| Follow MAR On Twitter! |
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MAR is expanding its’ presence on Social Media sites, and is now on Twitter! Begin following MAR on Twitter, and receive the latest tweets on advocacy, legal issues, state, national news and more! Whether on your phone, or each time you log in, stay connected with the latest Michigan real estate news, through Twitter today! ... more
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| HUD/Site Condo Update |
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The Michigan Association of REALTORS®, along with many other state REALTOR® associations, has received many questions and concerns regarding site condominiums and FHA loan approvals. Recently, HUD released Mortgagee Letter 19 on the Condominium Approval Process for single family housing. ... more
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| MSHDA expands down-payment assistance programs for first time Home Buyers |
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The Michigan State Housing Development Authority has significantly expanded its down-payment assistance program that, when combined with the new federal tax credit, would provide more than $15,000 in help for first-time home buyers. ... more
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| State Budget Problems Persist |
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The news has been anything but positive for the last two years regarding Michigan’s budget situation. The latest projections show that trend continuing. State government is spending at a rate of nearly $1.1 billion dollars higher than it is taking in revenue for the current fiscal year. All major tax reform discussions pertaining to the industry are on hold as Lansing is concerned primarily with passing amendments to our budget that will make sure the books are balanced at the end of the fiscal year (September 30). ... more
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| HUD Update: Tax Credit Can Be Used on Closing Costs |
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FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today. ... more
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| Tax Credit Guidance for FHA Loans Announced by HUD |
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In his speech at the National Association of REALTORS® Housing Summit on May 12, 2009, US Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced a program that allows borrowers to use the first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage. The Secretary said “We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit.” ... more
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| Governor Signs Foreclosure Package: Bills would give additional time for homeowners facing foreclosure to work with lenders |
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Legislation to give homeowners on who are on the brink of losing their home a 90-day period to work out a payment plan with their lending institution has been signed by the Governor. House Bills 4453-4455, now Public Acts 29, 30, and 31 of 2009, would allow consumers who are on the brink of foreclosure a 90-day period to attempt a loan modification plan. ... more
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| HUD: Homebuyer Tax Credit Loans Still on Track |
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News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says. ... more
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| Monetizing Tax Credit For Downpayment – Update from NAR |
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In his speech to REALTORS® last week at the NAR Mid-Year Conference, Secretary Donovan outlined the main points of the FHA monetization program. ... more
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| Conference Committee Moves Foreclosure Package |
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Legislation to give homeowners who are on the brink of losing their home a 90-day period to work out a payment plan with their lending institution passed out of a Conference committee comprised of members of the House and Senate. House Bills 4453-4455 would allow consumers who are on the brink of foreclosure a 90-day period to attempt a loan modification plan. ... more
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