ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/19/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016102600

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Is the  Federal Housing Administration taking a back-door exit away from condos or Could the  agency be tightening its rules in order to cut loan volume in the months ahead,  potentially putting thousands of unit sellers, buyers, homeowners associations  and realty agents in a mortgage-money squeeze?

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

FHA adamantly  denies that it’s doing anything of the sort, and insists that new rules rolled  out at the end of last month represent prudent responses to the serious risks  the agency’s insurance funds confront.

But condo  industry executives and community managers say FHA’s tougher regulations have  a wet-blanket effect on associations’ ability — and willingness — to  get their projects approved for financings by the agency. Without an entire  project certified, potential buyers of units cannot obtain FHA-backed loans,  which in turn makes it more difficult for current unit owners to sell and could  depress property values.

<img title="Flickr image courtesy of rvaphotodude" src="http://www.inman.com/files/imagecache/article-photo/files/imagefield/flickr_rvaphotodude_CONDOS_1.jpg&quot; alt="Flickr image courtesy of rvaphotodude.” />

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

FHA’s low down payment  minimums — 3.5 percent — and relatively generous credit and debt ratio  policies have made it the go-to financing source during the past several years for  moderate-income buyers who previously would have sought conventional mortgages.  With high-cost-area mortgage limits of $729,750 — at least until Oct. 1, when  they are scheduled to drop — FHA has even become a player in some upper-end  condo communities.

The biggest  complaint about the new FHA rules, said Lewis, is the requirement that anyone  who signs an application for certification or recertification of a project must  assume full responsibility under federal law for the accuracy of every piece of  information contained in the submission.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Condo  boards, unit owners and managers also are upset by other rules from FHA, including:

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

1. A requirement that no more than 15 percent  of all units in the project are no more than 30 days delinquent on their condo  assessments, including bank-owned (REO) units, which are notorious for nonpayment of fees.

2. A requirement that not only must condo  boards carry fidelity insurance on their officers, but that management  companies must carry policies as well.

3. A variety of technical rules that may  hamper condo conversions and so-called gut rehabs.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

In  response, FHA officials argue that most of the agency’s rules track similar  requirements in the conventional financing marketplace. Asked  whether a calculated phasedown of FHA’s condo volume lurks behind the toughened  rules, Lemar Wooley, a spokesman for the agency, said “that is not the  case. FHA is committed to continuing its mission of providing affordable,  sustainable homeownership opportunities while managing and mitigating risk. Our  new condo guidance is consistent with that commitment.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011

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