Mar 27, 2009
According to NAR: The latest from Washington, DC
27 Mar 2009
Posted by VAR
- Freddie Mac agreed to reinforce its policy on short sales commissions (i.e. not to negotiate the amount negotiated by the listing agent, as long as the commission doesn’t exceed six percent). Fannie Mae ordered its servicers to do the same, effective March 1.
- GSEs agree to make second home and investor loans eligible for the new Home Affordable Refinance Program.
- Fannie and Freddie will issue guidance within a few weeks that will implement the higher 2009 conforming loan limits. This will raise the cap in the highest cost areas from $625,500 to $729,750.
- Fannie and Freddie are making it easier for you to work with them on their REO programs. Click here to apply for the Freddie Mac program. Click here to apply for the Fannie Mae program.
- NAR staff has undertaken several initiatives to improve the short sales process, and has released a flyer describing these initiatives. It will be updated as progress is made.
- The Obama administration released its new Making Home Affordable Program Web site. Notably, consumers can use www.MakingHomeAffordable.gov to determine whether they have a Fannie Mae or Freddie Mac loan. In addition to the government’s Web site, Realtor.org also has a section about the program.
- The IRS has released guidance on the First Time Homebuyer Tax Credit (did you see VAR’s new consumer-facing flyer about the credit for your use?).
- Speaking of the First Time Homebuyer Tax Credit, NAR has asked HUD to allow prospective buyers to use the credit as part of their down payment through a loan program.
- The debate over changes to the Mortgage Interest Deduction did not re-emerge as House and Senate Budget Committees developed separate Budget Resolutions this week.
- HUD temporarily places limits on FHA cash-out refinances.
- The USDA announced that under the American Recovery and Reinvestment Act of 2009, about $10 billion is about available through its Family Housing Guaranteed Loan Program.