challenges and resistance from a nation that aspires to wealth. It's Time to Slap America's Billionaires With a 100% Tax Bracket Get full access to Minimum Competence - Daily Legal News Podcast at www.minimumcomp.com/subscribe
The Federal Housing Administration (FHA) published for feedback a draft update to its requirements for insuring mortgages on single family homes with Accessory Dwelling Units (ADUs). The proposal adds additional flexibility in calculating market rent and in using ADU rental income to qualify for FHA-insured mortgage financing. If finalized, these updates would allow more borrowers to qualify for FHA financing for properties with ADUs, including 203(k) renovation loans. FHA's action today advances the goals of the Biden-Harris Administration's Housing Supply Action Plan. https://www.hud.gov/press/press_releases_media_advisories/hud_no_23_075 This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real estate is a way to build black wealth and close the wealth gap.
Join our resident Business Ninja Kelsey together with Jelaire Grillo of Prosperity Home Mortgage, a full service mortgage banker specializing in residential and refinance loans. Prosperity Home Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA), Veterans Affairs (VA) loans, and renovation financing. Prosperity Home Mortgage, LLC, a wholly owned subsidiary of The Long & Foster Companies, is a full service mortgage banker that specializes in residential and refinance loans. The Long & Foster Companies is part of HomeServices of America, a Berkshire Hathaway affiliate. Prosperity offers a wide range of fixed and adjustable rate mortgage products, including conventional, FHA, USDA, VA, jumbo, investor and renovation financing options. When you choose Prosperity Home Mortgage as your lender, you'll benefit from their: Competitive rates and fees; Their Mortgage Consultants with extensive knowledge of client's local market; Knowledge and expertise on available mortgage products; Prompt and thorough communication; and Dedication to exceptional customer service for client's unique needs from start to finish. Learn more about them and visit their website https://www.phmloans.com/-----Do you want to be interviewed for your business? Schedule time with us, and we'll create a podcast like this for your business: https://www.WriteForMe.io/-----https://www.facebook.com/writeforme.iohttps://www.instagram.com/writeforme.io/https://twitter.com/writeformeiohttps://www.linkedin.com/company/writeforme/https://www.pinterest.com/andysteuer/Want to be interviewed on our Business Ninjas podcast? Schedule time with us now, and we'll make it happen right away! Check out WriteForMe, more than just a Content Agency! See the Faces Behind The Voices on our YouTube Channel!
The Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023. I'm going to breakdown the math behind this move and if it should result in you actually changing your decision to buy a home in 2023. Vice President Harris and Department of Housing and Urban Development (HUD) Secretary Fudge will travel to Bowie, Maryland, today to announce that HUD, through the Federal Housing Administration (FHA), will reduce its annual mortgage insurance premium by 0.30 percentage points, from 0.85% to 0.55% for most new borrowers. The mortgage insurance premium is the monthly fee that homeowners with FHA-insured mortgages pay to insure their mortgages, which they pay on top of their monthly principal and interest payments. This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real estate is a way to build black wealth and close the wealth gap. Home Buyer Education Home tips on the go, listen to the podcast https://www.houserichshow.com Email: hello@houserichshow.com First Time Home Buyer School- https://www.facebook.com/groups/fthbschool Home Buying & Credit Courses-https://coinsnculture.gumroad.com/l/rHHKs TikTok https://www.tiktok.com/@coinsnculture IG- https://www.instagram.com/coinsnculture/ @coinsnculture coins-n-culture
The Federal Reserve has raised its target federal funds rate by 0.5 percentage points in a continued effort to cool inflation. While this is a more typical hike compared to the 0.75 percentage point moves at each of the last four meetings, the central bank is far from finished, at least according to Greg McBride, chief financial analyst at Bankrate.com. Whether directly or indirectly, higher Fed rates influence borrowing costs for consumers and, to a lesser extent, the rates they earn on savings accounts.In today's episode of The Higher Standard, Chris and Saied explore this latest rate hike and try to determine what it will mean for the economy, and for you.They discuss a mystery rally in stock futures that spontaneously appeared in the seconds before the better-than-expected inflation number hit the Labor Department's website, resulting in a 1% spike in stock futures as well as a surge in Treasury futures, pushing benchmark yields lower by about 4 basis points.Chris and Saied look at a new report from Black Knight stating that approximately 270,000 homebuyers who bought during the red-hot housing market this year already owe more than their house is worth. Among the 450,000 embattled borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022.They also discuss a Commerce Department report indicating that consumers pulled back on spending in November, failing to keep up with even a muted level of inflation for the month.Join Chris and Saied for this eye-opening conversation.Enjoy!What You'll Learn in this Show:Why the NAR believes that existing-home sales will slide to 11-year low in 2023.What's going to happen to homebuyers with Federal Housing Administration (FHA) loans.The real differences between Paul Volcker and Jerome Powell.Why the new FTX CEO will get paid before its allegedly defrauded customers will.And so much more...Resources:"Here's what the Federal Reserve's half-point rate hike means for you" (article from CNBC)"In 60 seconds before CPI hit, heavy trading drove a mystery rally" (Bloomberg Businessweek via Instagram)"The last time the Fed curbed inflation without crashing the economy, explained" (article from Vox)"New FTX CEO is getting paid $1,300 an hour, and customers will foot the bill" (article from CNBC)"U.S. existing-home sales to slide to 11-year low in 2023, NAR says" (article from Reuters)"270,000 homebuyers who bought in 2022 are underwater on their mortgage" (article from Yahoo! Money)"Fed raises interest rates half a point to highest level in 15 years" (article from CNBC)Principle of the Day (Ray Dalio via Instagram)Principle of the Day (Ray Dalio via Instagram)
What Documents Are Needed When Applying for a Mortgage?Buying a home is one of the most exciting things you will do in your lifetime; however, you will need to get your financial house in order before packing to move into your new one. And the best way to do that is to learn some home-buying basics and about the mortgage process, as well as the documents you will need to have in order if you want your loan to be approved.So let's go over the documents and some of the other things you will need to get mortgage approval. Below we are going to cover the most common loan options available, as well as a few other helpful programs that might be beneficial to you. What you will need for a Conventional Mortgage A conventional mortgage is one that is not guaranteed or insured by a goverment agency such as in the case with Federal Housing Administration (FHA) or a Department of Veterans Affairs (VA) loan. And a conventional mortgage usually has a fixed rate and term. Here is what you will need when you apply for a conventional mortgage.Lending Requirements for a Conventional Mortgage A FISCI score at least 620 A 5%-20% down payment ( in most cases). You will need to put at least 20% if you want to avoid paying PMI (Private Mortgage Insurance) You need to have an acceptable debt-to-income ration. Have a loan amount that is higher than that FHA loan limit. Documents Needed to Appy for a Conventional MortgageCurrent and previous W-2s for each applicant.Pay stubs for each applicant.Bank statements for each applicant if you don't have a joint account.A gift letter if you were gifted your down payment.A list of all your current debts and assets.If you rent, you will need proof that you paid your rent on time.Credit reports for each applicant.Your profit and loss statements if you are self-employed.Proof of any additional income you might have.A copy of the sales contract signed by all parties.A copy of your divorce decree if applicable.A copy of your bankruptcy paperwork if applicable.Ki dokiman ki nesesè lè w ap aplike pou yon ipotèk?Achte yon kay se youn nan bagay ki pi enteresan ou pral fè nan lavi ou; sepandan, w ap bezwen jwenn kay finansye ou an nan lòd anvan anbalaj yo deplase nan nouvo ou a. Ak pi bon fason pou w fè sa se aprann kèk bagay de baz pou achte kay ak sou pwosesis ipotèk, ansanm ak dokiman w ap bezwen genyen yo si w vle prè w la apwouve.Se konsa, an n ale sou dokiman yo ak kèk lòt bagay w ap bezwen pou ipotèk apwobasyon. Anba a nou pral kouvri opsyon prè ki pi komen ki disponib, ansanm ak kèk lòt pwogram itil ki ta ka benefisye ou.Sa w ap bezwen pou yon ipotèk classiquesYon ipotèk konvansyonèl se yon ipotèk ki pa garanti oswa asire pa yon ajans gouvènman tankou nan ka a ak Federal Housing Administration (FHA) oswa yon prè Depatman Veteran Affairs (VA). Ak yon ipotèk konvansyonèl anjeneral gen yon to fiks ak tèm.Men sa w ap bezwen lè w ap aplike pou yon ipotèk konvansyonèl.Kondisyon pou prete pou yon ipotèk konvansyonèlYon nòt FISCI omwen 620Yon peman 5% -20% (nan pifò ka yo). W ap bezwen mete omwen 20% si w vle evite peye PMI (Private Mortgage Insurance)Ou bezwen gen yon rasyon akseptab dèt-a-revni.Gen yon montan prè ki pi wo pase limit prè FHA sa a.Dokiman ki nesesè pou aplike pou yon ipotèk konvansyonèRanpli deklarasyon taks pou de dèn
One type of loan that you may come across during your research is an FHA loan. We'll take a closer look at what an FHA loan is and how it might benefit you as a first-time home buyer. We'll cover the following topics:An Introduction to FHA LoansWhat types of FHA loans are there?What Are the Benefits of an FHA Loan?What additional fees are associated with an FHA loan?What are the income and loan limits for an FHA loan?What homes are eligible for an FHA loan?Are there other loan options with lower down payments than an FHA loan?Other types of FHA loansSee full show notes, article, and details @ https://loanpros.io/what-is-an-fha-loan/Contact us today @ https://loanpros.io/contact-us/An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA), a government agency that is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are available to all kinds of borrowers, including first-time home buyers with limited credit histories. This type of loan is attractive to first-time home buyers because it has more flexible lending requirements than a conventional mortgage.
