reverse: Omnibus Housing Bill - how it will help get us out of this mortgage mess - 07/25/08 08:19 AM
I am sure many of you are anxiously awaiting the Omnibus Housing Bill that recently passed through the house. Hopefully it will soon be passed by the Senate, and then signed off by the President. Here is what I have been hearing about the bill and how it can help get … (1 comments)
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reverse: Title Premium and Fee Calculator - 07/18/08 11:13 AM
Hello,
My name is Kathy Dawdy,
Are you looking for a quick quote for title insurance but finding yourself more and more confused by all the different option and credits? The "tools" section on the Gibraltar Title Agency website has several different premium and fee calculators, including our own exclusive Reverse … (3 comments)
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reverse: Are you looking to purchase or refinance a home in Texas? - 07/11/08 09:39 AM
Are you looking to purchase a home or refinance your existing home in Texas?
Navigating today's mortgage guidelines requires someone that not only has experience, but also keeps up with the constant changes. Dealing with someone that is very proficient and experienced in all areas of residential mortgage lending, will make … (0 comments)
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reverse: Top 10 Reverse Mortgage Myths!!! - 07/02/08 10:49 AM
Myth #1 - The bank takes the house OR the borrower can lose the house.
With a reverse mortgage, the borrower retains title to the home throughout the life of the reverse mortgage. The borrower cannot, as a result of the reverse mortgage be forced out of his or … (1 comments)
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reverse: More regulations needed for reverse mortgages? What about regular mortgages? - 06/29/08 11:17 AM
Today I read where RI governor signed a bill for more disclosures about reverse mortgages last Friday. Don't get me wrong, if you have read my blog, I am all for the disclosures, in fact I may be in the minority that LIKES them, likes reverse mortgages, and think the disclosures should stay! However, … (0 comments)
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reverse: Reverse Mortgages are only for the poor, correct? - 06/27/08 10:42 AM
Answer: Absolutely FALSE!
While many that get reverse mortgages are struggling to pay for food, medicine and for the roof over their head, how much money you have or do not have has NO bearing on your approval or lack of approval. How old you are, how much equity you have … (3 comments)
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reverse: If a reverse mortgage balance exceeds the home value, I will be forced out of my home, correct? - 06/23/08 10:23 AM
Answer - ABSOLUTELY FALSE!
No matter what age you live to, no matter if the loan ever exceeds the home value by any amount, and these days that is happening a lot with the depressed home values, you REMAIN in your home as long as you want and are able to live there! … (0 comments)
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reverse: Reverse Mortgage Costs - how expensive are they? - 06/16/08 01:24 PM
As a follow-up to my blog, AGAIN, before you say no to a reverse mortgage, learn the correct facts! Don't believe the myths! as well as my blog, Are Reverse Mortgages costs so much more than regular mortgages? and also several people commenting about the costs on the blog of Mr Jones, … (2 comments)
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reverse: If you have bad credit, foreclosure, or bankruptcy on your credit, can you get a reverse mortgage? - 06/14/08 10:09 PM
Answer - YES! This is one of those rare questions though that needs a complete explanation and does come with an asterisk.
Having any or even all of these items on your credit report does not effect approval, BUT, if you are in bankruptcy, it must be discharged prior to getting … (3 comments)
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reverse: AGAIN, before you say no to a reverse mortgage, learn the correct facts! Don't believe the myths! - 06/14/08 01:54 PM
Today, I came across a blog by Mike Jones Tucson Mortgage Company, LLC, http://activerain.com/blogsview/550373/You-Should-Worry-If . I just HAD to reply!
WOW, is about all I can say. This is from a mortgage broker no less. And some of the comments were completely false, I just could not let it go! As I … (4 comments)
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reverse: Do you know who owns your home when you have a Reverse Mortgage? - 06/09/08 11:37 AM
Answer - YOU!
To learn about this and many other correct facts about reverse mortgages, visit the Personal Mortgage Management website and CLICK HERE.
