July 22, 2011
- FHA has increased the 3 to 4 months of required forbearance for unemployed borrowers to 12 months.
- Fannie Mae is now allowing cash purchasers of property to obtain mortgages without the previous requirement of having to be on the title for a minimum of 6 months. Consequently, a buyer can purchase a home with cash and after closing obtain a mortgage provided it doesn’t exceed the documented amount of the initial cash investment and is within 70% LTV. Freddie Mac still retains the 6 month rule.
- Inman News reports that Facebook has partnered with Skype to bring video chat to the social network. Because it doesn’t require a separate account, video chat capabilities are brought to millions. Are you ready to be interviewed for a listing on line?
- QR codes are exploding. An article in RISMedia notes that QR codes are being used on allNew York Citycommercial work permit. They direct scanners to a mobile version of the Department of Building website that displays all information for the permit issued.
- NAR recently amended the Code of Ethics by banning discrimination based on sexual orientation. Previously, the Code prohibited the “denial of its professional services to any person for reasons of race, color, religion, sex, handicap, familial status or national origin.”