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FHA drafts guidance to expand financing on homes with ADUs

Housing Wire

The Federal Housing Administration (FHA) published a new draft version of a Mortgagee Letter (ML) on Thursday that would update the mortgage insurance requirements on single-family homes with accessory dwelling units (ADU).

Finance 363
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Experts weigh in on whether seniors should get new mortgages: Bankrate

Housing Wire

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Even if one owns a property with no further mortgage payments due, property taxes and upkeep will be a consideration,” Bankrate senior economic analyst Mark Hamrick said. “As

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Foreclosures are rising, but it’s not yet alarming

Housing Wire

But more broadly, since the Great Recession in 2008, there has been a greater implementation of standardized loss-mitigation measures designed to prevent a foreclosure crisis. rising dramatically in the past few years, some owners cannot afford the proportional increase in tax bills. creating chaos in property insurance markets.

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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The action is designed to inform consumers about the potential pros and cons of taking out these loans, according to an announcement issued by Attorney General Dana Nessel’s office on Monday. “A As long as you retain ownership of the home and pay the property taxes, the loan will not become due.”

Mortgage 369
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The Hidden Costs of Homeownership

Eppraisal

It's prudent to establish an emergency fund specifically designated for home repairs. Aim to save at least 1-2% of your home's value annually to ensure you can handle sudden and expensive repairs without depleting your finances or resorting to high-interest loans. While insurance is essential, the premiums can be substantial.

HOA 36
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How To Find & Lease Commercial Space for Rent in 2022 [Full Guide]

The Robert Weiler Company

Taxes and Assessments. Indemnity and Insurance. The lease agreement is not automatically extended at the end of the period, and it is necessary to change the lease agreement for further use of the property. And the landlord pays for all operating expenses, such as maintenance, property taxes, and insurance.

Tenants 144
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Understanding Mortgage Payments

Assurance Financial

About 96% of first-time homebuyers finance the purchase with a mortgage. Repayment: You make monthly payments on the loan , which typically include principal, interest, taxes and insurance. Ownership: Once the loan is fully repaid, you own the property outright. Insurance Does a mortgage payment include insurance?