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FHA proposes changes to 203(k) program

Housing Wire

The 203(k) Rehabilitation Mortgage Insurance Program helps borrowers purchase a home or refinance an existing mortgage and includes the cost of repairs or rehabilitation into one new mortgage. Changes also include increases to the maximum amount for other allowable fees, including for draw inspection, which is $375.

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Why it’s time for the housing industry to get serious about climate risk

Housing Wire

And yes, this certainly has had an impact on insurance companies from coast to coast, as we’ve seen insurers retreat en masse from states such as California , Florida , and Texas , which have all seen record losses in recent years from wildfires, earthquakes, hurricanes, severe winter storms, sinkholes, and more.

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NRMLA, MBA provide comments on HECM application, origination documents

Housing Wire

In particular, HUD Form 92900–C is designed to “collect loan-level data that is needed for insuring purposes and not found on Fannie Mae form 1003,” according to the original announcement. Following an announcement that the U.S. HUD also plans to replace its use of some internal forms, including one used in conjunction with U.S.

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What is the Buyer’s Inspection Advisory? 

CA Realty Training

The Buyer’s Inspection Advisory (BIA) is a disclosure that is included with the Residential Purchase Agreement (RPA) when you make an offer on a home. Simply put, it is advising the buyer to have a professional inspect the property. Disclosures are designed to inform and protect the parties entering into an agreement.

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Home Appraisals – What Do They Look For?

D Fritz Appraisals

Home appraisers are trained to inspect and measure your property and perform comparisons that result in an accurate valuation for the current housing market. They are also used to assess the value of the home for home improvement loans and insurance evaluations. Valuation for insurance claims. Functionality of design and layout.

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Communication Tips for Real Estate Can Mean a Smoother Transaction

McKissock

One party may forget to pass along a message, another may have the day off, or there may be a missing document. Title companies offer tips to help you organize all the documents required by closing agents. Additionally, provide full contact information for any surveys, pest inspections, or home inspections.

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Real Estate Sales Agreements: Understanding Your Contract

Movoto

During the under-contract period (usually the month leading up to the closing stage of your home purchase ), several different processes need to be completed, such as the home inspection and possibly repairs. Title and Insurance. Title insurance is outlined here which provides a crucial safeguard against potential property defects.