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Changes to USDA 100% Financing Eligible Areas

Effective October 1, 2014, barring Congressional action, USDA will begin using 2010 Census data to determine eligible rural areas for Rural Development Housing Programs.  If adoption of the 2010 Census data becomes effective, USDA loans will not be available in many towns that are currently eligible (pre-2010 Census)  for such loans. The first attached map, [...]

By | March 19th, 2014|Uncategorized|0 Comments

Fannie Mae v. Association’s NEW Nine Month Priority

There was some uncertainty created by Connecticut’s law passed last year that extended Condo (PUD’s too) association’s fees priority to 9 months (previously priority in payoff in a foreclosure limited to 6 months). Fannie Mae’s Guidelines only allowed for priority for 6 months – so the issue arose, with the law providing 9 months priority, [...]

By | February 18th, 2014|Uncategorized|Comments Off on Fannie Mae v. Association’s NEW Nine Month Priority