There are many misunderstandings and incorrect beliefs about reverse mortgages, so please learn the correct facts about the FHA / HUD backed HECM Reverse Mortgage Program. If … (0 comments)
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reverse: Non-Safe-Harbor Reverse Exchange Strategy Continued ...... - 06/07/08 11:58 PM
I addressed safe harbor reverse exchange structures in my last blog post. I will go into more detail as to how a non-safe-harbor reverse exchange might be structured in today's market.
Deciding On Reverse Exchange Structure
Reverse exchanges structured pursuant to Rev. Proc. 2000-37 must be structured differently from those that are … (0 comments)
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reverse: Non-Safe-Harbor Reverse Exchange Strategy - 06/07/08 11:20 PM
Safe Harbor Reverse Exchanges
I addressed safe harbor reverse exchange structures in my blog post from yesterday. I discussed the fact that a safe harbor reverse exchange will qualify for tax-deferred exchange treatment and will not be challenged by the IRS provided the safe harbor parking arrangements contained within Rev. Proc. 2000-37 … (0 comments)
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reverse: Hear me on the radio tomorrow! - 05/30/08 04:40 PM
I'm so excited! I've been asked to be a guest of the Rhode Island Real Estate Insiders tomorrow morning. This weekly live radio program, which airs on AM 790 in Rhode Island and the surrounding area, and webcasts for everyone else, provides insightful information to home buyers, and property investors, and airs … (3 comments)
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reverse: Why are reverse mortgages so scary? - 05/28/08 02:08 PM
It's troubling to me that with today's high prices of gasoline, food, energy, etc. that senior citizens are reluctant to take advantage of a reverse mortgage because of their fear of the program. Why is a reverse mortgage so scary?
Reverse mortgages saw some popularity in the 1980's and with this … (4 comments)
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reverse: Save Your Home, and Stop Foreclosure Seniors 62+ - 05/11/08 11:17 AM
Mi Reverse Mortgage lender Stops Foreclosure Using FHA HECM. Reverse Mortgages
Economic times have hit the elderly hard, by the downturn in the economy, loss of jobs, and decreased income, senior home owners are looking for help. Many senior Citizens on fixed incomes are now feeling the pain of … (0 comments)
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reverse: ATTN: Seniors 62+ Go from Foreclosure to Owning your home, often payment free! - 05/11/08 11:12 AM
Homeowner goes from Foreclosure to owning their own home, payment free and with lots of Equity.
This could only happen in markets like Flint and Detroit Michigan!
Senior Citizens in Michigan facing foreclosure may find themselves upside down, no equity, and behind on payments one minute, and the next find themselves … (0 comments)
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reverse: Increase in Reverse 1031 Exchange Activity - 05/04/08 12:57 PM
We expected to see a drop in reverse 1031 exchange activity during this real estate market downturn, but we were surprised to actually experience an increase in reverse 1031 exchange transaction volume.
Sale and Purchase Scheduled to Close Concurrently
What we found is that investors were putting both properties under contract. They were putting … (7 comments)
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reverse: Why are people so afraid of reverse mortgages? - 04/30/08 02:38 PM
Why are people so afraid of reverse mortgages? You can walk into any room and ask for people's ideas about reverse mortgages and you will hear words like "scam", "predatory", and "steal". Let me be the first to tell you that these feelings are not unwarranted. Back in the 1980's when reverse mortgages … (2 comments)
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reverse: I'm proud to offer Reverse Mortgages...You've got to read this story! - 04/28/08 09:01 PM
When I first began in the reverse mortgage business I was embarrassed to tell friends and family what I was doing because of the negative perception of the product. I did not want my friends and family to believe that I was "preying" on senior citizens with a predatory loan product. … (1 comments)
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reverse: You can offer reverse mortgages too... - 04/28/08 12:51 PM
With the popularity of reverse mortgages many people are looking to get in on the action. I offer a program to non-FHA licensed mortgage brokers where they can broker-in our reverse mortgage product. Banks, credit unions, and savings & loans are exempt from licensing requirements and therefore ARE eligible. With this … (0 comments)
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reverse: Reverse mortgages as a tool for real estate agents. - 04/28/08 12:11 PM
I was recently contacted by a local real estate agent about our reverse mortgage program. She had a client who had $150,000 to spend on a home. The problem was, this client liked all the $200,000 homes, however, she did not want a monthly mortgage payment. The agent asked me, "Can … (3 comments)
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reverse: What is a reverse mortgage? - 04/28/08 11:34 AM
What is a reverse mortgage? A reverse mortgage is a special type of loan that enable seniors to convert some of their homes equity into tax-free funds. Unlike traditional equity loans, no repayment is required until thet home is no longer the borrower's primary residence.
