The purpose of this fact sheet and suggested voluntary guidelines is to increase real estate professionals’ awareness, knowledge, and understanding of the potential money laundering risks surrounding real estate and enable them to identify practical measures to mitigate the risks.
FEMA has updated THE manual which insurance companies use to write flood insurance policies. The comprehensive manual provides answers to just about any question a REALTOR® or REALTOR® Association staffer may have regarding flood insurance, ranging from how condos are treated to rate tables as revised by the Homeowner Flood Insurance Affordability Act enacted earlier this year.
On August 26, 2014, the Federal Housing Administration (FHA) issued its final rule to eliminate post-payment interest charges on FHA-insured single family mortgages.
NAR Work Group Develops Recommendation
As Washington, D.C. lawmakers consider easing restrictions on foreign investment in U.S. commercial property governed by the Foreign Investment in Real Property Tax Act (FIRPTA), NAR convened a work group of member experts to study the issue and make recommendations. (The special work group included representatives from the Federal Taxation Committee, Commercial Committee and the Global Businesses & Alliance Committee.)
When it comes to mortgage financing on U.S. properties, domestic buyers have one distinct advantage over global ones: their credit history is easily accessible. Not so with foreign borrowers. Verifying an overseas credit standing can be the make-or-break hurdle to getting a loan and closing a transaction.
If you have worked with global buyers of U.S. properties, at some point you’ve probably been asked about financing. During and after the recession, mortgage programs were limited to non-existent. Recently, however, the tide has turned and credit to foreign buyers has loosened. In fact, some institutions view lending to foreign nationals as a growth market. Depending on your buyer’s resources, there may be several products that meet their needs and circumstances.