Delayed Financing Exception - 07/25/11 12:59 AM
Have you ever had that buyer that paid cash for their home and had to wait 6 months to refinance it?  Well Fannie Mae has now come out with the Delayed Financing Exception.  You are now allowed a cash-out refinance within six months of a purchase transaction when NO Financing was used to purchase the property.  However, there are certain restrictions in order to qualify.  They are as follows:
The new loan cannot be more than the actual documented amount of the borrower's initial investment when they bought the property, plus the financing of closing costs, preapid fees, and points (subject … (3 comments)

Fact or Fiction? This Could Affect Your Buyers and Sellers! - 07/13/11 04:37 PM
I received word this morning that the rumor is that Bank of America has stopped accepting high balance conforming loan amounts over $625,000 on Tuesday, July 12.  We are assuming that this is to ensure they are able to close all the loans over this amount no later then September 30, 2011 when the high balance conforming rate will drop.  Again, this is only a rumor and I would highly suggest that if you have a client that is prequalified with Bank of America that this holds true.  I am not surprised by their move and I believe we will begin … (2 comments)

Bringing the Sale Across the Finish Line - 07/13/11 01:07 PM
This is a great article by KCM Blog I wanted to share.  You can go directly to their website for this article by clicking here. Bringing the Sale Across the Finish Line
by Ken H. Johnson on July 12, 2011 · 2 comments
 Today, we are honored to have Dr. Ken H. Johnson, Ph.D. - Florida International University (FIU) and Editor of the Journal of Housing Research as our guest blogger. To view other research from FIU, visit  http://realestate.fiu.edu/ . - The KCM Crew
The negotiation of a sales agreement is a very difficult process. A well drafted sales agreement almost cinches a closing even in … (0 comments)