Want to become financially free through real estate? Check out our eBook to learn how to jump start a cash flowing real estate portfolio here https://www.therealestateinvestingclub.com/real-estate-wealth-bookIn this episode of The Real Estate Investing Club I interview Leo Anzoleaga, Draper, and Kramer Mortgage an award-winning national mortgage lender. With our efficient in-house loan processing and innovative mortgage solutions, we provide fast, flexible, and affordable home financing to borrowers across the nation. Founded in 1893, Draper and Kramer remain family-owned to this day and holds the oldest active Federal Housing Administration (FHA) license in the country. Leo Anzoleaga is a real estate investor who has a great story to share and words of wisdom to impart for both beginning and veteran investors alike, so grab your pen and paper, buckle up and enjoy the ride. Want to get in contact with Leo Anzoleaga? Reach out at .Enjoy the show? Subscribe to the channel for all our upcoming real estate investor interviews and episodes.************************************************************************GET INVOLVED, CONNECTED & GROW YOUR REAL ESTATE BUSINESSLEARN -- Want to learn the ins and outs of real estate investing? Check out our book at https://www.therealestateinvestingclub.com/real-estate-wealth-bookCONNECT -- Want to join one of the most active Facebook Groups for Real Estate Investors? Click here to join: https://www.facebook.com/groups/2940993215976264PARTNER -- Want to partner on a deal or connect in person? Email the host Gabe Petersen at gabe@therealestateinvestingclub.com or reach out on LinkedIn at https://www.linkedin.com/in/gabe-petersen/GROW -- Want for us to bring you leads and run your real estate digital marketing? Reach out to our partner agency at https://www.therealestateinvestingclub.com/off-market-lead-generation-servicesWATCH -- Want to watch our YouTube channel? Click here: https://bit.ly/theREIshowMASTERY -- Want to learn how to master your life by mastering your health, wealth, relationships and spirit? Check out our sister podcast, Pursuing Greatness, at https://www.pursuinggreatnesspodcast.com************************************************************************ABOUT THE REAL ESTATE INVESTING CLUB SHOWThe Real Estate Investing Club is a podcast and YouTube show where real estate investing professionals share their best advice, greatest stories, and favorite tips as a real estate investor. Join us as we delve into every aspect of real estate investing - from self-storage, to mobile home parks, to single family flips and rentals, to multifamily syndication!#realestateinvesting #passiveincome #realestateSupport the show (https://paypal.me/GabrielWPetersen?locale.x=en_US)
The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input.The proposed rule, published by the Department of Housing and Urban Development late last week, would change repayment provisions for FHA borrowers, allowing lenders to recast a borrower's total unpaid loan for an additional 120 months. HUD said that this option could prevent “several thousand borrowers a year from foreclosure.”By prolonging the length of the recast mortgage from 360 months to 480 months, borrowers will have more sustainable monthly payments, the department said. The proposed rule noted that a lower monthly payment will help bring a borrower's mortgage current, prevent imminent re-default, and of course, help borrowers retain their home.The proposed rule will specifically be beneficial for FHA borrowers who recently exited government-mandated forbearance but are struggling to make their mortgage payments because of COVID-19 related financial hardships.Alongside of benefitting borrowers, the rule would also reduce losses to FHA's Mutual Mortgage Insurance Fund as fewer properties would be sold at a loss in foreclosure or out of FHA's real estate owned inventory, HUD said.A recent report published by the FHA revealed that as of December 2021, 7.28% of FHA loans were seriously delinquent, down from a seasonally adjusted high of 12.04% in March 2021. However, the rate is still elevated compared to pre-pandemic times.
On today's episode, HousingWire Managing Editor James Kleimann sits down with Senior Mortgage Reporter Georgia Kromrei to talk about recent developments in the housing regulatory space, including what topics were at the forefront of discussion at The National Association of Hispanic Real Estate Professionals (NAHREP) conference this past week. They also talk about equitable housing finance plans for the GSEs and staffing issues in the Federal Housing Administration (FHA).HW Media Articles related to this episode:Hispanic homeownership held back by FHA borrower discrimination, survey saysFHA gets a budget boost to stem staff shortages. Is it enough?Gary Acosta on the policy path to Hispanic homeownership
Soon after the Department of Housing and Urban Development released its Mutual Mortgage Insurance fund report, housing finance and policy experts opined on whether the Federal Housing Administration (FHA) should lower the fees it charges borrowers. The fund, which insures mortgages backed by the Federal Housing Administration, benefited from the same macroeconomic factors that have boosted the broader mortgage market. The MMI fund's capital ratio at the end of September rose nearly two percentage points to 8.03%, driven by rising home prices and low mortgage rates. ________________________ HOSTED BY: Dan French Realtor | Key Realty LLC License # S.0193843 9890 S Maryland Parkway Las Vegas, NV 89183 702-557-6176 https://www.lvhomeprofessionals.com Follow Us on Social Media! Instagram: https://www.instagram.com/danfrenchlv/ Facebook: https://www.facebook.com/TheMarketSna... Twitter: https://twitter.com/AskDanFrench
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Visit Us:- https://californiaplatinumloans.com/fha-loans/
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Visit Us:- https://californiaplatinumloans.com/fha-loans/
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Visit Us:- https://californiaplatinumloans.com/fha-loans/
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Visit Us:- https://californiaplatinumloans.com/fha-loans/
This is a bonus episode I did with Samuel Royer, the National Director of "https://www.heroesfirst.com (Heroes First Home Loans)". HFHL is a mortgage company that works with all first responders; law enforcement, firefighters, military, medical, educators, civil service and ministry. I invited Sam on to talk about two important pieces of legislation that he is trying to get passed through congress. The first "The HELPER ACT", addresses this by establishing a new home loan program under the Federal Housing Administration (FHA) that creates a process for first responders and educators to affordably purchase a home. Similar to the VA Home Loan Program, the HELPER Act eliminates the requirements for a down payment and a monthly mortgage insurance premium (MIP). The second has to do with forcing social media platforms to remove posts that contain threats or the suggestion of a threat to first responders and making those platform required to report such posts to law enforcement. This legislation is in response to the killing of Daytona police officer Jason Rainer. FOLLOW HEROES FIRST HOME LOANS: https://www.facebook.com/HeroesFirstHomeLoans (Facebook) https://www.instagram.com/heroesfirsthomeloans/ (Instagram) https://www.youtube.com/channel/UC4QCX3RfW26Mp6HvoVUsMbQ (YouTube) FOLLOW SAMUEL ROYER: https://www.linkedin.com/in/samroyer/ (LinkedIn) GET $100 RESTAURANT VOUCHER: Complete my 5 question survey on law enforcement and stress and I'll send you a $100 restaurant voucher that you can use at over 55,000 restaurants across the USA. https://theoffdutypodcast.com/surveyform (CLICK HERE)
In this episode of The Mortgage Minute brought to you by Lotus Lending Group, LLC, Dana, Richard, and Valorey recap FHA loans from episode 5 and discuss the difference between FHA and Conventional loans. Federal Housing Administration (FHA) loans are federally insured and issued by FHA-approved lenders. FHA loans are intended for borrowers with limited savings or lower credit scores. FHA loans are not the only type of government-backed loans. There are two other types of government agency-insured loan programs—VA loans and USDA loans. A conventional loan is a mortgage loan that is not backed by a government agency. Borrowers may be required to pay mortgage insurance, depending on the mortgage terms and the amount of the down payment. To learn more about Lotus Lending Group, please visit our website www.lotushomeloans.com Lotus Lending Group LLC is an equal housing opportunity mortgage brokerage dedicated to serving Alabama, Louisiana, and Florida. AL NMLS 1850940 | FL NMLS 2080668 Information is subject to change. Certain restrictions apply. Subject to borrower qualification. --- Send in a voice message: https://anchor.fm/lotus19/message
Hello Interactors,This is the last post of the Spring 2021 cartographic portion of Interplace. My recent trip to Kansas City got me thinking about the role land use mapping and planning played in the formation of select surrounding suburbs.It’s also a bit of a teaser for the Summer season as Interplace moves toward the environment, physical geography, and its role in urban planning and design.As interactors, you’re special individuals self-selected to be a part of an evolutionary journey. You’re also members of an attentive community so I welcome your participation.Please leave your comments below or email me directly.Now let’s go… LIFE AT THE BOTTOM OF THE SACKOne glance out the window as you fly into the Kansas City airport and the gridding of American land becomes apparent. A array of crops, fields, and irrigation circles all stitched in and bordered by hard edged polygons but also gently meandering rivers and streams. It’s all part of the grand plan to divide the organically occurring hills and valleys of America into artificial two dimensional polygons. A tapestry of maps for settling colonists that doubles as a ledger for settling government’s finances.The patterns are apparent at the street level too. The main arterials are uniformly distributed and connected at intersections; east-west and north-south thoroughfares that reach far beyond the core of the city. But just off these axes of expansion are sweeping tree lined curvilinear roads featuring large deciduous trees with canopies of leaves floating over a pool of manicured Kentucky bluegrass. And nestled within are the beloved single family homes. A community planned from above on a map that sells an illusion of a naturally occurring pastoral ideal. A residential product planned, designed, and manufactured for settling White suburban colonists. Like me.I grew up on a cul-de-sac in a planned community in Norwalk, Iowa. It doesn’t get anymore suburban than a cul-de-sac. I admit, it was nice. The center of the street featured a domed grassy circle that the neighborhood kids would all use to play kick-the-can. We’d place the can atop the center of the mound and then run and hide behind the surrounding houses and bushes. Cul-de-sacs are great for families because they’re dead ends. The literal French translation is ‘bottom of the sack’. The only cars, which was rare, were driven by the parents of the kids playing in the street. Parents of this generation knew the benefits of playing in the road because it was a lawful thing to do when they were kids. But with the rise of the automobile came laws that made it illegal to play in the street. Sadly, it still is. Our little cul-de-sac was part of Norwalk’s first annexation; just four years after I was born. After we had all grown, my parents moved to Overland Park, Kansas to retire. Overland Park was founded around the same time Norwalk was incorporated in 1905. And like Norwalk, its founding was driven by the railroad, but its expansion was driven by the automobile. The growth of roads in suburban America correlates with the annexation of land throughout the 50s and 60s. Favorable home loans from the Federal Housing Administration (FHA) helped too. As did redlining – the discriminatory delineation of red lines on ‘residential security