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Added Benefits for our Veterans in 2020 By Eric Gomez, ACE Credit Consulting and Member of CCAR’s REALTOR®/Lender Committee The Blue Water Navy (BWN) Vietnam Veterans Act of 2019 (PL 116-23) made changes to the VA Home Loan Program that exempt Purple Heart Recipients that are currently serving on active duty from the VA Home…

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What’s Happening on the Credit Side in Early 2020? By Mickey Lynam (NMLS 974623), IBERIABANK Mortgage, Member of CCAR’s REALTOR®/Lender Committee “The lowest midwinter mortgage rates in history have contributed to an unusual early-year surge in home buying” (and refinancing)  -MoneyWise, Feb. 3, 2020 The Highlights: During mid-January, the pace of homebuyers applying for mortgages…

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No More Excuses By Alexandra Swan (NMLS 117371), Willow Bend Mortgage and 2019 Chair of CCAR’s REALTOR®/Lender Committee The last article of the year for the REALTOR®/Lender Committee is the responsibility of the outgoing chair.  I have had this on my calendar for about 75 days with the best of intentions to finish it well…

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Appraisal Do’s and Don’ts By Vaughn Kerkorian of Kerkorian Residential Appraisals and Member of CCAR’s REALTOR®/Lender Committee Once the appraisal appointment has been scheduled, what can a real estate agent do to best assist their client and the appraiser without creating undue influence within the appraisal process?  Do It is permissible to meet the appraiser…

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FHA Condo Rules Loosen and VA Loan Limits Eliminated By Tracy Walden – Thrive Mortgage, NMLS #1048123 and member of CCAR’s REALTOR®/Lender Committee FHA ISSUES NEW CONDOMINIUM APPROVAL RULE Comprehensive policy revisions include ability to approve individual units in non-approved condo projects – effective October 15, 2019 In an effort to promote affordable and sustainable…

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TREC Contract Changes to 40-8 and 49-1 Requires Adjustments to Lender/REALTOR® Workflow By Dawn Ferreiro – Supreme Lending, NMLS #514152 and member of CCAR REALTOR®/Lender Committee TREC made several changes to the 1-4 Residential Single Family Contract in November of 2018. This article specifically addresses changes made to the “Third Party Financing Addendum (40-8)” article…

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What is FIRPTA? By Diane Donley, Republic Title North Coit, Member of CCAR’s Affiliate Committee FIRPTA (The Foreign Investment In Real Property Tax Act of 1980) is a tax law that may impose a tax on certain defined “foreign persons” selling U.S. real estate. It is important to determine as early in the transaction as…

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How Low Can You Go? The Lowest Down Payment Required for a Conventional Loan By Wendell Cox, Creative Credit Solutions, Member of CCAR’s REALTOR®/Lender Committee What is the lowest percentage of down payment possible on a conventional loan? If you responded “20%” – you are with the majority. You are also incorrect. The lowest down…

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