Atlantic Bay Mortgage Group’s Post

This update is around the Fannie and Freddie announcement yesterday that they will NOT count buyer’s agent commissions as part of their allowable IPCs. Read more at the link below. #mortgage #NAR, #themoreyouknow

Jose L Semidey Mortgage Loan Originator NMLS9315619 What's Motivating Your Move? Thinking about selling your house? As you make your decision, consider what's pushing you to think about moving. A recent survey from Realtor.com looked into why people want to sell their homes this year. Here are the top two reasons. 1. To Make a Profit If you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here's some good news – the latest data shows most sellers get a great return on their investment when they sell. That’s significant. And here’s one contributing factor. During the pandemic... #sellyourhouse #realestatetips

Info from FHA on Buyers Agent Commissions: Frequently Asked Question on Seller-Paid Commissions Related to the National Association of REALTORS® Settlement   Today, the Federal Housing Administration (FHA) published Frequently Asked Questions (FAQs) that address inquiries received from stakeholders regarding payment of real estate agent commissions related to the recently announced nationwide settlement agreement proposed by the National Association of REALTORS®.   Since its announcement, FHA has received questions from its stakeholders regarding how the proposed settlement agreement will affect the treatment of seller-paid buyer real estate broker fees in transactions using FHA-insured mortgage financing.   Under existing FHA policy, if sellers continue to pay buyer-side real estate agent commissions and fees as a manner of state and local law or custom, and if the commissions and fees are reasonable in amount, existing policy would not treat those payments as interested party contributions provided all other requirements are met.   FHA will continue to monitor the real estate marketplace for changes resulting from the settlement for potential impacts to its policies and will address additional questions as they develop.

🚨 Important Update: New NAR Rules🚨 As a mortgage loan officer, staying informed about industry changes is crucial to providing the best service to our clients. The National Association of Realtors (NAR) is implementing significant updates that will impact how we conduct real estate transactions. Here’s what you need to know: 🏡 No More Compensation Offers on MLS Listings • Starting August 17, 2024, compensation offers for buyer brokers will no longer be listed on MLS platforms. This change aims to promote transparency and fairness in real estate transactions. 📝 Written Agreements for Home Tours • Before showing homes, buyers must now sign a representation agreement. This ensures clear understanding and agreement on the relationship and compensation between buyers and their agents from the get-go. 🔒 Stricter MLS Data Use Rules • MLS data cannot be used to create platforms that facilitate compensation offers, protecting the integrity of listing information and preventing workarounds. 💼 Mandatory Disclosure Requirements • Agents are required to disclose compensation arrangements to both sellers and buyers, ensuring that all parties are fully informed. Key Deadlines: • August 17, 2024: Compliance required for Realtor-owned MLSs. • September 16, 2024: Deadline for non-Realtor MLSs opting into the settlement. These changes are part of a broader effort to enhance transparency and fairness in our industry. As professionals, it's essential to stay ahead of these updates to better serve our clients and maintain compliance. Feel free to reach out if you have any questions or need more information on how these changes might affect you. #RealEstate #NAR #Mortgage #LoanOfficer #HomeBuying #HomeSelling #Transparency #FairHousing #IndustryUpdate #RealEstateProfessional

How would a 2/1 buydown modify your monthly mortgage payments? Take a look for yourself! Eligible buyers can benefit from IHMC's seller or interested party* paid 2/1 buydown program. What is a seller paid or interested party* buydown? The seller agrees to buydown the borrower's monthly payment which is calculated using a rate that is 2% less than the note rate in year 1 and 1% less in year 2, then note rate applies for the remainder of the term. This way you can enjoy a reduced mortgage payment during the first two years in your new home. *Interested parties to a transaction include, but are not limited to, the property seller, the builder/developer, the real estate agent or broker, or an affiliate who may benefit from the sale of the property and/or the sale of the property at the highest price possible. Call your loan officer at Integrity Home Mortgage Corp today for more information!   DeLaine Law dlaw@ihmcloans.com (706) 987-0660 #IHMC #IntegrityHomeMortgage

Jose Semidey , Mortgage Loan Originator NMLS 931519 Serving the Community since 1995 What's Motivating Your Move? Thinking about selling your house? As you make your decision, consider what's pushing you to think about moving. A recent survey from Realtor.com looked into why people want to sell their homes this year. Here are the top two reasons. 1. To Make a Profit If you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here's some good news – the latest data shows most sellers get a great return on their investment when they sell. That’s... #sellyourhouse #realestatetips Call Jose Luis Semidey 571-426-9950

Before deciding to make biweekly payments on your #mortgage, weigh the pros and cons. #homebuyingtips

Made a video about how to get the seller to agree to pay for your rental property, aka seller financing. Check it out (link in comments) In seller financing, the seller agrees to “hold the paper” or act as the mortgage holder for the deal. For example: 1) You want to buy a property listed for $100,000 2) You tell the seller you’re open to doing seller financing, and offer $100,000 with 10% down, 9% interest rate paid annually, with a balloon payment of $90,000 at the end of year 5 3) If the seller agrees to these terms, you just got a deal under contract for $10,000 out of pocket instead of a typical $25,000 down payment 4) You also didn’t have to go through the headache of applying for a mortgage and getting your credit pulled Sellers will rarely agree to seller financing unless motivated, but it’s a great way to invest if you find the right seller.

#WordoftheDay 👨🏫 Wednesday What is a Seller Take-Back❓🤔 A seller take-back is a form of financing where the seller offers to help the buyer finance a portion of the home purchase. Although it functions similarly to a loan, no actual money is exchanged between the seller and buyer upfront. Instead, the seller allows the buyer to pay off part of the purchase price over time, with interest, just like a traditional loan. Example ⤵ 1️⃣ If a home is selling for $100,000 and has a $60,000 assumable mortgage, the seller can take back the remaining $40,000 as a note. 2️⃣ The buyer then makes monthly payments on that balance until it's paid in full. 3️⃣ This arrangement requires a deposit from the buyer, and the seller holds a separate note on the home, independent of the existing mortgage. Seller take-backs have unique benefits and risks and should be managed with the guidance of an experienced real estate attorney to ensure both parties' interests are protected. Knowledge💡 = Power 💪 #realestatelawyer #realestate #realestatelaw #realestateattorney #realestateadvice #realestatetips

Before deciding to make biweekly payments on your #mortgage, weigh the pros and cons. #homebuyingtips