It’s going to be harder to get a government-backed mortgage from now on. Looking to shore up its weakening finances, the Federal Housing Administration is set to announce stricter standards on Wednesday.

The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger downpayments. The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders. (more…)

Investors and condo sellers in Florida could be major beneficiaries of a new policy by Fannie Mae that’s designed to provide more mortgage money to stimulate sales. Last week Fannie announced an easing of its tough previous rules on spot loans in dozens of condo projects throughout Florida, including 51 buildings in the hard-hit Miami area with more than 17,000 units.

Fannie Mae said it would now provide “special approvals” for loans on units in condo projects that otherwise wouldn’t qualify for financing because of a variety of issues — from excessive unpaid condo association fees to high concentrations of investor units. The company also said it is dispatching a team of analysts who will look at condo projects throughout the state to determine whether to grant exceptions to its rules – and pump up sales volume. (more…)

Waterfront on New River

Heritage Estates Lot 46. 1.3 acres. 100 feet on the river. Anchored gazebo stays. Septic permit. Shared well. Graded and ready to build on. Paved road.

MLS Number: 54345
List Price: $110,000

Very nice lot on New River. Good neighborhood, paved road to lot. Over 100′ on river, has a new gazebo anchored on lot that stays. Septic permit has been pulled as per seller. Grading has been done and shared well on lot. Ready to build on.

Ashe County
Lot Size, Apx Acreage: 1.37
Type: Waterfront
Suitable Use: Residential
Topography: Level, Stream/Creek
Utilities: Total Electric
Water/Sewer: Community Water, Septic Tank
Road Frontage: Private Road, Paved Road
Miscellaneous: 1-5 Acres

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Although the public has most certainly been made aware of the massive amounts of residential properties being foreclosed upon, most are not aware of the amount of commercial properties that are either delinquent or soon to be so. Towards the end of the residential real estate boom, the commercial real estate market also saw a boom itself. Fueled by easy credit and new investors entering the market the commercial real estate market exploded.

Thousands of these properties were purchased at the height of the market and were highly leveraged. These properties may have performed well enough to cover debt service and operating costs when occupancy rates were at historic highs, but now that businesses are tightening their belts, unemployment is rising, consumers are not spending money on goods and services or traveling the pressure is mounting on commercial property owners. This scenario has left these commercial owners in an extremely precarious situation. If the poor economy doesn t push these owners to a breaking point, the lender that holds the mortgage on the property will. (more…)

The Malone Bay community features 18 lots at W. Kerr Scott Dam & Reservoir. Fourteen (14) are Lakefront and meet private dock requirements. All lots have access to public water, saving owners from $5,000 to $10,000 on drilling a well. These lots have public water and will save you the cost of drilling a well. The entire development also features underground utilities.

This is a gated community with lots ranging from 2.3+- acres to 6.8+- acres on the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

W. Kerr Scott Lake is 1500 acres with 50 miles of shoreline and is controlled by the US Army Corps of Engineers. It is clean water with good fishing and is excellent for boating, kayaking, skiing, and swimming. The property is surrounded by National Parks. Wilkesboro is a beautiful community and town with friendly people. It is located just 40 miles east of Boone and Blowing Rock, NC and one and a half hours northwest of Charlotte.

Lot #10

MLS Number: 54632
List Price: $450,000
Lot Size: 2.8 acres
WATERFRONT, PRIVATE DOCK PERMIT, GATED COMMUNITY, PUBLIC WATER, UNDERGROUND UTILITIES
Wilkes MLS Area 2
Suitable Use: Residential, Single Family
Topography: Rolling, Lake/Pond, Exceptional View
Utilities: Underground Utilities
Water/Sewer: Public Water, None-Sewer
Road Frontage: Private Road, Paved Road, Road Maintenance Agreement
Miscellaneous: 1-5 Acres, Hardwoods
Location: Malone Way

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Starting Jan. 1, new rules go into effect that simplify and clarify exactly what mortgage lenders will charge for a loan.

The initiative from the Department of Housing and Urban Development (HUD)requires that a new “Good Faith Estimate” form be given to all applicants, one that makes it easier to compare true costs of loans from different lenders.

“The main purpose is to give consumers the tools to be able to compare apples to apples,” said Robert Grosser of Luxury Mortgage, a New Jersey-based direct lender. “All lenders must use a specific form and disclose fees in the same spots on the same forms.” (more…)

Join the nearly 18 percent of Americans who say they’ve resolved to become a first-time homebuyer in 2010, according to a new Move.com survey. That’s both a smart move and a timely one. Mortgage rates are at record lows, prices are down and the $8,000 first-time home buyer tax credit has been extended until April 30, 2010. It’s also been expanded to include a $6,500 tax credit to move-up buyers.

More than 15 percent of those who responded to the survey said saving money to purchase a new home is their top real estate resolution for the New Year. Resolve with them to learn the best way to budget, plan ahead and save money.

Nearly 40 percent say No. 1 on their list of resolutions is starting a home improvement. Cheap home equity money should help them not only start, but also complete the job. Calabasas, CA-based Informa Research Services found home equity lines of credit (HELOCs) for $50,000, with an 80 percent loan-to-value note, were available in early December at an average variable rate of 4.98 percent. Some rates were as low as 2.74 percent. (more…)

The Malone Bay community features 18 lots at W. Kerr Scott Dam & Reservoir. Fourteen (14) are Lakefront and meet private dock requirements. All lots have access to public water, saving owners from $5,000 to $10,000 on drilling a well. These lots have public water and will save you the cost of drilling a well. The entire development also features underground utilities.

This is a gated community with lots ranging from 2.3+- acres to 6.8+- acres on the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

W. Kerr Scott Lake is 1500 acres with 50 miles of shoreline and is controlled by the US Army Corps of Engineers. It is clean water with good fishing and is excellent for boating, kayaking, skiing, and swimming. The property is surrounded by National Parks. Wilkesboro is a beautiful community and town with friendly people. It is located just 40 miles east of Boone and Blowing Rock, NC and one and a half hours northwest of Charlotte.

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Since you can buy many REITs just like stocks, investing in them allows you to gain exposure to the real estate market without the hassle of having to buy, manage and sell actual bricks and mortar. And because for tax reasons REITs must distribute 90% or more of their taxable income to shareholders annually as dividends, many investors looking for steady income from their investments also gravitate toward REITs.

After slumping badly in 2007 (-17.8%) and 2008 (-37.3%), REITs have been on a bit of a roll again with a year-to-date return of more than 25% through mid-December.

(more…)

Waterfront on New River

Heritage Estates Lot 46. 1.3 acres. 100 feet on the river. Anchored gazebo stays. Septic permit. Shared well. Graded and ready to build on. Paved road.

MLS Number: 54345
List Price: $110,000

Very nice lot on New River. Good neighborhood, paved road to lot. Over 100′ on river, has a new gazebo anchored on lot that stays. Septic permit has been pulled as per seller. Grading has been done and shared well on lot. Ready to build on.

Ashe County
Lot Size, Apx Acreage: 1.37
Type: Waterfront
Suitable Use: Residential
Topography: Level, Stream/Creek
Utilities: Total Electric
Water/Sewer: Community Water, Septic Tank
Road Frontage: Private Road, Paved Road
Miscellaneous: 1-5 Acres

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