Entries for August, 2011

What is FHA MAP?

Multifamily Accelerated Processing (MAP) is designed to establish national standards for approved Lenders to prepare, process and submit loan applications for Federal Housing Administration (FHA) multifamily mortgage insurance.  Here is the FHA MAP guide.

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What is Homepath Financing?

A HomePath mortgage allows a borrower to purchase a Fannie-Mae owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance.   Seller contributions to closing costs are allowed. A HomePath Renovation mortgage allows a borrower to purchase a property that requires light to moderate renovation.  The one loan amount [...]

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What is Assignment?

Assignment refers to a transfer of rights and duties under a contract.   A person who assigns or transfers legal rights in a contract to another party or person is called the Assignor.  The person to whom legal rights in a contract are transferred or assigned is called the Assignee.

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What is the Current FHA Seasoning Waiver?

FHA extends the 90-day seasoning waiver.   On Friday, January 28, 2011, HUD announced the extension of the 90-day seasoning waiver. There are 4 things you should know about the waiver:  1. The extension is effective for all sales contracts executed on or after 2/01/2011 through 12/31/2011 unless otherwise extended or withdrawn by FHA 2. All [...]

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What is Regression?

Regression is the principle that the value of a superior property is adversely affected by its association with an inferior property of the same type.

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What is Progression?

Progression is the principle that the value of an inferior property is enhanced by its association with superior properties of the same type.

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What is Plottage?

Plottage is the process of combining two or more properties into one large parcel.  The value of the whole parcel will be greater than the individual parcels

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What is Laissez-faire?

Laissez-faire is a philosphy of noninterference by the government in private business affairs.   It advocates letting the owners of land and business fix the rules of competition. The phrase laissez-faire is French and literally means “let do”, and implies “let it be” or “leave it alone”.

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What is the Concurrency Provision in Florida’s Growth Management Act of 1985?

The concurrency provision mandates that the infrastructure, such as roads and water and waste treatment facilities needed to support additional population, be in place before new development is allowed.

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How Do You Apply for a VA Loan?

You can apply for a VA loan with any mortgage lender that participates in the VA home loan program.   You will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.  You will need to complete the VA form 26-1880.

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