The banks are offering those really low interest rates on mortgages to those buyer's who have really high credit scores and having a lower score will cost you more monthly because of a higher interest rate. When you see advertised rates in the 3.5% range those rates will to the borrower's with excellent credit. “If you don’t have good … [Read more...]
Rules would bring greater transparency to the mortgage market WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) outlined rules it is considering that would simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. These rules, which the CFPB expects to propose this summer … [Read more...]
From the Times Picayune this morning: "Mayor Mitch Landrieu announced a new program Thursday to encourage developers to build homes on spec for families of modest means, who will be eligible for a "soft-second" mortgage subsidy when the home is complete. The program will tap into $52.3 million in federal aid passed down from the state". To … [Read more...]
This past week the multiple listing service (MLS) for the greater New Orleans area and its' suburbs, Gulf South Real Estate Information Network (GSREIN), instituted new rules that will become effective on May 1 2012. The new rules dictate how many pictures will be required for listings, 10 for a property in excellent condition and 5 for a … [Read more...]
Condominium ownership is different from other forms of home ownership. Your homeowner’s association has specific responsibilities regarding the management of your condominium. Your association or developer will provide you with documents and information about those responsibilities. In order to obtain FHA insurance on an individual condominium … [Read more...]
Effective April 1st the Federal Housing Administration (FHA) has announced they will not issue mortgages to borrowers who have an ongoing credit dispute of $1000.00 or more on their file. Borrowers will either have to pay the balance of the dispute or enter into a payment plan making at least three payments. Payment plans will need to be … [Read more...]
The Direct Homebuyer Assistance Program provides down payment and closing costs subsidies to eligible first- time homebuyers. The subsidies will bridge the affordability gap between the price of the home (including closing costs) and the maximum amount a homebuyer can borrow with a first mortgage loan. The homebuyer will receive only the … [Read more...]
If you are in financial distress and are thinking of short selling your home it is possible your bank will offer you an incentive to cooperate with them. These amounts can range from $3000 to $30,000 and in one case I heard of $40,000. Yes, you are seeing that right. If you wonder why the banks would do this and where the money flows from … [Read more...]
Miriam Bernstein, CRS
Associate Broker and REALTOR®
RE/MAX N.O. Properties
New Orleans, LA 70118
504-908-2268 (C)
504-866-7733 (O)
504-207-5253 (efax)
Each Office is Independently Owned and Operated
Licensed by the Louisiana Real Estate Commission
Licensed in the State of New York
© Copyright 2012 Miriam Bernstein. All rights reserved. RE/MAX N.O.Properties does Business in Accordance with Federal & Local Fair Housing Laws. 
