HUD has formalized a RESPA rule regarding payments from home warranty companies (HWC). Specifically, the rule provides:
It's not exactly Independence Day, but July 1 is a great day because it marks the day that Virginia homeowners earned a few more rights and protections. Click on any of the links for more information about these new laws, effective today, July 1, 2010.
Mortgage rates scored another all-time low this week, but even so, the volume of home sales is dropping as what might be described as a post-homebuyer tax credit malaise seems to have set in nationwide.
- 30 year fixed rate: 4.58%
- 15 year fixed rate: 4.04%
In spite of the low rates, buyers appear to be firmly fixed on the sidelines.
Despite the cheap credit, an index of applications for loans to finance home purchases fell 3.3% last week from the week before, the Mortgage Bankers Assn. said Wednesday.
Gov. McDonnell has embarked on a mission to create the Commonwealth's first statewide housing policy. The policy is expected to guide the Commonwealth's approach to issues such as homelessness, affordable housing, workforce housing, economic development, healthy neighborhoods, effective coordination with transportation, environmental issues and other housing related opportunities.
Time is running out to provide comments or ideas to Gov. McDonnell's Housing Policy Advisory Committee. On July 9, the suggestion box will be closed. If you'd like to provide input to the Advisory Committee, act now.
A day after helping to get the homebuyer tax credit closing deadline extended, NAR's powerful lobbying efforts are profiled in a CNBC spot.
Regardless of what you think about the tax credit, there's widespread agreement that it helped stimulate sales and stabilize home prices. Realtors®: If you've benefited from the homebuyer tax credit (and virtually all of us have, if only indirectly), make an investment in RPAC -- it'll make future legislative victories possible.
Late on Tuesday, June 30, the Senate got it done. This just in from NAR:
This just in from NAR:
The United States House of Representatives has just passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September, 30, 2010. The bill moves to the Senate where the outcome is much less certain. NAR will continue to update you as the events move forward.
Despite yesterday's filibuster, NAR continues lobbying Congress to pass the closing deadline for the homebuyer tax credit and the National Flood Insurance Program. According to NAR:
The Washington Post reports today that mortgage rates for the three most popular loan products have reached an all-time low. Thirty, 15, and five year loans have all landed at their lowest levels on record.
- 30-year fixed-rate mortgage: 4.69%
- 15-year fixed-rate mortgage: 4.13%
- 5-year adjustable-rate mortgage: 3.84%
Fannie Mae's announcement of stiff new policies and procedures for borrowers who choose strategic default is especially relevant in Virginia. That's because the Commonwealth allows lenders to pursue deficiency judgments against borrowers who default on home loans. In case you didn't see the news, Fannie now says it will pursue deficiency judgments against borrowers who choose to walk away.
Fannie also announced that if it has evidence the borrower chose to just walk away from a previous loan, it won't guarantee a new loan for any homeowner for seven years.