VA loan fees

Some last minute confusion regarding legislative changes to VA loan fees has some lenders and prospective homeowners scrambling for clarity with home closings on the line. But the Department of Veterans Affairs sought to calm fears by pledging to cover additional costs while waiting for President Obama to act on a bill that would keep VA funding fees in place thru mid-November.

The fees are mandatory charges applied to every VA purchase and re-finance loan. They help keep the program running and help ensure service members can continue to purchase a home with no money down or private mortgage insurance. The bill now is awaiting the presidents signature and would stave off the rate drop until Nov. 17.

Government officials expect the VA funding fee issue to be resolved within days. I will keep you updated on this issue.

Sincerely,

Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.comk

Florida's New Power of Attorney Act

Last week Florida enacted a new "Power of Attorney Act" in order to protect its elderly population from exploitation. This new act states a power of attorney must be signed by the principal and two subscribing witnesses and be acknowledged by the principal before a notary public.

Floridians are being warned that if they don't comply with the new laws there power of attorney will be invalid. Power of attorney's that were entered prior to 10-1-11 will still be valid if they followed the current laws that were in place at that time. Individuals should update there current power of attorney in order to be up to date with the new regulations to avoid any potential problems in the future.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

NFIP may get temporary extension

The National flood Insurance Program (NFIP) is expiring on September 30,2011 unless congress approves a temporary extension. If approved it would extend program until November 18,2011.

The NFIP provides low cost flood insurance to home owners whose properties are located in an area with special flood hazards. Also the NFIP provides disaster relief funds to states effected by hurricane Irene.

If this program expires new home loan applicants requiring flood insurance would be held up pending extension of the program. Other bills floating around congress seek to extend the program for five more years. The NFIP provides flood insurance to 5.6 million homeowners.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Government is looking into REO properties

The Federal Housing Finance Agency (FHFA), the US Department of Treasury and the Department of Housing and Urban Development (HUD) have issued a Request for Information (RFI) on the real estate owned (REO) properties held by Fannie Mae, Freddie Mac, and FHA. This RFI is seeking to address the current and future inventory of REO properties and encourages private investment in the housing market, and reducing the average loan loss. RFI also requests that we address property repair needs, assist in neighborhood and home price stabilization, and help current renters to become home owners (lease to own).

Millions of families have seen there home values plummet due to foreclosures and abandoned properties in there neighborhood. Encouraging private investment in Reo properties may help stabilize neighborhoods and home values.

Higher FHA down payments

The House Financial Services Committee is proposing an increase in FHA down payments. The current down payment for an FHA mortgage is 3.5% and they want to increase this to 5%. The FHA Rural Regulatory Improvement Act of 2011 would also prevent borrowers from rolling the closing costs into the loan. This would severely limit first time home buyers.

Representatives of the Mortgage Bankers Assoc (MBA), National Assoc of Realtors(NAR), and the National Assoc of Home Builders(NAHB) all have testified opposing this new legislation. This draft legislation does not have a bill number yet but is presently being reviewed and debated. I will keep you updated on any new findings.

Sincerely,

Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Senators fight to restore counseling funding

Senators fight to restore the $88 million in funding for the housing counseling programs that were cut from the budget. This cut also includes $9 million just for reverse mortgage funding.

Counseling agencies may have to increase the cost for counseling servicies and limit the number of counselors available.

Little is known about how this program impacts consumers. But one study did show a large percentage of home owners who received this counseling did not re-default.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Avon products now available

Avon products Now Available
I am pleased to announce that I am an Independent Sales Representative for Avon. I have always liked there products from skin care to make-up, mens to kitchen gadgets, clothes and baby products and we cant forget the shoes.

Its very easy to order you can call me on my cell phone or send me an e-mail to place your order but now we have our own personal website that you can order directly from. Just place order pay with your credit card and your order will be shipped to you anywhere in the U.S. and will arrive within 2-3 days.

So lets get shopping. Here is a link to my webpage. I know you will enjoy these wonderful products.

www.Youravon.com/lscanlon

Sincerely,

Lisa Scanlon
941-447-7130
lisagof@msn.com