HUD sued over new down payment assistance rules for FHA mortgages

Federal Housing Administration | April 24, 2019

Last week, the Department of Housing and Urban Development announced it was issuing new rules for down payment assistance on mortgages backed by the Federal Housing Administration. According to HUD and the FHA, the new rules were meant to provide clarity around what documentation would be required for borrowers who are using funds from another person or entity to cover part of the FHA’s minimum down payment requirement of 3.5%.

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REAL ESTATE TECHNOLOGY

Quebec Real Estate Record Sale of Penthouse Condominium Breaks

businesswire | January 13, 2021

Sotheby's International Realty Canada today declared the sale of a private residential townhouse at The Ritz-Carlton Residences in Montreal that has set another benchmark as the highest recorded apartment suite sale through the MLS® (Multiple Listing Service) system in Quebec's history. Listed at $12.9 million, the approaching sale takes place as Montreal's land market continues to encounter strong interest and record setting sales movement as the locale's market transitions into 2021. “The Ritz-Carlton Residences Montreal is regarded as being amongst the world’s most prestigious offerings in real estate, and as its ‘crown jewel’, this penthouse is a masterpiece of contemporary architecture, design and engineering,” said Liza Kaufman, listing agent with the Kaufman Group of Sotheby’s International Realty Quebec, who represented both the seller and the buyer in the transaction. “While we captured local and international interest by building bridges and expanding our marketing efforts across the Sotheby’s International Realty network, the property was ultimately purchased by a buyer from the U.S. The sale of this only reinforces Montreal’s position as a desirable destination within the global real estate market. It also reflects the underlying resilience of our city’s luxury condominium market, and the fact that demand for prestigious brands and properties will always be enduring,” Kaufman said. Kaufman previously represented the seller and the purchaser in the sale of a private single family home in Montreal in August 2020 that set the new benchmark as the highest recorded residential property sale through the MLS® (Multiple Listing Service) system in Quebec's history. The 6,979 square foot penthouse is perhaps the most flawlessly curated and made apartments in Montreal. Nicknamed the "Rockstar" by the engineer, the two-story residence was designed to glide over its surroundings with steel and glass construction that invites all encompassing views of the mountains, the Golden Square Mile and the Museum of Fine Arts. The three-room, four-plus-ensuite restroom residence features 5,301 square feet of inside living space. The first floor is committed to social occasion and engaging, and features double lounges with 25 foot ceilings, a conventional lounge area and gourmet specialist's kitchen with steward's wash room and prep zone. This floor also encompasses a guest suite with an ensuite restroom and stroll in closet. A dynamic glass and steel staircase connects the levels perfectly and practically, and a private lift can also be taken to the living quarters above. The highest level includes a luxurious master suite highlighting a master shower and a sitting territory, enormous stroll in closets, high ceilings, impressive views and access to a private patio. The penthouse residence also features 1,678 square feet of expansive open air terraces, as well as access to The Ritz-Carlton Residences' amazing amenities and services, including a state-of-the-craftsmanship spa, fitness focus, valet, attendant, custodian and doorman. “Montreal’s residential real estate market showed great strength throughout 2020,” said Daniel Dagenais, Managing Broker of Sotheby’s International Realty Quebec. “Across both the conventional and luxury real estate markets, we experienced record setting sales this year. In fact, according to the latest statistics released for the Montreal Census Metropolitan area by our real estate board, the median price of residential condominiums was projected to be up well over 10% in 2020.” The record transaction demonstrates solid, underlying demand for luxury condominium property types in key Canadian markets. “In spite of the COVID-19 pandemic, the performance of the Canadian real estate market well surpassed consumer and industry expectations in 2020, signaling strong consumer confidence in our country’s market fundamentals,” said Don Kottick, President and CEO of Sotheby’s International Realty Canada. “While the condominium market is expected to balance in 2021, this record sale illustrates that demand for top-tier luxury condominiums remains substantial. Sold to a U.S. buyer, this transaction also demonstrates that there is significant demand for Canadian real estate from local, national and international buyers.” Favourable mortgage lending conditions and continued stock market uncertainty position Canadian real estate as an attractive and stable investment alternative, Kottick said. Further details of the sale of this estate remain private. About Sotheby's International Realty Canada Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 71+ countries and territories to manage the real estate portfolios of discerning clients from around the world.

