Good News for First Time Home Buyers.

More Banks Lower FICO Score Requirements

More banks are lowering minimum FICO score requirements in an attempt to shore up lending for underserved borrowers.
Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score to 550. It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with FICO scores below 640.

President Obama Signs Flood Insurance Relief Bill into Law

Obama Signs Flood Insurance Relief Into Law

 

President Barack Obama signed into law a bipartisan bill that will delay flood insurance rate hikes for property owners nationwide.The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’s authority to increase premium rates when a property is sold. It also refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. The senate approved the bill on March 13, and the House of Representatives March 4.

Flood Insurance Bill moves on to the President.

Senate Passes Flood Insurance Bill

The U.S. Senate voted 72-22 yesterday to approve the bipartisan Homeowner Flood Insurance Affordability Act with amendments made by the House. The bill curtails flood insurance rate increases that property owners are facing across the country.

This Bill will Limit or Eliminate Tax Deductions Earned from Interest Paid and Property Taxs Paid.

Tax Reform Proposal Would Dramatically Alter Housing Landscape

The comprehensive tax reform discussion draft that House Ways & Means Committee Chairman Dave Camp, R-Mich., released yesterday envisions a very different picture for home owners than what’s in place today. In a statement about the plan, NAR President Steve Brown says the association is concerned with many of the proposals.