maps’ where home loans were denied due to the area resident’s racial and ethnic origins. Overland Park annexed developments for decades making it the second most populous city in Kansas (behind Wichita). This area of Johnson Country was developed primarily by the Kroh Brothers Development Company after World War II. They, like the more famous area developer J. C. Nichols, were deemed “community builders” and benefited from building subsidies flowing from the FHA. But the communities they were building were strictly White. Using harsh racist covenants and deeds, they controlled who could buy homes in these suburbs. Here’s how the deed read for Leawood Estates, a community that shares the eastern border of Overland Park. “None of said lots or portions of lots shall ever be sold, conveyed, transferred, devised, leased or rented to or used, owned or occupied by any person of Negro blood or by any person who is more than one-fourth of the Semitic race, blood, origin, or extraction, including without limitation in said designation, Armenians, Jews, Hebrews, Turks, Persians, Syrians, and Arabians, excluding, however, from the application of this paragraph partial occupancy by bona fide domestic servants employed thereon.”EBENEZER’S POLAR PLUNGE These satellite cities just beyond the reach of the city are associated with the post war rise of wealth and the automobile. But this method of mapping and planning had been around much longer. Ebenezer Howard introduced the concept of a ‘Garden City’ in 1895 in England in response to the overcrowding, congestion, and pollution that came with the industrial age. It’s a method of city planning that was cross-referenced by the City Beautiful Movement found in Chicago’s Burnham Plan. Howard himself had lived in Chicago working as a reporter before returning to England. He was a writer, not an urban planner or architect. His Garden City vision was inspired by a science fiction utopian novel called, Looking Backward: 2000–1887 by American Edward Bellamy. It’s a story that starts in the year 2000 in an America that had morphed into a socialist utopia. It was in response to the rising wealth, power, and control of overreaching monopolists and oligarchs that had been taking hold in America in the late 1800s. It may be a good time for us all to be looking backward to Bellamy. Just this week Lina Khan was confirmed as the Chair of the Federal Trade Commission — a bi-partisan appointment to an agency that enforces antitrust law by a woman with a reputation for going after oligopolies. Read more about the significance of the appointment of this progressive woman in Matt Stoller’s piece here.Howard’s vision for Garden Cities was amplified by his diagrammatic conceptual maps that accompanied his utopian ideas in his 1898 book Garden Cities of To-morrow. In keeping with the European cartographic tradition of fixed, top-down, graphical and mathematical overlays atop a morphing organic landscape, he advocated not for a gridded Cartesian plan, but a circular arrangement along polar axes. His idea was to plan self-contained smaller circles of cities around a larger central city all connected by rail creating what he called a “Group of Slumless, Smokeless Cities.”Like his contemporaries, and many today, his view was that the earth is here to be exploited and controlled. In keeping with industrialist and neo-liberal capitalist traditions, he believed the earth to be an endless well of resources and the duty of the White man was to coerce or seize control of the ‘savages’ that had tended to it in reciprocity for millennia. Here’s Howard in his book Garden Cities of To-morrow,“The planet on which we live has lasted for millions of years, and the race is just emerging from its savagery. Those of us who believe that there is a grand purpose behind nature cannot believe that the career of this planet is likely to be speedily cut short now that better hopes are rising in the hearts of men, and that, having learned a few of its less obscure secrets, they are finding their way, through much toil and pain, to a more noble use of its infinite treasures. The earth for all practical purposes may be regarded as abiding for ever.”The countryside, with “land laying idle”, was one of the attractions Howard envisioned for his satellite cities. He created a diagram illustrating what he believed were three magnets influencing people’s decisions on where to live and work. The three magnets were Town, Country, and Town-Country. Each magnet included words that described the benefits and detractors of each. Town’s were rich in attractions, but was also full of ‘Slums’ and “Gin Palaces”. The Country “Lacked Amusement” and “Long hours and low wages” but was home to “Wood, meadow, and forest” that was in “Need of reform”. The Town-Country provided the best of both worlds: “Beauty of Nature, Social opportunity. Fields and Parks of Easy Access. Low rents, High wages. Low prices, no sweating. Field of enterprise, Flow of capital. Pure air and water, Good drainage. Bright homes and gardens, No smoke, No slums. Freedom. Co-operation.”Sounds pretty good. Utopian, almost. No such utopia has ever been accomplished, but Howard’s ideas continue to inspire designers today. In 2014, British urban design firm, URBED, won the Wolfson Economics Prize for their envisioning of a modern-day garden city, Uxcester. FEDERAL FINANCING FIXHoward was intent on making the Town-country attractive to lure people who abandoned the countryside for jobs in the city.“Town and country must be married, and out of this joyous union will spring a new hope, a new life, a new civilisation. It is the purpose of this work to show how a first step can be taken in this direction by the construction of a Town-country magnet; and I hope to convince the reader that this is practicable, here and now, and that on principles which are the very soundest, whether viewed from the ethical or the economic standpoint.”The Kroh brothers were convinced and saw country “land laying idle” just outside the an increasingly over-crowded Kansas City. They also had visions of a “new civilization” for White residents. But ethical? I don’t think so. Economic opportunity? Absolutely. Long before they set out to plan and build their White suburbs, Kansas City and the U.S. Federal government were already fashioning their own magnets.As Tulane University’s Director of Urban Studies, Kevin Fox Gotham, writes in his paper, Missed Opportunities, Enduring Legacies: School Segregation and Desegregation in Kansas City, Missouri,“From the 1920s through the 1950s, the Kansas City Real Estate Board (formed in 1900) subscribed to a national code of real estate ethics that endorsed the view that all-black and racially mixed neighborhoods were inferior to all-white homogenous neighborhoods.”“During this time, the FHA's Underwriting Manuals referred to the "infiltration of inharmonious racial or nationality groups" as "adverse" to neighborhood stability and advised appraisers to lower the rating of properties in racially mixed or all-black neighborhoods. Although the FHA removed explicitly racist language from its manuals in the 1950s, later manuals continued to refer to the necessity of maintaining "homogenous" neighborhoods and warned of the risk of "dissimilar" groups as "unstable" and "inharmonious".”Between 1934 and 1962 the FHA insured more than seventy-seven thousand homes in the Kansas City area, but just one percent of them went to Black families. In another paper entitled, Race, Real Estate, and Uneven Development, Gotham quotes a mortgage company president who was Chairman of the board from 1934 to 1965,“The FHA and VA wouldn’t insure any guarantee loans [in the Kansas City area] unless there was a [racial] restriction involved, and most lenders on residential property were relying heavily upon the FHA and VA for their protection. So that as long as that remained their position, the lender really had no choice but to observe the restriction.”With local and Federal Government on their side, the Kroh brothers could confidently conjure and craft curvaceous cartographic corridors and cul-de-sacs atop a topographic map of the Kansas countryside. A green garden suburb made up of White people. Their plan also coincided with federal laws dictating the geometry of street design. Streets wide enough to accommodate free parking and a fast flow of traffic, connected curb-cut driveways leading to a garage connected to a cookie-cutter home who’s design was pre-approved by the FHA to streamline bulk lending processes. The Kroh brothers may have been called “community builders”, but it wasn’t so much a community that was being built, but a pre-packaged residential product that was being sold to White people seeking a “new civilization.”The Kansas City area remains highly segregated to this day. Mostly down the north-south racist dividing line of Troost Avenue. But it wasn’t always that way. In 1950 seventy five percent of the population east of Troost was White. By 1970 that area dwindled to 25 percent. Over ninety-two thousand White people fled to the west side of Troost while nearly sixty-two thousand Black residents moved to the east side. There were, and are, many contributing factors to these facts like skewed school segregation schemes, self-segregation, job availability, and, of course, generations of lucrative loans guarantees to White people. It’s not clear where race and ethnic origin fit in Ebenezer Howard’s ideas for a garden city utopia. But he did envision idealized democratic communities that were planned and structured in a way as to eliminate social divisions. There is no question people of all races and ethnic origins would like opportunities to live in a idyllic garden suburb. Maybe even on a cul-de-sac featuring a grassy domed circle where children of mixed heritage could race to kick the can. Given America’s founding fathers believed the United States to be an ongoing democratic experiment for humanity at large — a country that has long beckoned the tired, poor, huddled masses yearning to breathe free — perhaps we should all take a piece of Ebenezer Howard’s idealism to heart as we seek equitable access to housing in towns of all sizes and locations:“Besides, as those persons who migrate to the town are among its most energetic and resourceful members, it is but just and right that their more helpless brethren should be able to enjoy the benefits of an experiment which is designed for humanity at large.” Subscribe at interplace.io
All, please note that, in addition the CDC Order, there is currently in place a moratorium on some evictions for properties with Federal mortgages where the landlord is obtaining mortgage forbearance relief, through September 30, 2021. The terms of this protection are very similar to the CARES Act: Applicability: Buildings with 5 or more units, and The building has a mortgage backed by Fannie Mae or Freddie Mac (FHFA), the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), or the Veterans Administration (VA) Protections: While landlord is getting mortgage relief they can't: Evict for unpaid rent or late fees, or Charge late fees or other penalties for paying rent late These protections last for as long as the landlord is getting mortgage forbearance relief. Once that ends, they must give tenant at least 30 days' notice if they ask tenant to vacate. Additional requirement for 3 federal mortgages: For Fannie Mae or Freddie Mac (FHFA) or the Federal Housing Administration (FHA), the landlord: Must tell tenants about the protections above, and Cannot demand that tenant repay all the rent in one lump sum My recommendation to judges: When inquiring about receiving rental assistance and compliance with those requirements, you also ask whether the LL has participated in a Federal mortgage forbearance program and, if they have, whether they have complied with all the requirements. (Then, if they have, ensure they are not charging late fees for the period they were in forebearance and that, for 3 mortgage types, they have provided 30 days' notice before seeking eviction (we have previously determined they can use a 5 day notice as long as they wait another 25 days before filing).) Please let me know if you have any questions.
If you are a real estate investor, you’ve probably been thinking about multifamily investing because there’s going to be scale in that space. Start house hacking and raise capital! Today, Clint Coons of Anderson Business Advisors talks to Matt Faircloth from the DeRosa Group about how to get started in multifamily investing. Matt is a full-time investor and has successfully completed projects involving fix and flips, single family homes, apartment complexes, and office buildings. Also, Matt is a regular contributor and podcast guest on BiggerPockets and has an active YouTube Channel dedicated to educating investors. He is the author of Raising Private Capital - How to Build Your Real Estate Empire with Other People's Money. Highlights/Topics: Getting Started: Matt read Rich Dad Poor Dad and discovered the power of passive investing, creating assets, and not trading hours for dollars. Bigger and Better Deals: Matt and his wife didn’t get into real estate to start investing in multifamily, but worked their way up into larger deals with apartment complexes. Self-managed Properties: Matt learned about tenant relations, how to select tenants, and what it takes to manage and scale single-family properties for a small portfolio of rentals. Best Bang for Your Buck: Start with a small multifamily deal because it’s cheap debt and very little money down. Real Estate Syndication: Scale into larger multifamily assets faster by selling equity and raising capital. Words of Wisdom: Observe the masses and do the opposite to be competitive. Affordability Analysis: What’s the median income in the city and surrounding area of multifamily space? Can tenants afford a rent increase to justify improvements? Property management companies tend to approve tenants that make more than 3x the rent as their earned income before taxes. 50/50 Mix: Matt recommends seeking multifamily properties with a mix of one- and two-bedroom units, then add amenities, such as family oriented and pet parks. Self-manage vs. Property Management Companies: Depends on if you want to stay small and retain control or reduce vacancy rates and execute business plan to scale. Affordable/Low-Income Housing: Owners should perform due diligence because despite the stigma, tenants don’t want to lose their Section 8 status. They must follow rules or face penalties and be evicted. Low-income housing tax credits can be lucrative. Resources: DeRosa Group https://www.derosagroup.com/ DeRosa Group on YouTube https://www.youtube.com/user/derosagroup BiggerPockets https://www.biggerpockets.com/ Raising Private Capital: Building Your Real Estate Empire Using Other People's Money https://www.amazon.com/Raising-Private-Capital-Building-Peoples/dp/1947200984 Rich Dad Poor Dad by Robert T. Kiyosaki https://www.richdad.com/ Federal Housing Administration (FHA) https://www.hud.gov/program_offices/housing/fhahistory U.S. Securities and Exchange Commission (SEC) https://www.sec.gov/ Fannie Mae https://www.fanniemae.com/ Freddie Mac http://www.freddiemac.com/ Section 8 Housing https://www.hud.gov/topics/housing_choice_voucher_program_section_8 LoopNet https://www.loopnet.com/ Clint Coons https://andersonadvisors.com/clint-coons/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Tax and Asset Protection Event https://andersonadvisors.com/asset-protection/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Website URL:- https://californiaplatinumloans.com/reverse-mortgage/
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Website URL:- https://californiaplatinumloans.com/reverse-mortgage/
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Website URL:- https://californiaplatinumloans.com/reverse-mortgage/
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Website URL:- https://californiaplatinumloans.com/reverse-mortgage/
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Visit Us:- https://californiaplatinumloans.com/reverse-mortgage/
Tyler Griffin is Senior Managing Director and Chief Operating Officer for the Mortgage Banking Business of ORIX Real Estate d/b/a Lument, a national leader in commercial real estate finance for investors in multifamily, affordable housing, seniors housing, and healthcare real estate. She is responsible for managing business operations across all loan platforms and overseeing transaction management and communications. Tyler also supports initiatives to integrate technology with current practices to facilitate production in these challenging times. Listen in as our CEO, Jilliene Helman, speaks with Tyler Griffin, and they dive into how COVID-19 continues to impact real estate deals that Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) have made. They discuss what real estate investors can expect from Fannie and Freddie and the FHA after the upcoming election's uncertainties and over the next two years. Tyler also explains how Lument and other lenders are leveraging technology during COVID-19 to stay one step ahead of the game and make sure to get deals done. “Everyone wants the best properties and the best sponsors, and so as long as there is competition for sponsors and properties, there will be competition in the lending market as well.” - Tyler Griffin This week on The Reality Mogul Podcast: How large multi-family real estate has held up and how the stimulus contributed to that result Lument's Internal predictions on their debt servicing book and the trends that they are currently seeing What impact Fannie and Freddie's targets and quotas will have on rates into 2021 The disruption to the bridge market and where Lument see rates and leverage Geographies that Tyler is looking to avoid or augment and why How the election will impact rates and debt availability and why Tyler is looking back at 2016 for the answers Tyler's thoughts on what will happen to the stimulus after the election The impact of COVID-19 on the senior living asset class and the changes being made on the ground to stabilize it The eviction moratorium, whether Tyler expects it to be extended by the CDC, and whether she anticipates challenges being made to the policy Tyler's predictions for real estate over the next two years Connect with Tyler Griffin: Lument Real Estate Website Tyler Griffin on LinkedIn Lument Real Estate on Facebook Lument Real Estate on Twitter Connect with Realty Mogul: Realty Mogul Website Realty Mogul on LinkedIn Realty Mogul on Instagram Realty Mogul on Facebook Realty Mogul on Twitter
Emmett Morgan is a real estate agent in Las Vegas Nevada. NV Lic# S.0183870 Call/Text: (858) 922-2469 www.EMvegas.com http://www.facebook.com/EmmettMorganRealtor Topics covered such as: - is now the right time to buy a house? - when is the right time to buy a house? - what fees are to be expected when buying a house? - what's a Federal Housing Administration (FHA) loan? - what's the first steps in buying a house? - what's involved in a home purchase? - how much money should I have before purchasing a home? - when is the right time to apply for a loan? - what credit score should I have? - commercial real estate - building a house on an empty plot of land - most common questions for a real estate agent - when to contact a real estate agent - credit score and home buying - home buying $10,000 indicator - roadmap to buying a house - max loan - going into escrow - why a home buyer should use a real estate agent - why a home seller should use a real estate agent - homesteading - Federal Housing Administration (FHA) loan - what are all costs involved in a home purchase? - Cryptocurrency - Vietnamese culture - Biggest problem for humans - Most helpful habit - Do aliens exist? - Human nature, politics, government & economy --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
In the 1930s, The Federal Housing Administration (FHA) used a practice, called redlining, to deny loans to residents of certain areas based on their race or ethnicity. The effects of redlining do not stop at housing. Tune in to hear Valerie Tran, a high school student and advocate in the intersectional environmentalism movement, talk to us about the effects of redlining and climate change on minorities in the US. Read to learn more here: https://youthvoicesfirst.weebly.com/is-your-neighborhood-racist-redlining-101.html
How do you take an existing asset and find alternative ways to profit from it? Or, how do you buy more house than you can afford and live rent-free by building equity and cash flow? House hacking. Today, Clint Coons of Anderson Business Advisors talks to Captain Kevin Brenner, co-host of the Active Duty Passive Income (ADPI) Podcast and head coach of Operation A.T.O.M. (Action Takers Only Mastermind). Kevin teaches military real estate investors how to build passive income through smart investments. Kevin started his real estate investing journey in late 2018, after using his Veteran Affairs (VA) Loan Entitlement to house hack a quadplex in Savannah, Georgia. Through careful quality improvements, Kevin renovated each unit and raised the rents $500 per month/per unit. In July 2019, Kevin joined the ranks of the ADPI team and is dedicated to helping other service members and veterans. Highlights/Topics: What is house hacking? Easier way to reduce, eliminate, or cash flow mortgage How to take advantage of house hacking? Seek properties where you can rent out bedrooms, separate spaces, and more areas What is a carriage house? Separate space or apartment that’s part of a single-family property that you can rent out to pay your mortgage while living in the main house What is the ideal property for house hacking? Depends on number of units, not number of bedrooms; look for the right property and strategy How can a house hacker level up? Start with roommates, then live a life of luxury in the comfort of your own home paid by others Where are the best places to house hack properties? Depends on market and occupancy regulations, but college towns and tourist destinations tend to be popular Do you have to house hack with people? No, there are other options to create cash flow, such as renting out your garage for storage space What type of insurance coverage is needed? Contact insurance provider about short-term rental and supplemental policies When, where, and how to research rental agreements? Ask for advice and reach and to other investors and attorneys to find out their processes and precedence What are some differences between conventional residential, VA, FHA, and other loans? Down payment percentage, occupancy regulations, and mortgage insurance What are potential house hacking pitfalls to avoid? Work and responsibility are still involved, so consider managing your own property if you’re wise in real estate Resources Kevin Brenner’s Email kevin@activedutypassiveincome.com Kevin Brenner on Instagram https://gramho.com/media/2042907707006247179 Kevin Brenner on Facebook https://www.facebook.com/kevin.brenner.16 Kevin Brenner on LinkedIn https://www.linkedin.com/in/kevin-brenner-pmp-783471b6 Active Duty Passive Income (ADPI) https://www.activedutypassiveincome.com/ Active Duty Passive Income (ADPI) Podcast https://www.activedutypassiveincome.com/podcast Operation A.T.O.M. (Action Takers Only Mastermind) https://www.activedutypassiveincome.com/sales-page-action-takers-only-mastermind-atom Military House Hacking Book https://www.activedutypassiveincome.com/#cb09368810 Military Real Estate Investing Academy https://www.activedutypassiveincome.com/sales-page-military-real-estate-investing-academy Nimbus Capital Investment Co. http://risewithnimbus.com/ Airbnb https://www.airbnb.com/ Veterans Affairs (VA) https://www.va.gov/ Neighbor.com https://www.neighbor.com/ Federal Housing Administration (FHA) https://www.hud.gov/buying/loans Clint Coons https://andersonadvisors.com/clint-coons/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Tax and Asset Protection Event https://andersonadvisors.com/asset-protection/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
This is a big topic, and as such it makes for a longer episode. We apologize for the delay in getting it out to you and hope that you will find a lot of discussion worthy information. On The Down Lola was so excited to welcome into the studio John Mcfly, Cornelius Hocker, and Joe Lewis to break down the Black Lives Matter movement and what exactly we are fighting for. John Mcfly Is not only the partner of Lola’s good Judy Thom Foolery, he is also a brilliant, funny, and wonderful friend. He is currently finishing his studies at Ball State University in social work and psychology. He serves with the U.S. armed forces and currently works as a Mental Health Technician for Riley Hospital. John has built his life around caring for others and is a vocal advocate for the rights of people of color and the LGBTQQIP2SAA communities. He is also a big fan of Lola’s. Cornelius Hocker Is an Indianapolis based journalist who met Lola while working on a story about a favorite Indy hotspot. He is a strong advocate for black queer and trans individuals. His travels in his work as a journalist give him a well rounded perspective on many topics. Try not to be surprised if he shows up on the podcast again. Joe Lewis (Jo MaMa) is a Chicago, IL based Drag entertainer and activist. Joe was the creator of the Drag March for Change that happened in Chicago on June 14, 2020. Other than being Lola’s MCM, Joe has worked hard to connect and network with the Chicago queens of color to spread the word of inequality, and inequity of both the black queer community and the black trans community. Terms To Know Black Lives Matter – initially as a social media response to events such as George Zimmerman’s acquittal in the shooting death of Trayvon Martin. Growth – Quickly left the internet and became a “real world” movement. Intersectionality – Kimberlé Williams Crenshaw in 1989 To describe that as humans, we are each more than one thing. For example: a black man experiences oppression for being black, but a gay black trans woman experiences a multi-layered oppression stemming from her gayness, her blackness, and her femininity. Identity politics is a political process that brings people together based on a shared aspect of their identity. History of Black Oppression (Outside of Law Enforcement) Center for American Progress Wealth Gap In 2007, immediately before the Great Recession, wealth among people of color was 14% that of whites. Currently African Americans on average own a disproportionate, 1/10 of the wealth of white Americans. Poverty has many natural consequences (Other than being poor). People of color are more likely to experience negative income shocks but are less likely to have access to emergency savings. As a consequence, they are more likely to fall behind on their bills and go into debt during times of emergency The wealth gap persists regardless of households’ education, marital status, age, or income. For instance, the median wealth for black households with a college degree equaled about 70 percent of the median wealth for white households without a college degree. Black households have more costly debt. In 2016, blacks with debt typically owed $35,560—less than 40 percent of the $93,000 in debt owed by whites. However, because blacks owed larger amounts of high-interest debt—such as installment credit and student and car loans—the debt they typically owed was more expensive. Education (Brookings Institute) Americans often forget that as late as the 1960s most African-American, Latino, and Native American students were educated in wholly segregated schools funded at rates many times lower than those serving whites and were excluded from many higher education institutions entirely. The end of legal segregation followed by efforts to equalize spending since 1970 has made a substantial difference for student achievement. On every major national test, including the National Assessment of Educational Progress, the gap in minority and white students’ test scores narrowed substantially between 1970 and 1990, especially for elementary school students. Jonathan Kozol s 1991 Savage Inequalities described the striking differences between public schools serving students of color in urban settings and their suburban counterparts, which typically spend twice as much per student for populations with many fewer special needs. Contrast MacKenzie High School in Detroit, where word processing courses are taught without word processors because the school cannot afford them, or East St. Louis Senior High School, whose biology lab has no laboratory tables or usable dissecting kits, with nearby suburban schools where children enjoy a computer hookup to Dow Jones to study stock transactions and science laboratories that rival those in some industries. Or contrast Paterson, New Jersey, which could not afford the qualified teachers needed to offer foreign language courses to most high school students, with Princeton, where foreign languages begin in elementary school. Even within urban school districts, schools with high concentrations of low-income and minority students receive fewer instructional resources than others. Housing the federal government established several programs in the 20th century that were designed to promote homeownership and provide a pathway to the middle class.37 However, these programs largely benefited white households while excluding Black families. In 1933 and 1934, in the midst of the Great Depression, President Franklin Delano Roosevelt signed the Homeowners’ Loan Act and the National Housing Act into law to prevent foreclosures and make rental housing and homeownership more affordable. To carry out these missions, the newly minted Homeowners Loan Corporation (HOLC) created maps to assess the risk of mortgage refinancing and set new standards for federal underwriting. The Federal Housing Administration (FHA) used these maps to determine the areas in which it would guarantee mortgages. But HOLC maps assessed risk in part based on a neighborhood’s racial composition, designating predominantly nonwhite neighborhoods as hazardous, and coloring these areas red. This process, known as redlining, denied people of color—especially Black people—access to mortgage refinancing and federal underwriting opportunities while perpetuating the notion that residents of color were financially risky and a threat to local property values. As a result, just 2 percent of the $120 billion in FHA loans distributed between 1934 and 1962 were given to nonwhite families Today, approximately 3 in 4 neighborhoods—74 percent—that the HOLC deemed “hazardous” in the 1930s remain low to moderate income, and more than 60 percent are predominantly nonwhite In 1944, President Roosevelt signed into law the Servicemen’s Readjustment Act—commonly referred to as the GI Bill—which provided a range of benefits, such as guaranteed mortgages, to veterans of World War II. However, according to historian Ira Katznelson, “the law was deliberately designed to accommodate Jim Crow.” For instance, the GI Bill allowed local banks to discriminate against Black veterans and deny them home loans even though the federal government would guarantee their mortgages. Employment Both the Economic Policy Institute (EPI) and the Federal Reserve Bank of San Francisco reports suggest that the unobserved or unexplained factors that play a role in the black-white income and employment gap include: employment discrimination, weak enforcement of anti-discrimination laws, or racial differences in unobserved skill levels as opposed to measurable factors such as educational attainment or work experience. It is likely that disparities in employment may actually be underestimated because they do not account for the large number of blacks who have been negatively impacted by a criminal justice system that has aggressively and persistently targeted communities of color Police Brutality of People of Color US National Library of Medicine/National Institute of Health US White (non-Hispanic) Population (60.4%) Fatal interaction with LE (52%) US Black Population (13.4%) Fatal interaction with LE (32%) with a fatality rate 2.8 times higher among blacks than whites. Most victims were reported to be armed (83%) black victims were more likely to be unarmed (14.8%) than white (9.4%) Hispanic (5.8%) Four case subtypes were examined based on themes that emerged in incident narratives: 22% of cases were mental health related 18% were suspected “suicide by cop” incidents, with white victims more likely than black or Hispanic victims to die in these circumstances 14% involved intimate partner violence 6% were unintentional deaths due to LE action. Another 53% of cases were unclassified and did not fall into a coded subtype. White (Non-Hispanic) Black Hispanic/Latinx Native American Asian Population 328.2 million (2019) 186,482,305 41,371,902 56,500,433 4,013,692 18,215,987 LE Death (etimated 7,663 total: 2013-2019 3,378 1,944 1335 112 118 Population information estimates from US Census Bureau LE related fatalities info from https://mappingpoliceviolence.org/ Resources FBI: Use of force database – https://www.fbi.gov/services/cjis/ucr/use-of-force Proceedings of the National Academy of Science of the USA – https://www.pnas.org/content/116/34/16793 US National Library of Medicine National Institute of Health – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6080222/ United States Census Bureau – https://www.census.gov/quickfacts/fact/table/US/PST045219 https://mappingpoliceviolence.org/ Center for American Progress – https://www.americanprogress.org/issues/race/reports/2018/02/21/447051/systematic-inequality/ https://www.americanprogress.org/issues/race/reports/2019/08/07/472617/systemic-inequality-displacement-exclusion-segregation/ Brookings Institute – https://www.brookings.edu/articles/unequal-opportunity-race-and-education/ Sharing is caring
Buying your first home? FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties. FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) - which is part of HUD (Department of Housing & Urban Development) - insures the loan, so your lender can offer you a better deal. Low down payments Low closing costs Easy credit qualifying DM|Text|Call|Email us Today! We'd love to HELP YOU! Monica (213) 446-4198 monicavhomes@gmail.com Noel (562) 307-7155 narzola@nalgdirect.com --- Send in a voice message: https://anchor.fm/monica030/message
H.R. 6074 — “Making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes.” This bill provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak.Agreed to by the Yeas and Nays: (2/3 required): 415 – 2 (Roll no. 86). Senate passage imminent. H.R. 5931 – Improving FHA Support for Small Dollar Mortgages Act of 2020, as amended (Rep. Clay – Financial Services) This bill directs the Department of Housing and Urban Development (HUD) to report on barriers to making Federal Housing Administration (FHA) single-family mortgage insurance available for mortgages under $70,000. Specifically, HUD must report on policies, practices, and products used by the FHA and actions that will be taken to remove such barriers. Agreed to by voice vote. H.R. 5003 – Fair Debt Collection Practices for Service members Act, as amended (Rep. Dean – Financial Services) This bill prohibits a debt collector from (1) representing to service members that failure to cooperate with a debt collector will result in a reduction of rank, a revocation of security clearance, or military prosecution; or (2) communicating with a service member’s superiors in the chain of command. Agreed to by the Yeas and Nays: (2/3 required): 355 – 0 (Roll no. 79). H.R. 5932 – Ensuring Chinese Debt Transparency Act of 2020, as amended (Rep. Hill – Financial Services) This bill states that it is U.S. policy to push for greater transparency with respect to financing provided by China to another country through international financial institutions such as the International Monetary Fund. The National Advisory Council on International Monetary and Financial Policies within the Department of the Treasury shall report annually on progress made toward advancing this policy. Agreed to by the Yeas and Nays: (2/3 required): 356 – 0 (Roll no. 80). H.R. 4351 – Yes In My Backyard Act, as amended (Rep. Heck – Financial Services) This bill requires certain Community Development Block Grant program recipients to submit to the Department of Housing and Community Development information regarding their implementation of certain land-use policies (e.g., policies for reducing minimum lot size).Agreed to by voice vote. H. Res. 387 Central African Republic and supporting efforts to achieve a lasting political solution to the conflict, as amended (Rep. Cicilline – Foreign Affairs) Passed/agreed to in House: On motion to suspend the rules and agree to the resolution, as amended Agreed to by the Yeas and Nays: (2/3 required): 378 – 7 (Roll no. 81). H.R. 4508 – Malala Yousafzai Scholarship Act, as amended (Rep. Jeffries – Foreign Affairs) This bill requires the U.S. Agency for International Development to award at least 50% of the number of scholarships under the Merit and Needs-Based Scholarship Program to Pakistani women for each of the calendar years 2020-2022. Agreed to by the Yeas and Nays: (2/3 required): 374 – 16 (Roll no. 82). S. 1678 – Taiwan Allies International Protection and Enhancement Initiative (TAIPEI) Act of 2019, as amended (Sen. Gardner – Foreign Affairs) Passed Senate with an amendment by Unanimous Consent. Senate-Agreed to by voice vote. House-Agreed to by the Yeas and Nays: (2/3 required): 415 – 0 (Roll no. 85). H.Res. 230 – Expressing the sense of the House of Representatives that the United States condemns all forms of violence against children globally and recognizes the harmful impacts of violence against children, as amended (Rep. McGovern – Foreign Affairs) Agreed to by voice vote H.R. 1140 – Rights for Transportation Security Officers Act of 2020 (Rep. Thompson (MS) – Homeland Security) (Subject to a Rule) To enhance the security operations of the Transportation Security Administration and stability of the transportation security workforce by applying the personnel system under title 5, United States Code, to employees of the Transportation Security Administration who provide screening of all passengers and property. Motion to Proceed to S. 2657 (Legislative Vehicle for the American Energy Innovation Act), post-cloture. The Motion to Proceed was agreed to by a vote of 90-4. S. 2657 (Legislative Vehicle for the American Energy Innovation Act), The Secretary shall support an initiative among the Office of Fossil Energy, the Office of Energy Efficiency and Renewable Energy, and the private sector to modify, improve, and demonstrate the use in geothermal energy development of relevant advanced technologies and operation techniques used in the oil and gas sector. H.R. 8 (The Bipartisan Background Checks Act). prohibits a firearm transfer between private parties unless a licensed gun dealer, manufacturer, or importer first takes possession of the firearm to conduct a background check. The prohibition does not apply to certain firearm transfers, such as a gift between spouses in good faith. House: On passage Passed by the Yeas and Nays: 240 – 190 (Roll no. 99). Senate-Murphy asked unanimous consent that the bill be read three times and passed. Enzi objected. S. 893 (Secure 5G and Beyond Act of 2019). T his bill requires the President, in consultation with relevant federal agencies, to develop a strategy to secure and protect U.S. fifth and future generations (5G) systems and infrastructure. Such strategy shall (1) ensure the security of 5G wireless communications systems and infrastructure within the United States; (2) assist mutual defense treaty allies, strategic partners, and other countries in maximizing the security of 5G systems and infrastructure; and (3) protect the competitiveness of U.S. companies, privacy of U.S. consumers, and integrity of standards-setting bodies. Passed Senate with an amendment by Unanimous Consent. H.R.5214 (To amend title 5, United States Code, to prevent fraud by representative payees). It shall be unlawful for a representative payee to embezzle or in any manner convert all or any part of the amounts received from payments received as a representative payee to a use other than for the use and benefit of the minor or individual on whose behalf such payments were received. House-Agreed to by voice vote. Senate-Passed Senate without amendment by Voice Vote Passed by voice vote. H.R.4334 (To amend the Older Americans Act of 1965 to authorize appropriations for fiscal years 2020 through 2024). Among other things, the bill reauthorizes through FY2024 and revises programs that support caregivers of the elderly;informational services, such as pension counseling;nutritional services, such as meal delivery; disease prevention and health promotion services;community and workforce training regarding elder care; and abuse and neglect prevention services. House Agreed to by voice vote. Senate – The Collins amendment at the desk was agreed to. The bill as amended was agreed to by voice vote. Support the show.
If you’re a first-time homebuyer, it’s time you learned about FHA loans. If you’re thinking of buying your first home, you may have heard of FHA loans. If not, you certainly will once you start working with a lender. These types of loans are some of the most popular, especially among first-time homebuyers. What makes them so ideal? Should you consider using one for your home purchase? Before we answer those questions, let’s define the FHA loan. This loan is a type of mortgage guaranteed by the Federal Housing Administration (FHA). Since the FHA insures these loans, if a borrower defaults on them, the government pays the lender for any losses. The FHA itself doesn’t lend money; it merely guarantees the lender won’t incur losses. The popularity of FHA loans is due to two factors: low down payment and credit score requirements. They’re designed for first-time homebuyers with lower and moderate incomes. That’s why, when they ran the numbers, the FHA calculated that 82% of its loans go to first-time homebuyers. That being said, the loan is available to any buyer who meets FHA criteria. Even if you’ve owned homes in the past, you can use the FHA loan to buy another property as long as it’s your primary residence. Specifically, you can qualify for this loan with a credit score as low as 500—far below the minimum score of 620 most lenders require for conventional loans. Also, you only need to pay as little as 3.5% down, which is among the lowest in the industry. Keep in mind, the 3.5% mark is generally reserved for those with a credit score of 580 or better. To purchase with a score of 500, you’d need to pay 10% down. FHA loans also allow some flexibility in terms of the sources of your down payment funds and closing costs. Down payment funds can come from a gift or grant, and sellers are allowed to pay up to 6% of your closing costs. For most conventional loans, sellers can only pay up to 3%. “The popularity of FHA loans is due to two factors: low down payment and credit score requirements.” The downside to FHA loans is that you’ll need to factor in a little more toward your closing costs and monthly payments. You’ll also need to pay FHA mortgage insurance, which is similar to the private mortgage insurance lenders require you to pay when you put down less than 20% for a conventional loan. FHA mortgage insurance can be paid upfront as part of your closing costs or as part of your monthly payment. The upfront cost is 1.75% of your total loan amount, and the monthly cost varies based on your down payment, length of the loan, and the initial loan-to-value ratio. For example, on a $300,000 loan, the upfront mortgage insurance premium would be upwards of $5,200, and the premium would be between $112 and $260 per month, depending on the loan terms. There are limits to how much home you can purchase with this loan, and it varies greatly from county to county in Florida. In 2019, the FHA loan limit for most counties in Florida was $314,827 for single-family homes. In Monroe County, though, the limit is $529,000—the highest limit available. In addition to your credit, down payment, and maximum loan amount requirements, qualifying for an FHA loan means meeting these criteria: Borrowers must be a legal resident of the U.S., live in the country, and show two years of steady, verifiable employment The property must be your primary residence—no vacation cabins or rentals. However, you can buy a multi-unit property as long as you live in one of the units The property must be appraised by an FHA-approved appraiser Your front-end debt ratio should not exceed 31% of your gross monthly income Your back-end debt ratio should not exceed 43% of your gross monthly income If you have any further questions about FHA loans or other real estate topics, don’t hesitate to reach out to us. We’d love to help you.
For the past several years, the False Claims Act has been at the forefront of enforcement efforts involving Federal Housing Administration (FHA)-approved mortgagees by the US Department of Housing and Urban Development (HUD) and the US Department of Justice (DOJ). This week, HUD released proposed changes to its loan-level certifications and final changes to its annual certifications and defect taxonomy with the stated goal of addressing some of the uncertainty FHA lenders face in connection with the False Claims Act. Mayer Brown partner Krista Cooley discusses.
For the past several years, the False Claims Act has been at the forefront of enforcement efforts involving Federal Housing Administration (FHA)-approved mortgagees by the US Department of Housing and Urban Development (HUD) and the US Department of Justice (DOJ). This week, HUD released proposed changes to its loan-level certifications and final changes to its annual certifications and defect taxonomy with the stated goal of addressing some of the uncertainty FHA lenders face in connection with the False Claims Act. Mayer Brown partner Krista Cooley discusses.
Notes from the GAD - 10/1/2019 County Real Property Tax Reform: This week the County Council’s Economic Development and Budget Committee will be discussing proposed recommendations relating to property tax reform. The meeting is on Thursday, October 3, at 9 a.m. RAM had an opportunity to provide feedback on the proposals, which appears to have been ignored based on the TIG’s final report and attachments. County Council Meeting/Vacation Rentals: In addition to the various committee meetings throughout the week, there will be a regular meeting of the County Council on Friday, October 4th at 9 a.m. One issue being discussed is a bill that is up for first reading that would impact applications for renewal of bed and breakfast, short-term rental home and special use permits. The current language of the bill would alter the renewal period from anytime within ninety days before the expiration date to needing to be filed a minimum of sixty days prior to the expiration date. For more info, sign up for emails from the Maui Vacation Rental Association. NFIP Lapse Avoided: President Trump signed H.R. 4378 into law on Friday evening, extending the National Flood Insurance Program’s funding through November 21st. NAR is still working toward a 5-year extension. New FHA Condo Rule: The U.S. Department of Housing and Urban Development (HUD) released the long-awaited final rule on project approval for single-family condominiums insured by the Federal Housing Administration (FHA). To assist REALTORS in understanding the impact, NAR has created a very informative video and has uploaded related notes and documents to the Condominiums topic page. West Maui Community Plan: The Community Plan Advisory Committee will have its next meeting on Tuesday, October 1st, at 5:30 p.m. at Keopuolani Hall at Waiola Church. Hele Mai Maui 2040 Transportation Plan: The Hele Mai Maui 2040 Transportation Plan is now available for public review. Please feel free to provide comments on the draft to the Maui Metropolitan Planning Organization by October 31, 2019, and/or take a survey on transportation projects and funding. RAM GAD POD: Next interview is coming out Thursday, and my guest will be Autumn Ness, community organizer and local activist. I’ll be interviewing the Mayor on October 3rd, so send me questions for the Mayor if you have any.