Who is eligible? Senior homeowners, over the … (3 comments)
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reverse: Get Excited about what you sell or go sell something else - 04/19/08 11:42 PM
How can you sell anything to any one if you are not excited about it and believe in it your self?
Talked to a broker earlier this week about a reverse mortgage for one of his clients. By the 3rd minute of the conversation he had already talked himself out of it. … (2 comments)
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reverse: Mortgage Market Turn Times (Realistic Expectations) - 03/24/08 02:39 PM
Insight from Scott Johnson Calfornia Mortgage Broker
Turn Times
Turn times in the industry are skyrocketing. Many long-duration tasks typically
associated with mortgages were being waived when the market was "easier".
With the capital markets' "lack of appetite" for mortgage backed securities, waiving
conditions, or ignoring typical requirement are a thing of the past, below represents … (1 comments)
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reverse: How Can Reverse Mortgage Proceeds be Used? - 02/18/08 10:25 PM
In a few words... Any Way You Want!
However, let's explore the ways that the funds can be taken, since that impacts the cash available and thus spending choices.
Lump Sum: The first choice is to take all the available funds at once. This is the option chosen when there the mortgage amount … (0 comments)
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reverse: FAQ's of Reverse Mortgage Settlement - 02/12/08 12:24 PM
We all know that Reverse Mortgage Settlements can be tricky. You need an experienced closer that is patient and professional. Advantage Title's Reverse Mortgage Team has closed hundreds of reverse mortgage transactions. We have put together the 5 frequently asked questions that arise during the settlement. Your borrowers will feel more … (17 comments)
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reverse: What makes it a "reverse" mortgage? - 02/05/08 08:39 AM
A reverse mortgage is exactly what its name implies - a loan whose features make it essentially the reverse of a traditional mortgage. Instead of making the traditional monthly payments you can choose:
to receive payments, you turn your equity into income.to make no payments at all!to cash out for any purpose you … (2 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 13 - 02/05/08 12:33 AM
There are certain pre-reverse 1031 exchange planning issues that should be anticipated to make the planning process go smoother. The pre-planning will vary from transaction to transaction depending upon the circumstances, but here are some items that you might expect.
Pre-Exchange Due Diligence
Before setting up a reverse tax-deferred like-kind exchange, the Exchange … (0 comments)
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reverse: Waiting to exhale... - 01/27/08 07:09 PM
With the Economic Stimulus Package up next the President is just a signature away from siging in to law the legislation that will give thousands more Senior Homeowners access to what for many of them has become their only viable asset - the very home that they live in.But timing is … (1 comments)
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reverse: Ask for Financing from the Lender You Know and Trust - 01/18/08 10:09 AM
As a homeowner, it's smart to use the equity in your home to get the funds you need. If you're remodeling your home, making large purchases or would like to consolidate high-interest bills, apply today on-line http://www.johnwoodburn.net/ .
Did you know, John offers:
Mortgages and Home Equity Loans / Lines of Credit in … (1 comments)
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reverse: Foreclosure, reverse mortgage fraud soaring - 01/15/08 11:56 AM
Originally posted on Home Financing News
USA Today has created buzz with a report about the rapid rise of mortgage scams. They cite FBI statistics, which show that almost three times as many mortgage fraud cases were started by the Bureau in 2007 as in 2003. Fraud convictions have also rocketed, … (2 comments)
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reverse: Great Expectations For Governmnet Loans in 2008 - 01/07/08 09:43 AM
During the next six months, you're going to be hearing, reading and learning a lot about government products - with emphasis FHA loans.
