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Here’s what you missed this week:
New Fannie Mae program eases path to homeownership Fannie Mae’s HomeReady mortgage program allows buyers to put as little as 3% toward their new home and will consider the income of others living in the home, even nonborrowers. “The typical household has changed now. It’s not the household we used to know 20 years ago because there’s a lot of extended family. Parents are living with the family, children are staying home longer, and it allows you to consider their income, too,” said Herb Tousley, director of the St. Thomas Real Estate Program. KARE-TV (Minneapolis-St. Paul, Minn.) (12/2) Share:
Ind. condo association sues builder over building defects The Hudson Condominium Association in Indianapolis is suing the condominium’s builder, subcontractors and owner for a second time, alleging significant design and construction defects have resulted in about $6 million in damages. “We’re cautiously optimistic we’ll be able to work out a settlement with the insurers of the subcontractors,” said Joseph Chapelle, who is representing the association. Indianapolis Business Journal (free registration) (12/2) Share:
Fla. right-to-dry law trumps HOA bans In Florida, state law trumps HOA rules banning clotheslines. Florida was the first state to pass a right-to-dry law, though many residents still don’t know about their right to use an eco-friendly clothesline. The News-Press (Fort Myers, Fla.) (tiered subscription model) (12/6) Share: