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| Fannie Mae is offering up to a 3.5% closing cost assistance for owner-occupant buyers and public entities who request the incentive at their initial offer during the First Look™ period, purchase a HomePath property in select states on or before March 31 and close by May 31, 2014. Visit Homepath.com for full terms & conditions and eligible states. |
On March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.
As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama is expected to sign the bill into law when it arrives at the White House. NAR had urged a swift vote in the Senate.
The economy may be growing at a frustratingly slow pace, but one piece of it is booming: American homeowners' equity holdings — the market value of their houses minus their mortgage debts — soared by nearly $2.1 trillion last year to $10 trillion.
Big numbers, you say, and hard to grasp. But look at it this way: Thanks to rising prices and equity levels, about 4 million owners around the country last year were able to climb out of the financial tar pit of the housing bust — negative equity.
I am excited to announce I have moved my real estate practice to Realty Executives Grant County.
Realty Executives International is in over 30 countries, has over 7,500 agents in the US, offers clients and agents state-of-the-art technology including a mobile marketing and communication platform second to none.
Give me a call if you are interested in selling your property (I can give you a free Comparative Market Analysis) or looking to purchase any type real estate. Consider me your Residential & Commercial Expert.
What a great session we had today learning about how to manage our transactions. This virtual system makes our files organized and easily accessible to all parties involved.