Friday Mortgage Brief - Friday, November 18, 2011
The Friday Brief
Congress Increases the Ceiling on Size of Mortgages Wall Street Journal (11/18/11) P. A6 Zibel, Alan Capitol Hill legislators on Nov. 17 took aim at raising the maximum size of home loans that can be guaranteed by the FHA. Lawmakers passed a broad spending bill that contained a provision to restore to $729,750 the ceiling on mortgages that can be insured by the agency. The measure now goes to the desk of President Obama, who is expected to sign it into law.
Property Flips-Alert your lender!
If the sale you are working on is a flipped property, it's important to make sure the lender involved is aware that it's a flip. In many cases there are additional lender requirements especially if the financing is FHA or involves Mortgage Insurance. Alerting your lender on day 1 will help ensure a smooth closing.
From Bruce
"The successful person makes a habit of doing what the unsuccessful person doesn't like to do. The successful person doesn't like to do it either, but he does it because he recognizes that this is the price for success." --Herbert Gray
Still pushing to finish strong this year? Need help with a buyer? The best number to reach me is my cell 703.-850.1349J
Bruce
Bruce Rosenberger
Chairman's Team
SunTrust Mortgage, Inc
Cell 703.850.1349
Buying or Selling a Home in Northern Virginia? Contact Kim Darwaza of RE/MAX Allegiance for
all of your Real Estate needs at 703-856-2254 or kim@kimdarwaza.com. To search the MLS please visit http://www.kimdarwaza.com.