Why? Several reasons:
In 2008, we expect increased interest in government products- especially among borrowers impacted by the significant changes that occurred in the mortgage industry in 2007.The House and Senate … (0 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 6 - 01/06/08 05:38 PM
I discussed the two different reverse 1031 exchange structures in Post No. 5 of this series on reverse 1031 exchange transaction strategies.
I received a number of emails from ACTIVE RAIN members shortly after the last post asking when each structure would be used, and these questions are a perfect segway … (2 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 5 - 01/02/08 04:37 PM
We've laid out the when and why in the first four posts in this series, so let's now get into the how to structure a reverse 1031 exchange transaction.
Reverse 1031 Exchange Structures
The challenge in structuring a reverse 1031 exchange is deciding which property will be acquired and held or "parked" by the … (0 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 4 - 01/01/08 07:42 PM
I started out discussing why you would use a reverse 1031 exchange, including the situations where we see reverse 1031 exchanges used the most often and then addressed some of the ways that reverse 1031 exchanges can reduce risks when using 1031 exchanges.
Overview of Reverse 1031 Exchanges
This post will provide you … (0 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 3 - 12/31/07 03:03 AM
I was discussing the reasons that you might need or choose to structure a reverse 1031 exchange in my last post (Post No. 2 in this Series). Let's discuss how it can also help reduce your risk in completing a 1031 exchange transaction.
It Can Also Reduce Your Risk
Regardless of your … (0 comments)
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reverse: REVERSE 1031 Exchange Series: Post No. 2 - 12/30/07 10:34 PM
The first thing that we should probably address when beginning a discussion of reverse 1031 exchange transactions is why an investor would want to use a reverse 1031 exchange. They are more sophisticated, complicated, and expensive than a traditional or regular forward 1031 exchange transaction after all, so why should we … (2 comments)
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reverse: TWO TRILLION LOCKED UP IN SENIOR'S REAL ESTATE - 12/21/07 06:26 PM
Sacramento, CA-People are living longer than ever. That's a good thing, right? Unfortunately, the cost of maintaining a healthy, quality lifestyle is also on the rise. This mixed blessing is especially hard on seniors whose pensions (if any) and Social Security simply can't keep pace. With limited options, seniors increasingly need … (0 comments)
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reverse: Reverse Mortgage (HECM vs Proprietary Bank Program) - 12/06/07 11:59 PM
Over the past couple of days, I have recieved several questions regarding HECM/HECL loans vs. proprietary bank Reverse Mortgages. Here's the deal on these:HECM (Home Equity Conversion Mortgage) or also known as HECL (Home Equity Conversion Loan). These programs are backed by FHA, and typically have significantly high closing costs. These … (0 comments)
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reverse: Real Estate Attorney Services - 12/05/07 09:16 AM
Would you like Real Estate Attorney Services fast and simple? Would you like your title commitment back in 24 hours? Would you like your borrowers to be able to close at their homes or at night or weekends? Would you like doscounts for No Closing Cost Loans? Would you like an … (0 comments)
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reverse: An Option to the Reverse Mortgage - 11/30/07 11:11 PM
Look out Reverse, there is another player on the horizon. The EquityKey program is for seniors between the ages of 65 to 85. The benefits of EquityKey are 1. Owner recieves debt free cash equal to 12-15% of initial home value(24-30% of initial home value is both homeowners qualify). 2. No … (1 comments)
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reverse: Overview of Reverse 1031 Exchange Transactions - 11/18/07 12:44 PM
The real estate market has changed considerably over the last year or so. There is significanly more real property inventory on the market today compared to the same time last year. In fact, in some geographic areas there is about six to eight months worth of inventory listed on the MLS. You … (0 comments)
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reverse: Five Factors Every Homeowner Should Know to Maximize Mortgage Management - 11/15/07 03:45 PM
What's Hiding In Your Home Loan? Five Factors Every Homeowner Should Know to Maximize Mortgage ManagementBy Frank SchiefelbeinA study recently released by Countrywide Home Loans revealed that many homeowners may not be fully capitalizing on the powerful fiscal opportunities within their homes. Ninety percent of survey homeowner respondents admitted that their … (1 comments)