The Federal Housing Administration (FHA) has some new rules when it comes to getting FHA backed mortgages for condos! These rules go into effect October 15th. Do you know how this will impact your clients? Plus, an Oklahoman, Kristy Payne is a finalist for the national Good Neighbor Award!
The Federal Housing Administration (FHA) has some new rules when it comes to getting FHA backed mortgages for condos! These rules go into effect October 15th. Do you know how this will impact your clients? Plus, an Oklahoman, Kristy Payne is a finalist for the national Good Neighbor Award!
Have you heard of redlining? If so, do you know what it means today? And are you aware that the Federal Housing Administration (FHA), created by President Roosevelt in 1934, actually institutionalized the system of discriminatory lending in government-backed mortgages in America? Today, we're talking about redlining. In the 1930s, government surveyors, developed by the Homeowners Loan Coalition, graded neighborhoods in 239 American cities, using color-coded maps to indicate the level of security for real estate investments. These maps were based purely on assumptions about the various communities. Tune into this episode of Dear White Women to hear about the Federal Housing Administration and why it was created, to learn about what redlining is and how it impacted homeownership almost a century ago, and to find out how all of this ties into patterns of gentrification today. Show Highlights: The function of the FHA is to provide mortgage insurance on loans made by FHA approved lenders throughout the United States. The color-coded maps were not at all about the ability of households to satisfy lending criteria because they were based on assumptions about the community. What the different colors indicated about the neighborhoods. The FHA publications at the time implied that different races should not share neighborhoods. In 1941, a white developer built a concrete wall between the white and black areas so that the white people could obtain mortgages. Statistics from the Federal Reserve show that white families now have ten times the net worth of black families and more than eight times that of Hispanic families. Some things that people were asked to put on the mortgage loan application forms about the neighborhood. Creating the foundation for systemic discrimination in terms of lending, mortgages, and neighborhood construction. A National Community Reinvestment Coalition (NCRC) study found that three out of four neighborhoods that were redlined in the government maps eighty years ago, continue to struggle economically. The problem with gentrification. Systemic issues and the after-effects of redlining. How architectural changes became a signal of gentrification, with white buyers, and non-whites being forced out. What you can do to remedy the situation.
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans. https://www.investopedia.com/terms/f/fhaloan.asp Sabrina Shaw The Baskin Real Estate Specialists 101 Park Avenue, Suite 1300 Oklahoma City, OK 918-732-9732 Pamela Wright The Baskin Real Estate Specialists CELLPHONE 918-370-2801 EMAIL pamela.wright@exprealty.com WEBSITE thewrightone.exprealty.com Darryl Baskin eXp Realty Northeast Oklahoma 101 Park Avenue, Suite 1300 Oklahoma City, OK 918-732-9732 No cost, No obligation assessment: askinforbaskin.com
When we’re starting out with our teaching careers, we’re overwhelmed with all of the details that go into being a teacher that we often neglect to take care of ourselves. I’m sure you’ve seen so many posts, websites, programs, and even CONFERENCES dedicated to teacher self-care. But part of taking care of yourself is making sure that you and your family are safe and secure. It goes without saying that if you didn’t have to worry so much about your finances, your home, your health, and the well-being of your family, you’d have more mental energy and space to tackle teaching. If there was a way to feel even a little bit better about some aspect of your personal life, then teaching just seems less overwhelming. I know it sounds cliche to say that, but so many people think that homeownership is so impossible that it’s not the American dream anymore. However, after talking to my good friend and real estate agent Tonya Spivey and her friend and loan officer Wes Shaw, I realized that there are AMAZING programs out there to help people - particularly teachers - get into a home of their own. So even if you’re super skeptical and think it’s out of the question, give this episode a listen so that you at least know your options. Have an open mind and envision yourself moving into your own first home. And when the time is right, you’ll be educated and prepared to dive head first into the process. Love this show? Become an AWESOME SUPPORTER! How to contact Wes: (858)888-5270, wes.shaw@movement.com Wes Shaw NMLS # 272036 / CA-DBO272036 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179 (www.nmlsconsumeraccess.org) | Movement Mortgage, LLC is licensed by "CA Department of Business Oversight under the California Residential Mortgage Lending Act"# 4131054. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707. How to contact Tonya: (619)302-9891, tonyaspivey@gmail.com Keller Williams SD Metro CALBRE#02059804 Broker CalBRE #01295699 The four programs we discuss: School program My Home Zero Interest Program (ZIP) Golden State Funding Authority for Veterans Be sure to visit downpaymentresource.com to find out what programs are available for your address Some vocabulary in our discussion: conventional financing - A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate. FICO score - A FICO Score is one of many types of credit scores, which are three-digit numbers that summarize your credit history, management and behavior. Your FICO Score is the credit score generated by Fair Isaac Corp. (FICO), a leading financial analytics company. FICO Scores range from 300 to 850. simple interest - interest that is paid on the principal amount borrowed. It is considered the best type of interest for a borrower because it is not compounded. lien on title - A lien is a legal claim or a right against property. Liens provide security, allowing a person or organization to take property or take other legal action to satisfy debts and obligations. Liens are often part of the public record, informing potential creditors and others about existing debts. lien in secondary position - Second lien debt refers to loans that are reimbursed only after loan balances on senior debts (lien on title) are repaid in full following a default. Due to the subordinated claim on assets, if a borrower defaults on a secured loan, the senior lien holder may receive 100% on the loan balance from the sale of the underlying collateral, while the second lien holder receives only a fraction of the loan amount on the subordinated debt. deferred payments - A deferred payment option is an option that operationally defers payment on the loan until a later date. closing costs - Expenses required for a real estate purchase or refinance. Closing costs are also called settlement costs and can include lender charges, title insurance, escrow fees, real estate commissions, recording fees, transfer taxes and others. escrow fees - Escrow is when an impartial third party holds on to funds and distributes them accordingly to process a transaction. The funds, also known as earnest money, is typically held in an escrow account by an escrow officer or attorney. Escrow costs cover the final closing paperwork and handle the exchange of funds and recording of deeds. Escrow may also refer to an account held by a mortgage lender into which the homebuyer pays money each month for property tax and insurance payments. The lender then pays these items on the borrower’s behalf as they come due. title fees - Title service fees are part of the closing costs you pay when getting a mortgage. When you purchase a home, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title,” to the home to you. Title service fees are costs associated with issuing a title insurance policy for the lender. default - Failing to repay a debt as agreed. home appreciation - Appreciation is the increase in a home's value over time. loan officer - A loan officer is a representative of a bank, credit union, or other financial institution who finds and assists borrowers in acquiring loans. Loan officers can work with a wide variety of lending products for both consumers and businesses. Sources: Lending Tree: https://www.lendingtree.com/glossary/#a The Balance: https://www.thebalance.com/liens-what-they-are-and-how-they-work-315611 Investopedia: https://www.investopedia.com/terms/d/deferredpaymentoption.asp American Financing: https://www.americanfinancing.net/mortgage-basics/escrow-closing-costs-guide Consumer Financial Protection Bureau: https://www.consumerfinance.gov/ask-cfpb/what-are-title-service-fees-en-157/ Redfin: https://www.redfin.com/definition/appreciation Don't forget to leave a voicemail! Let your voice be heard! Click here how to find out how you can be a part of the podcast by telling us your favorite parts of teaching! Listeners who leave a voicemail will be eligible to receive a FREE Teachers Need Teachers sticker! Click HERE to find out more! Got questions, feedback, or want to be on the show? You can email me at kim@teachersneedteachers.com Connect with me Subscribe to Apple Podcasts, Google Play Music, or Stitcher Join my Facebook Group where I occasionally podcast live Message me through Instagram or Twitter
Shutdown And The For Sale Sign Terry considered some of the ongoing partial government shutdown’s effects on real estate, noting that while flood insurance presented no concern, loans with the Federal Housing Administration (FHA) would be affected due to employee furloughs at the Department of Housing and Urban Development (HUD). HUD contingency plans would allow for the endorsement of new FHA loans, but slowdowns should be expected so extensions may be needed. (0123)
Saving up for a down payment is one of the most intimidating parts of buying a home. Friends and family love to give you advice, but sometimes it doesn’t apply or isn’t actually true. That is why today we want to talk about three myths about down payments so that you can separate fact from fiction. “Finding, applying, and getting approved for down payment assistance can be challenging because they are run locally by the city or the county and not nationally.” 1. You need 20% down to buy a home. For decades previously, this was the standard, but it isn’t always the case anymore. In fact, it depends on what type of loan you have available such as using a Federal Housing Administration (FHA) loan that only requires 3.5% down. If you or your spouse served in the military, meanwhile, you may be eligible for a VA loan that is 0% down. Another 0% down loan is the USDA loan. Conventional loans can even require less than 20% if you’re a qualified buyer, but you may be required to pay PMI (private mortgage insurance) to the lender to prove you won’t default. 2. Cash is king. If you’ve been shopping in our competitive market you’ve more than likely heard about first-time homebuyers getting snubbed in favor of investors and cash buyers and that working with a loan will lessen your chances of buying a home. While there is some truth to this because cash guarantees that a seller can close on time without loan approval issues, it’s not always the case that they care about closing quickly. Oftentimes if you write a killer personal letter that resonates with the seller or even offer more money to prove you are motivated, you stand a better chance. 3. Down payment assistance is easy. I hate to burst your bubble, but finding, applying, and getting approved for this kind of loan can be challenging because they are run locally by the city or the country and not nationally. For you to get qualified, the biggest factor you have to consider is your income; if your income is higher, then you may not qualify. Just don’t get discouraged, that’s why we’re here to help. If you need assistance with a down payment, we can put you in touch with lenders who are happy to share their expertise. All you have to do is call or email us. We look forward to speaking with you soon.
