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real estate: 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)

real estate: Call to Action: Proposed Regulation Z Revisions - 12/22/09 11:38 AM
Consumers have long benefited from the use of the Yield Spread Premium to offset some or all of their closing costs.  The Proposed rule revising Regulation Z, specifically Docket Number R-1366 would eliminate the ability to pay for closing costs using Yield Spread Premium.  This would increase the amount of money consumers would need for closings.
You might be asking Why would the Government want eliminate the ability of someone else to pay for a consumers closings costs?
The proposed rule equates Yield Spread Premium to a kickback, instead of the net present value of the future revenue from the mortgage … (0 comments)

real estate: Your Payment isn't what it seems . . . Thanks Uncle Sam - 12/08/09 02:53 PM

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real estate: The Journey to Homeownership - 12/08/09 02:07 PM

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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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