FHFA Statement on Certain Energy Retrofit Loan Programs

July 15, 2010 By Steve Kornspan

FEDERAL HOUSING FINANCE AGENCY STATEMENT
For Immediate Release

FHFA Statement on Certain Energy Retrofit Loan Programs

After careful review and over a year of working with federal and state government agencies, the Federal Housing Finance Agency (FHFA) has determined that certain energy retrofit lending programs present significant safety and soundness concerns that must be addressed by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Specifically, programs denominated as Property Assessed Clean Energy (PACE) seek to foster lending for retrofits of residential or commercial properties through a county or city’s tax assessment regime. Under most of these programs, such loans acquire a priority lien over existing mortgages, though certain states have chosen not to adopt such priority positions for their loans. [Read more...]

Filed Under: Buyer Info

First-Time Homebuyer Credit Closing Deadline Extended to September 30, 2010

July 2, 2010 By Steve Kornspan

The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home.

The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from June 30 to Sept. 30 for eligible homebuyers who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. [Read more...]

Filed Under: Buyer Info, Mortgage & Finance

RESPA Home Warranty / Referral Compensation Ruling

June 29, 2010 By Steve Kornspan

New RESPA Interpretive Rule:

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 3500 [Docket No. FR–5425–IA–01]

TITLE: Real Estate Settlement Procedures Act (RESPA): Home Warranty Companies’ Payments to Real Estate Brokers and Agents

AGENCY: Office of General Counsel, HUD.

ACTION: Interpretive rule.

DATES: Effective date: June 25, 2010. Comment Due Date: July 26, 2010.

SUMMARY: Under section 8 of RESPA and HUD’s implementing RESPA regulations, services performed by real estate brokers and agents as additional settlement services in a real estate transaction are compensable if the services are actual, necessary and distinct from the primary services provided by the real estate broker or agent, the services are not nominal, and the payment is not a duplicative charge. A referral is not a compensable service for which a broker or agent may receive compensation… [Read more...]

Filed Under: Buyer Info, Legislation

House approves homebuyer tax credit extension

June 29, 2010 By Steve Kornspan

The House of Representatives voted to give first-time home buyers three more months to close on their home purchases and receive the $8,000 tax credit.

The Senate had needs to approve in the next 24 hours to meet the June 30th deadline .

Buyers must have signed a contact by April 30 to qualify. The issue is the date the sale must be closed by. June 30th versus Sept 30. Many lenders and title companies are having trouble closing the sales on time. If they close one minute passed the deadline there are about 200,0o0 buyers that will loose their $8000 credit. [Read more...]

Filed Under: Buyer Info, Mortgage & Finance

Tax Credit Closing Date Extension Still Waiting for Final Approval

June 25, 2010 By Steve Kornspan

Over the past few weeks, you may have seen several articles in the media that the United States Senate had extended the closing deadline to qualify for the $8,000 first-time homebuyers’ tax credit and the $6,000 homebuyers’ tax credit. Unfortunately, these media reports have been premature and no legislation has been passed by Congress that modifies the closing deadline for the homebuyers’ tax credits. At this time, the closing deadline for the homebuyers’ tax credits will continue to be June 30, 2010. [Read more...]

Filed Under: Buyer Info, Mortgage & Finance

Radon Info – EPA Links

February 8, 2010 By Steve Kornspan

If your radon level is 4.0 pC/L or greater, you can call your state radon office to obtain more information, including a list of EPA or State-approved radon contractors who can fix or can help you develop a plan for fixing a radon problem. Reduction methods can be as simple as sealing cracks in floors and walls or as complex as installing systems that use pipes and fans to draw radon out of the building.

EPA maintains a comprehensive web site on radon at: http://www.epa.gov/iaq/radon/ where you can find internet versions of all of EPA’s documents, brochures and publications relating to radon.

