Tuesday, February 4, 2014

FHA Goes Full Throttle with Modernization Effort



FHA green lights acceptance of more e-signatures on mortgage documents.

As part of its modernization effort, the Federal Housing Administration is accepting more electronic signatures on mortgage-related documents. The policy allows e-Signatures on origination, servicing and loss mitigation documents. FHA insurance claims, REO sales and other contracts can also be administered by e-Signature. Under current policy, lenders dealing with FHA are used to electronic signatures being limited to only third-party documents, including sales contracts not controlled by the lender.

"By extending our acceptance of electronic signatures on the majority of single family documents, we are bringing our requirements into alignment with common industry practices," said FHA Commissioner Carol Galante. "This extension will not only make it easier for lenders to work with FHA, it also allows for greater efficiency in the home-buying and loss mitigation process." This new policy begins immediately for lenders who want to use e-signatures on single-family forward mortgages and FHA reverse mortgage products. Lenders still have to follow the Electronic Signatures in Global and National Commerce Act.

Deadline Approaching for New Personal Property Tax Exemption

The February 10th, 2014 deadline for a new and potentially money-saving exemption from the Michigan Personal Property Tax is fast approaching.

Specifically, the law now provides for businesses that own, lease or possess commercial and industrial personal property with a market value of less than $80,000 to eliminate their 2014 Personal Property Tax bill. This is a significant jump from the previous threshold of $40,000, and the inclusion of commercial and industrial property may increase applicability among investors.

Eligible businesses must file the MI Treasury Form 5076 (Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes) by February 10th of this year. Businesses that qualify for the exemption by filing the affidavit on time are not required to file a Personal Property Statement. However, they are required to maintain adequate books and records on the equipment to substantiate the claim.

Wednesday, August 14, 2013

Big Change For Reverse Mortgages

Get ready for some major renovations in the federal reverse mortgage program.
On Wednesday, the U.S. Senate joined the House in passing legislation giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM), protect borrowers and help the agency avoid a federal bailout. The agency is expected to reveal later this month exactly how it’ll alter the rules, which could take effect as early as Oct. 1.
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Friday, June 7, 2013

Say goodbye to those low mortgage rates

This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% -- a record low.

Interest rates on the rise

Tuesday, May 28, 2013

At 9AM on Saturday, June 1, there will be a birding activity for children and another (at the same time) for adults. These activities are part of the Leelanau Peninsula Birding Festival and are open to all.

Bird & Bug Safari For Kids at Suttons Bay Wetlands Walk: Leaders Ann McInnis, Jan Ostrowski. Meet at Suttons Bay Visitor’s Center at 9AM.

Beginning Birding at Suttons Bay Wetland Walk: Leader Kay Charter.  Meet at Suttons Bay Visitor’s Center at 9AM.

Binoculars will be provided for all ages.

Friday, May 24, 2013

Open House - May 25th, 2013 - 11am - 1pm
408 N Saint Marys St - Suttons Bay, MI
3 bed / 1 bath / 1088 SF
http://www.cygnusrealestate.idxco.com/idx/14106/details.php?idxID=248&listingID=1745283

Monday, May 20, 2013

Horse Complex For Sale

Rare opportunity for the horse-lover to acquire a stunning private compound. Approx. 17.5 acres (additional land can be bought) with 9 stall barn that has tack room, wash station with hot & cold H2O, 1/2 bath with laundry plus timber frame for hay. The original barn was built around 1879-current owners rehabbed it. The property has 5 paddocks with no climb fencing and a 60x132 indoor arena with lighting & kick-boards- plus out buildings. There are 2 wells plus a pond. The home is a half berm style ranch for energy efficiency and features 3 beds/2 baths, soaring 18' vaulted ceilings clad in rough sawn cedar in the living room, a unique kitchen with pine cabinetry, a kitchen island and tumbled stone counter tops. There is a wine cellar off the combined dining room/family room. Extra wide hallways. The flooring throughout the home is hardwood, stone, brick and some ceramic tile too. There is a 30x32' over-sized 2 car garage with 8' doors. One half acre of the property is devoted to gardening with mature raspberry bushes and strawberries. The plot is irrigated and has proven to be a successful summer business for the current owner. This property will go a long way towards paying for itself with an entrepreneurial owner. Board horses / lease stall space and/or paddocks. Offer riding lessons or lease the arena for same- the savvy buyer knows Black Star Farms is currently full so there is a need within the community for a facility with these options. Farm and develop the berry business and/or try your hand at other types of food crops. Opportunity rarely knocks twice- don't miss this one. Directions: M22 to Suttons Bay-west on Broadway - (across form Boone's Primetime) to Elm St- left on Elm past the school- right on Herman Rd- follow the road to the property on the left hand side.

 
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