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Got FEMA Money? You may be required to get Flood Insurance!

In a recent article published by The Louisiana Realtor’s Association titled “Obtain and Maintain” Insurance Requirements, it stated that those effected by the flood that received FEMA monies may be required to obtain flood insurance even if they are in a preferred rate area (the “x” flood zone).

Read the entire article here.

But there is good news….because these homeowners are in the preferred rate zone, they can get (at least at the writing of this post) very economical flood insurance, most under $500 per year.  If you fit this category, just give your homeowner’s insurance agent a call to add on the flood insurance.  It would also be wise to do this soon, before FEMA changes the flood maps and possibly puts you in a non-preferred rate zone in the future.  If you have insurance already when this is done, you will be grandfathered in at the lower rate.

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Military Relocation Professionals

Mike Walker, Cathy Craddock, Lynda Schilf Earns NAR’s Military Relocation Professional Certification
Military Personnel and Veterans Benefit from
Realtor® Expertise in Military Benefits, the Relocation Process, and Support

Baton Rouge, Louisiana, 07/14/2016 — Mike Walker, Cathy Craddock, Lynda Schilf with : Mike Walker & Associates Real Estate has been awarded the nationally recognized Military Relocation Professional Certification. The National Association of Realtors® awards the MRP certification to Realtors® who help military personnel, veterans and their families find housing that lets them make the best use of their benefits and serves the unique needs of military life.

When military staff and their families relocate, the services of a real estate professional who understands their needs and timetables can make the transfer easier, faster and less stressful. Realtors® who earn this certification know to work with active duty military buyers and sellers, as well as veterans.

“Service members may only have a couple of days to view properties and make an offer, and others might be deployed at the time and need someone who can represent them while they’re away. Working with a Realtor® who understands the singular complications that arise with military service can help make the home buying process simpler, faster and less stressful,” said National Association of Realtors® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “The MRP certification lets home buyers and sellers know that a Realtor® knows the ins and outs of military housing benefits, such as zero-down payment loans, and the specific needs service members and veterans have when searching for their new home.”

The certification provides NAR’s members with resources to accommodate current and former military service members at any stage of their military career and is an approved elective for NAR’s Accredited Buyers Representative designation. To earn the MRP certification, Realtors must be in good standing with NAR; complete the MRP Certification Core Course; complete a reading providing background information on the military, included acronyms and understanding military culture; and complete two webinars.

For more information about the MRP certification, visit www.militaryrelocationpro.org

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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Baton Rouge, LA 70819
Licensed in Louisiana