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 convened a work group of member experts to study easing restrictions on foreign investment in U.S. commercial property governed by FIRPTA and make recommendations to D.C. lawmakers.
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.
In recent years, cash has dominated U.S. real estate purchases by foreign nationals. According to NAR’s 2013 Profile of International Home Buying Activity, agents reported that 63 percent of their international transactions were conducted without financing.
Is that because foreign buyers prefer a cash purchase, or do they feel locked out of the U.S. mortgage market? If the latter, agents may be able to help more global buyers reach the closing table by identifying lenders ready and willing to meet their buyers’ needs.