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reverse: Reverse Mortgage myths still persist - 11/04/07 01:13 PM
Recently, I saw a comment that I really want to address. She was concerned about a relatives inability to make changes to their home because of having a reverse mortgage on their home. About a month ago, I wrote a blog addressing this very issue http://activerain.com/blogsview/229001/Still-the-most-common and the very first MYTH~that the bank … (3 comments)
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reverse: All about reverse mortgages. Read this before applying. - 10/07/07 11:34 PM
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet … (2 comments)
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reverse: What DOES it take to qualify for a Reverse Mortgage? - 10/07/07 01:27 PM
Like the myths that I mentioned in my earlier blog, there are certain requirements to get a Reverse Mortgage in the US:
First, you (or the youngest if married) must be 62 or older. If you are single, this is a requirement, if married and the youngest is below 62, it can … (1 comments)
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reverse: Still the most common Reverse Mortgage myths. - 10/07/07 09:57 AM
Virtually ever time I read something about Reverse Mortgages, one of the most common things I see is the need to dispel the common myths. It seems these myths still persist, even with all the knowledge out there. I even had a conversation with my mother recently, and I think she … (0 comments)
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reverse: Are Reverse Mortgages a part of Predatory Lending? - 09/27/07 09:24 AM
I saw a blog this morning, outside of AR, where the blogger felt Reverse Mortgages are predatory lending, and contributing to the economies problems, down the road anyway. Obviously, from my previous posts, you should be aware that I feel Reverse Mortgages are a great thing. Now, I would say they are … (6 comments)
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reverse: Lower interest rates also help Reverse Mortgages - 09/23/07 01:07 AM
One of the factors many do not realize, interest rates do effect Reverse Mortgages, besides how fast or slow the balance increases over time. It is one of the factors that effects how much the borrower can borrow against their equity. So, the lower the interest rate, the more they can … (2 comments)
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reverse: What is a Reverse Mortgage? - 09/17/07 09:57 PM
A Reverse Mortgage is one of the most misconstrued products that enders offers. This post is meant primarily to give you an overview of what a Reverse Mortgage is and dispel and myths or misconceptions out there. Click here to visit the AARP sponsored site on Reverse Mortgages.
First of all, what … (1 comments)
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reverse: Reverse-mortgage market zooms forward! - 06/22/07 11:30 AM
Reverse mortgages allow homeowners who are 62 and older to convert home equity into income, with the lender paying out via a lump sum, monthly payments or a credit line. When the house is sold, the lender is paid back with interest.
With a typical reverse mortgage, the homeowner never owes the … (7 comments)
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reverse: Top Ten Things To Know About Reverse Mortgages - 06/19/07 11:48 AM
I have been receiving many phone calls about reverse mortgages. I just wanted to post some information that explains exactly what a reverse mortgage is and is not. This is a very good list that was put together by The US Department of Housing. Reverse Mortgages are becoming popular in America. … (1 comments)
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reverse: Reverese Mortgages Are For Purchases Too - 06/17/07 09:05 AM
Generally thought of as a refinance only transaction, reverse mortgages are also available to qualified borrowers for a purchase transaction. This can be very handy for those who are age appropriate and want to downsize or relocate. No mortgage payments on a new house isn't a bad thing.
This is also true … (3 comments)
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reverse: Reverse Mortgage vs. $250,000-$500,000 exemption - 06/06/07 11:19 PM
My question to all today is the value of the mortgage reversal to the exemption value at time of sale? Also, as we head into the next election year with possibilties for change, will we see a change from the 15% remainder tax outside of one's exemption or will that possibly change … (0 comments)
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reverse: Changes in VA Loans Simplify Process for Your Clients - 04/17/07 04:41 PM
Changes in VA Loans Simplify Process for Your Clients by Frank SchiefelbeinMore veterans are applying for VA loans than ever before, which is why it is increasingly important to understand the guidelines for these loans, particularly when it comes to underwriting standards. During 1997 and 1998, the Department of Veterans Affairs … (0 comments)
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