Catching up the the bills that passed the House of Representatives in February, this episode details a bill designed to keep campaign donors secret, a bill to make all regulations more difficult to enact, a bill that makes unlocking your cell phone legal, a bill that prohibits states from seizing your land for another private interest's gain, a bill that sets up the defunding of the Consumer Financial Protection Bureau... and more. H.R. 3308: “Taxpayer Transparency Act of 2014” Introduced by Rep. Billy Long of Missouri Advertisements and/or information provided by the government on radio, TV, internet, and through the mail need to clearly state that it is paid for and distributed “at taxpayer expense”. Representatives Quoted [caption id="" align="alignright" width="268"] “I sometimes have to Google what some of the agencies in the Federal Government do.” – Rep. Blake Farenthold of Texas[/caption] Gerald Connolly of Virginia Blake Farenthold of Texas H.R. 3865: Stop Targeting of Political Beliefs by the IRS Act of 2014 Introduced by Rep. Dave Camp of Michigan Would prohibit the Treasury Department from changing the rules that allow social welfare groups to claim tax exempt status. Representatives Quoted Rob Woodall of Georgia Chris Van Hollen of Maryland Sandy Levin of Michigan Dave Camp of Michigan Lynn Jenkins of Kansas Charles Boustany of Louisiana Kevin Brady of Texas HR 2804: “All Economic Regulations are Transparent Act of 2014” Introduced by Rep. George Holding of North Carolina Title I: All Economic Regulations are Transparent Act of 2014 Makes every Federal agency submit monthly reports on the status of every rule they are working on. Rules can’t go into effect until they have been published on the Internet for at least 6 months. Exemption for national security, emergencies, or implementing international trade agreements. Title II: Regulatory Accountability Act Agencies must justify the rules they make and provide alternatives including “no action” alternatives, eliminating existing rules, and “specifying performance objectives” instead of giving specific actions necessary for compliance Agencies must do a cost-benefit analysis of the proposed rules and all alternatives. There must be a 60 day mandatory comment period (120 days for a major rule - which they changed the definition of to basically mean any rule that costs companies money). There will be no judicial review allowed of an agency’s decision to withdraw a proposed rule. The agencies must adopt the “least costly rule considered”. None of these new procedures will apply to monetary policies made by the Federal Reserve. Title III: Regulatory Flexibility Improvements Act of 2014 Rule makers must list alternatives that cost businesses the least or benefit “small businesses" the most financially. Every rule needs to be reviewed every 10 years. Title IV: Sunshine for Regulatory Decrees and Settlements Act Changes the rules for suing the government in regards to their rule making decisions. HR 1944: “Private Property Rights Protection Act” Introduced by Rep. James Sensenbrenner of Wisconsin A State that uses it’s power of eminent domain to seize a person’s private property for “economic development” will be barred from receiving Federal economic development funds for two years after a court rules that the State took the property for this purpose. States can get Federal money is they return the land. Additional Information Wikipedia:: Kelo vs. New London Supreme Court decision Yahoo NewsNebraska law that allowed Keystone XL struck down SF Gate: Richmond mortgage eminent domain battle expanding, December 9, 2013. NY Times: Richmond, CA a long shot against blight, January 12, 2014. Representatives Quoted Bob Goodlatte of Virginia Mick Mulvaney of South Carolina "Dozens of communities across the country are considering a vulture fund- developed investment scheme by which the municipality’s eminent domain power is used to acquire underwater— but otherwise performing—mortgage loans held by private-label mortgage- backed securities and then refinance those loans through programs administered by the Federal Housing Administration (FHA). Our housing finance system depends on private capital to take risk, make loans, purchase mortgage-backed securities, and help millions of Americans fulfill the dream of homeownership. What this eminent domain scheme considers would be incredibly destructive to the finance of homeownership and would do little more than help a few homeowners who can already afford their mortgage and line the pockets of the investors who developed this proposal. Who would invest in a mortgage knowing that their investment could be stolen just a few months or years later? Ironically, this new risk to the housing finance system would freeze the return of private capital to our markets at a time when many in Congress are looking for ways to increase the role of the private sector and decrease the federal government’s footprint. Using eminent domain in this manner will hurt Main Street investors the most. Those investors and pensioners may be invested in mortgages sitting in communities considering this plan— like Richmond, California—and not even know it. They are the ones who will suffer the most from this particular form of eminent domain. Mr. Sensenbrenner’s legislation shines a spotlight on the abusive uses of eminent domain, including this in- vestment scheme, and I am proud to support the bill. I believe this legislation may have the effect of defeating such a scheme." - Rep. Mick Mulvaney of South Carolina HR 1211: “FOIA Oversight and Implementation Act of 2014” Introduced by Rep. Darrell Issa of California Instead of making FOIA information available for copying, it makes the information “available in an electronic, publicly accessible format”. Gives the government one year to set up a website, “accessible by the public at no cost to access” that allows us to submit information requests, receive status updates on our requests and file appeals. “An agency may not withhold information under this subsection unless such agency reasonable foresees that disclosure would cause specific identifiable harm to an interest protected by an exemption, or if disclosure is prohibited by law.” Creates a pilot program to test the efficiency of using a single website for FOIA requests. One place that will handle requests for at least 3 different agencies. Authorizes no additional money to create the website. Representatives Quoted Rep. Elijah Cummings of Maryland Rep. Darrell Issa of California HR 1123: “Unlocking Consumer Choice and Wireless Competition Act” Introduced by Rep. Bob Goodlatte of Virginia Allows people to unlock their cell phones. Prohibits cells phones from being unlocked in bulk. Additional Information Los Angeles Times: The House's cellphone unlocking bill: Thanks but no thanks. February 25, 2014. Representatives Quoted Rep. Bob Goodlatte of Virginia Rep. Jared Polis of Colorado HR 3193: “Consumer Financial Freedom and Washington Accountability Act" Introduced by Rep. Sean Duffy of Wisconsin [caption id="attachment_1435" align="aligncenter" width="477"] Yup, that guy is a Congressman.[/caption] The bill takes the authority to police financial products and services away from the Consumer Financial Protection Bureau and gives that authority to a new five member commission. Four of the members the new commission will be picked by the President and the fifth will be the Vice Chairman for Supervision of the Federal Reserve. Forces the Financial Stability Oversight Board to stop Consumer Financial Protection Bureau regulations under certain conditions; right now, the board is authorized to do so at their discretion. The Federal Reserve Chairman has a seat on this 5 member board too. Gives the Financial Stability Oversight Board an unlimited amount of time to kill Consumer Financial Protection Bureau regulations. Forces the Consumer Financial Protection Bureau to consider harm to the “financial soundness” of banks when it makes rules. Allows other agencies to create and change consumer protection laws. Funds the Consumer Financial Protection Bureau via Congress instead of the Federal Reserve. Additional Information Rep. Sean Duffy was on The Real World: Boston. Representatives Quoted Rep. Maxine Waters of California Rep. Jeb Hensarling of Texas Rep. Marlin Stutzman of Indiana Music Presented in This Episode February by The Distants (found on Music Alley by mevio) Little Banksters by Kito Peters (found on Music Alley by mevio) Intro and Exit Music: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)
In "A Pragmatic Plan for Housing Finance Reform," the authors articulate a vision and core principles without prescribing detailed legislative imperatives. They argue that continued flexibility consistent with basic principles will be essential as a new housing finance system develops in an environment of significant demographic and economic volatility. When considering how a future housing finance system should operate, the authors emphasize the importance of diverse sources of mortgage funding; participation in the system by lending institutions of all sizes; and the need for explicit, paid-for government guarantees to cover catastrophic losses. Recognizing that ensuring access and affordabilty in a new housing finance system is essential to a vibrant economy, the paper's authors also recommend the establishment of a Market Access Fund (MAF). Among the components included in the MAF: a Research and Development Fund to pilot testing of innovate products that expand the market for sustainable homeownership; a Credit Support Fund to increase access for sustainable homeownership and the rental market; and two funds that were created in 2008 to be funded by Fannie Mae and Freddie Mac, the Capital Magnet Fund, which would attract private capital investment in affordable housing and community development, and the National Housing Trust Fund, a block grant program to preserve the supply of rental housing for extremely low-income families. The authors called for an end to Fannie Mae and Freddie Mac, recommending that the remaining assets to be sold to private investors to help repay taxpayers for backing these institutions. However, the authors do see a continued role for the Federal Housing Administration (FHA), which primarily support first time homebuyers and affordable rental housing. That mission would be more explicitly defined in the author's proposal; under the new system, the FHA's share of the single family market would fall back to historical norms of 10-12% of mortgage originations. That is in contrast to today's share, which is at least 20%. The paper does not address changes to the Federal Home Loan Bank System.
In "A Pragmatic Plan for Housing Finance Reform," the authors articulate a vision and core principles without prescribing detailed legislative imperatives. They argue that continued flexibility consistent with basic principles will be essential as a new housing finance system develops in an environment of significant demographic and economic volatility. When considering how a future housing finance system should operate, the authors emphasize the importance of diverse sources of mortgage funding; participation in the system by lending institutions of all sizes; and the need for explicit, paid-for government guarantees to cover catastrophic losses. Recognizing that ensuring access and affordabilty in a new housing finance system is essential to a vibrant economy, the paper's authors also recommend the establishment of a Market Access Fund (MAF). Among the components included in the MAF: a Research and Development Fund to pilot testing of innovate products that expand the market for sustainable homeownership; a Credit Support Fund to increase access for sustainable homeownership and the rental market; and two funds that were created in 2008 to be funded by Fannie Mae and Freddie Mac, the Capital Magnet Fund, which would attract private capital investment in affordable housing and community development, and the National Housing Trust Fund, a block grant program to preserve the supply of rental housing for extremely low-income families. The authors called for an end to Fannie Mae and Freddie Mac, recommending that the remaining assets to be sold to private investors to help repay taxpayers for backing these institutions. However, the authors do see a continued role for the Federal Housing Administration (FHA), which primarily support first time homebuyers and affordable rental housing. That mission would be more explicitly defined in the author's proposal; under the new system, the FHA's share of the single family market would fall back to historical norms of 10-12% of mortgage originations. That is in contrast to today's share, which is at least 20%. The paper does not address changes to the Federal Home Loan Bank System.