Below are descriptions of three of the more common EPA publications on radon, copied from site http://www.epa.gov /iaq/radon/pubs/index.html

A Citizen’s Guide To Radon (second edtition) The Guide To Protecting Yourself And Your Family From Radon.
This booklet was developed by the EPA, the U.S. Department of Health, Human Services and the U.S. Public Health Service. This is a complete guide to taking action to lower the radon level in your home. It offers strategies for testing and discussions of what steps to take after you have tested, discussions of the risk of radon and radon myths.
EPA Document Number 402-K-92-001. September 1994. (www .epa.gov/iaq/radon/pubs/citguide.html)

Consumer’s Guide To Radon Protection How To Reduce Radon Levels In Your Home …
This booklet is for people who have tested their home for radon and confirmed that they have elevated radon levels. EPA Document Number 402-K-*93-003. (www.epa.gov/iaq/radon/pubs/consguid.html)

Home Buyer’s And Seller’s Guide To Radon
This guide has been developed for anyone buying or selling a home who wants to learn about radon. For sale by the U.S. Government Printing Office, Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328. Order Number – ISBN: 0-16-041680-9. EPA Document Number: 402-R-93-003, March 1993. (www.epa.gov/radon/pubslhmbyguid.html)

Filed Under: Buyer Info, Home Inspection, Seller Info

New HUD Good Faith Estimate GFE

February 1, 2010 By Steve Kornspan

The U.S. Department of Housing and Urban Development ( HUD) , has created a new ” Good Faith Estimate ” for and new rules for this form. The form was originally developed to help consumers understand the fine print created by lenders. It was also developed to encourage borrowers to shop. [Read more...]

Filed Under: Buyer Info, Mortgage & Finance

Some KC Home Inspectors

January 31, 2010 By Steve Kornspan

The second most important person in the real estate transaction is the Home Inspector. Get a good one you can trust.

A buyer may use any home inspector they like. Here are a few home inspectors that I trust. No one is perfect, but these are some of the better ones. These are licensed and insured. It is a law in Kansas but not in Missouri. For a Missouri inspection be sure to ask. A good inspector will climb on the roof, crawl in the attic and in the crawl space. They can arrange for termite and radon testing. Some may be available on Saturdays.

An inspection is typically 2-3 hours. Some buyers are there the whole time, some come for the last 30 minutes or so to review the findings. Most inspectors produce a 30-50 page report with photos for the client’s review later review. I’ll be there as well.

The weather is the trick. Normally I like to get the inspections done ASAP. That way if we need to call in any specialists we have ample time.

It is a good practice for the buyer to contact the inspector directly to schedule the appointment. Also, to arrange for payment which is normally due at the time of inspection.

If there is ice or snow the inspectors will not climb on the roof.

Star Home Inspections – Larry or Greg
http://www.starhomeinspection.biz/ContactUs
816-554-1110

Sweet Home Inspections – James Allen
http://sweethomeinspections.com/index.html
913-894-5893

The Home Team – Mike Faulconer
http://www.kansascity-homeinspections.com/
913-642-3515

INSURANCE INSPECTION – It is wise to contact your insurance agent immediately. Due to some heavy claims in the KC area some companies are hesitant to write policies on homes and/or exclude items, such as the roof or an electrical fire. A good broker that I trust is Chuck Eberly with Goodman Gravely (913) 782-1404. Email: ceberle@insurancesourceagency.com

Call them to inspect the property quickly. If an insurance issue is found after the inspection period the buyer may not have any recourse.

Steve Kornspan
Re/Max Premier Realty Kansas City | Associate Broker, ABR, GRI, SRES
913-871-4148 ext 2 | Fax: 913-562-5789

Filed Under: Buyer Info, Home Inspection

Increase in Upfront Premiums for FHA Mortgage Insurance

January 21, 2010 By Steve Kornspan

Increase in Upfront Premiums for FHA Mortgage Insurance -

FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This 0.5% increase is roughly $750 on a $150,000 loan. This goes into effect April 5, 2010. [Read more...]

Filed Under: Buyer Info, Mortgage & Finance

Some Typical Home Inspections

January 16, 2010 By Steve Kornspan Leave a Comment

Typical Home Inspections

Buyers are encouraged to conduct any and all inspections by qualified experts to verify the condition of a property. This list summarizes many types of inspections, but you should investigate anything that concerns you. Be careful to watch the dates and other requirements about inspections in your sales contract. [Read more...]

Filed Under: Buyer Info, Home Inspection, Seller Info