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indiana: FHA Says We Don't Want Your Condo's - 01/28/10 10:23 AM
HUD has taken a lot of losses on large condominium projects and has been determined for a long time to get out of the approval process.
The latest guidelines are described in two separate HUD/FHA documents:  (i) Mortgagee Letter 2009-46B (the revised guidelines for FHA approval of residential condominium projects); and (ii) Mortgagee Letter 2009-46A (temporary guidance for condominium approvals).
In short, Mortgagee Letter 2009-46B replaces Letter 2009-19.  The temporary guidance (Letter 46B) acts as a buffer to ease transition from the old to the new regulations.
Lenders Builders Look for all Condo sells to be nearly impossible for the coming … (2 comments)

indiana: Indiana's Good Fund's Law - Don't get caught off guard - 06/08/09 10:50 AM
Effective July 01, 2009 - HEA 1374 - requires that money for a purchase or refinance be "Good Funds."
Among the requirements:
Closing Agents must deposit all funds received in connection with a real estate transaction into an escrow account unless all the parties involved agree to another arrangement.All funds in the amount of $10,000 or more, in the aggregate, received from any party to a real estate transaction must be wired, irrevocably credited to the closing agent's escrow account.  Checks for $10,000 ore more are prohibited.  This is to guarantee that funds are immediately available.Funds less than $10,000 in aggregate, received from … (2 comments)

 
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Jeremiah Wean (NMLS#132221)

Indianapolis, IN

More about me…

Lakewood Lending Group, LLC (NMLS#132141)

Address: 10218 Windward Pass, Fishers, IN, 46037

Office Phone: (317) 401-9700 x 101

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