November 2014

Found 2 blog entries for November 2014.

Fannie Mae recently updated its policy related to the minimum waiting periods following a short sale or deed-in-lieu of foreclosure, making it easier for distressed borrowers to re-enter the housing market.

 

Under the revised policy, all loans with application dates on or after August 16th may be eligible for a new loan in as little as 4 years instead of the previous wait time of 7 years.

Fannie still requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event such as a foreclosure, bankruptcy, short sale or deed-in-lieu of foreclosure.

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Effective January 1st, 2014, Senate Bill 407 requires that property owners who obtain permites to remodel a property that was built prior to 1994 are required to retrofit with toilets that use no more than 1.6 gallons per flush, showerheads with flow rates of no more than 2.5 gallons per minute, and other interior fixtures that use less than 2.2 gallons of water per minute.

This applies to all single-family property permits, as well as multifamily and commercial property permits where 10 percent or more of the square footage is included in the remodel.

 

By January 1st, 2017, all residential properties in California that were built prior to 1994 will need to be in compliance with water fixtures as outlined above, which will

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