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REAL ESTATE INVESTMENT

Standard Real Estate Investments and Belay Investment Group Announce Strategic Investment Program

Standard Real Estate Investments | September 21, 2021

Standard Real Estate Investments, LP , a minority-owned real estate private equity firm focused on providing joint venture equity to developers, has formed a strategic investment program with Belay Investment Group, LLC (Belay). We are proud to be aligned with Belay. They are a thoughtful, experienced team that shares our vision for how commercial investment actions can affect positive social change. Only two percent of professionally managed real estate is managed by minorities or women. This needs to change. Standard is just one part of a broader mobilization across the industry working to make it happen. - Jerome Nichols, President of Standard The investment program will leverage Standard's expertise in development to invest joint venture equity in ground-up projects nationwide, across asset types with emerging regional and local experts that have unique access to deal flow. As part of its investment program with Belay, Standard recently closed on an investment in a 244-unit multifamily development project located at 75 West 18th Street in Downtown Indianapolis, IN. The 2.1-acre site is located within walking distance of the expanding Indiana University Health Methodist Hospital. The Developer is Arrow Street Development, an Indianapolis-based, emerging, minority-owned development company led by industry veteran, Rodney Byrnes. Belay is an investment manager focused on the deployment of institutional capital through strategic partnerships with emerging managers and market sector specialists across a variety of value-add strategies and property types. The firm's strong fiduciary culture and track record are matched only by its commitment to manifesting social and environmental progress through the investments it makes. Current ESG strategies include investments in adaptive re-use of former big box retail space, workforce housing featuring on-site social programming initiatives designed to educate and empower its lower-to-middle class tenant base, and a multifamily debt portfolio curated with an eye towards bolstering the supply of attainable housing, while narrowing the affordability gap in Southern California. Belay's collaborative culture is a great fit with our long-term plans and will be an asset to our platform. In the end, we will measure our success based on the performance of our investments and the impact we have in helping to increase diversity and inclusion in commercial real estate. - Robert Jue, Chief Executive Officer of Standard. About Standard Real Estate Investments Founded by Robert Jue and Jerome Nichols, Standard Real Estate Investments (Standard) is a minority-owned and controlled real estate private equity firm that manages capital on behalf of institutions and allocates joint venture equity to developers. The firm operates nationally across property sectors and risk profiles with an initial focus on the development of market rate attainable housing while also accelerating positive socio-environmental impact. The leadership team at Standard has invested in assets valued at $7 billion in total. About Belay Investment Group Belay Investment Group, LLC is a majority woman-owned Los Angeles-based investment management firm that pursues debt and equity investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators and emerging managers (including MWBE firms), beyond providing investment capital.

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REAL ESTATE TECHNOLOGY

Comprehensive Analysis Reveals the Hottest Markets for Real Estate Investing In the Nation

MyHouseDeals | May 26, 2021

MyHouseDeals, a leading digital platform for real estate investors, recently released a comprehensive analysis of the top markets within the country for real estate investing. "Our quarterly and yearly market reports have always been a big hit with our members. The key insights provided in each one provide invaluable advice on how to pivot and grow our businesses as real estate investors," said Alex Soares, President of the platform. The detailed reports are an important way for investors to discover new opportunities and make strategic decisions regarding the year ahead. 2020 was a historic year because the US navigated the coronavirus pandemic. The residential real estate industry thrived as historically low mortgage interest rates led to unprecedented demand. Strong market conditions have extended into 2021. While mortgage rates have crept up a bit, the market is still red-hot and pricing wars are commonplace. During the first quarter of the year, MyHouseDeals added thousands of deals in the following categories: wholesale real estate deals (76.9%), foreclosures (18.1%), motivated MLS deals (4.4%), and motivated seller deals (0.5%). Wholesale land deals dominated the first quarter as the most popular investing strategy for the tens of thousands of active investors who are members of MyHouseDeals. After some number-crunching, the results show that the top five markets for investment property deals in the country are South Florida, Dallas/Fort Worth, Washington D.C., Atlanta, and Houston. These markets, alongside others at the top, will likely remain attractive in the months to come and offer an opportunity for investors to make deals with high-profit potential. About MyHouseDeals Founded in 2005, MyHouseDeals is the premier online community for residential real estate investors, providing networking tools, on-demand training, and property lead generation, including access to wholesale land deals, motivated seller leads, and investor-ready foreclosures nationwide.

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