Quick Look financial services blog
Posted by Saurabh Mahajan, Assistant Manager, Real Estate, Deloitte Center for Financial Services, Deloitte Services LP, on September 10, 2014
Sustainability has progressively become a key business issue for commercial real estate (CRE) players, one that impacts short-term profitability and long-term value, and requires CRE companies to consciously invest in implementing green features. Gradually, CRE companies are appropriating more funds to meet their sustainability targets, with most companies currently funding their sustainability investments through traditional sources, such as banks and life companies.
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Stoop Style DC
Think about a 203K Loan for that Fixer Upper
I get a real creativity buzz from seeing homes that need a “facelift” if you will. Fortunately, the Washington, DC area is filled with homes that need some form of updating whether big or small. For some properties, you may have to compete with developers who have cash to close the deal in a third of the time it would take for a conventional loan to close. For other properties that may need some renovations but the asking price does not yield a high enough profit for developers, the FHA 203K loan program may be the best option for you.
FHA’s 203K-loan program is designed to finance both the acquisition cost and renovation expenses conveniently in one loan. This loan product gives you the opportunity to make that fixer-upper your dream home!
Here are some general facts about 203K loans:
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Real Estate Finance Insights
Recently, the Federal Housing Administration announced that they are halting the policy of allowing lenders to collect interest to the end of the month when the homeowner’s FHA mortgage is paid off. Beginning in January of 2015, lenders will be able to collect interest until the day the loan is paid off.
However, it should be noted that for the millions of homeowners who currently have home loans insured through FHA, there is no change in policy. The new policy will affect only those who obtain new FHA loans in January of 2015.
What Does This Mean For Present Homeowners?
It is important to time refinances and sales of houses to allow time to get the payoff to the present lender before the end of the month. Otherwise, the homeowner could owe a full month of extra interest.
The worst time to close on a real estate transaction is the last…
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