Reducing FHA Interest Charges upon Sale or Payoff

Our Consigliere, Christopher Moles, has done some research on a senate bill that would benefit many homeowners who have FHA loans at the time they sell. Looks good to us! Hope it passes.


By Chris Moles
Brokerage Counsel
Intero Real Estate, Inc.

Congress has taken up a bill which would change the manner in which the FHA charges interest on its loans after final payoff. S.488, more commonly referenced as the “Reduce Excessive Interest Payments Act,” was recently introduced in the Senate and forwarded to committee for review. The Act could greatly reduce the final charges imposed on FHA borrowers when they pay off their mortgages. It may also eliminate the stress faced by agents and sellers who feel compelled to time their closings for the end of the month.

More...

Mandated Down Payments Unfairly Impact Buyers in High-Cost Areas

Happy President's Day! How are you celebrating? We're working!

We've been busy since Valentine's Day, and are finally able to get Gino's important message posted on this President's Day holiday. This 20% down rule is definitely limiting buyer's financing options in this area.

By Gino Blefari
President & CEO
Intero Real Estate Services, Inc.

The issue of mandated down payments is back in the spotlight as a recently released study found that requiring by law a minimum down payment of 20% would have a dramatic, negative short-term impact on the housing market. The study, released by the Center for Responsible Lending at the University of North Carolina, found that implementing such a mandate would push out 60% of would-be home buyers from the market.

More...