Reminder: Private Mortgage Insurance is Temporary


Private Mortgage Insurance or PMI lets home buyers enter into a mortgage with as little as 3.5% down. The lender will require that this coverage continue until the borrowers equity is 20% of the home’s value. This NY Times article serves as a good reminder to borrowers on the fact that this rather expensive insurance … More Reminder: Private Mortgage Insurance is Temporary

Ending Marketing Agreements Between Lenders and Real Estate Brokers


More lenders such as Wells Fargo are doing away with marketing service agreements or MSA’s with real estate firms as Federal Regulators have begun cracking down on some of these arrangements as violations of anti-kickback  laws. This Realtor.org article explains the recent actions taken against lenders that have made some do an about face on these … More Ending Marketing Agreements Between Lenders and Real Estate Brokers

Better Safe Than Sorry – Dealing With Building Code Violations


New York City has been cracking down on building owners to make sure that owners maintain their buildings. This recent article in The Cooperator explains why the building code in NY is unique and what building owners should be prepared to do to stay in compliant. Those of us without engineering degrees tend to take … More Better Safe Than Sorry – Dealing With Building Code Violations

New Fannie Mae Mortgage Product For Low and Moderate Income Borrowers


On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household member can be considered as a means to qualify for a Fannie loan. In addition, borrowers can include funds received from … More New Fannie Mae Mortgage Product For Low and Moderate Income Borrowers