Major Changes to FHA Mortgage Guidelines are Good for Buyers

Federal Housing Administration (FHA) loans have filled in the gap for mortgage purchasers who have less than stellar credit.  Without FHA mortgages the real estate market would be losing value at a much faster rate than currently.

In October 2009, FHA announced that its capital reserve fund had fallen below the congressionally mandated level of 2 %.  The drop in capital reserves has lead Congress and the Administration to call for changes to strengthen FHA.

On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness.

Parks Morgan Selected to Serve the Public and His Peers

Most people are not aware that real estate salespeople who are REALTORS are governed by a strict code of ethics. Unfortunately, as in all fields, not every REALTOR acts ethically.  However, the public has recourse beyond courts of law.  The REALTOR Code of Ethics.  Violations of the code can be reported to your local REALTOR board where the complaint is taken very seriously.  Through investigation, interview and review of a committee of peers the REALTOR in question may be fined or even expelled from the Board.

Modified loan on home can hurt!

The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan.But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card.

Time is running out for Homebuyer Income Tax Credit

The South Florida Sun-Sentinel is bringing bad news to buyers and sellers today.  It appears there is not going to be another extension, which many assumed might happen, to the Homebuyer Income Tax Credit which expires April 30, 2010.  Here's what they're reporting:

Federal government wants to sell you a home

WASHINGTON - Sales are brisk for South Florida homes hawked by the federal government in the wake of the Great Recession.

Uncle Sam and two government-sponsored companies are unloading property, from waterside mansions to burned-out shells, often at fire-sale prices 10 percent to 20 percent below market value.

The wave of foreclosed property in distressed regions like South Florida has forced the government, along with Freddie Mac and Fannie Mae, to become major movers of real estate to clear a growing inventory of empty homes.

IRS Offers Tips for Year-End Donations

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.

Some of these changes include the following:

Special Charitable Contributions for Certain IRA Owners

This provision, currently scheduled to expire at the end of 2009, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up

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