A Big Thank You to Our 2014 Charity Event Sponsors
Mortgage financing could improve as a result of recent qualified residential mortgage (QRM) rulings. The Federal Deposit Insurance Corporation (FDIC) is the first of six financial regulators to release the final version of the long-awaited QRM rule, which stems from the big 2010 banking reform bill the federal government enacted after the financial crisis.
The final FDIC rule made several improvements over the initial proposals which NAR had fought for:
Read a PGCAR synopsis >
Read the complete NAR article >
- No minimum down payment requirement. Regulators had proposed a 20% down payment requirement, which NAR and coalition partners strongly opposed.
- Lenders do not have to retain 5% of the loan amount on its books.
- The QRM rule will match up with the qualified mortgage (QM) rule, implemented in early 2014.
- Under the QRM and QM rules, loans are generally considered qualified if the borrower's debt-to-income ratio is 43%, among other things.
At the PGCAR Annual Legislative Breakfast on November 20th
, Director Eric Brown of the County's Department of Housing and Community Development (DHCD), announced the launch of the NEW Maryland Mortgage Program TriplePlay
Initiative designed exclusively to assist Prince George's County Homebuyers. The $100 million initiative is intended to help stabilize County neighborhoods by promoting home ownership. Read more >
On the same day, PGCAR President Desiree Callendar along with Chuck Ottley, Linda Simpson and Mike Graziano, represented PGCAR at a press conference announcing the TriplePlay
Initiative. Read more >
Over 100 REALTORS®
attended PGCAR's Legislative Breakfast on November 20. The event, organized by the Association's Legislative Committee under the supervision of Committee Chair Isaac Showell, was a huge success. REALTORS®
in attendance were excited to hear from Congresswoman Donna Edwards (MD D4); Prince George's Senate Delegation Chair, Douglas Peters; House Delegation Vice-Chair Geraldine Valentino-Smith; County Council Chair Mel Franklin; Brad Frome representing the County Executive; and Director of Housing and Community Development Eric Brown.
All in attendance were also excited when Director Brown announced the unveiling of a new $100 million dollar down payment initiative
exclusively for Prince George's County.
More photos and details >
On Wednesday, November 12, in a 9 - 0 vote, the Prince George's County Council passed much needed rental security deposit reforms. At the encouragement of PGCAR and AOBA (The Apartment and Office Building Association), Council Member Derrick Davis
introduced CB 63 - Residential Leases - Rental Security Deposits
The new County law (CB 63
) rescinds the County's 4% interest on deposit mandate in favor of the U.S. Treasury rate or the 1½% floor dictated by Maryland law. The new County law also changes the timeframe under which a property owner (landlord) must provide notice of damages to the tenant with the intent to retain a portion of the security deposit. CB 63
extends the notice timeframe in Prince George's County from 30 days to 45 days, which will also be in conformance with Maryland state law.
Please take notice; the new state law and County law are effective on January 1, 2015.
The PGCAR Single Family Residential Lease
) will be revised in accordance with the new laws and will be available on January 1st. Until that time please continue to use the current PGCAR lease which follows present day law.
Read more >
have been helping "provide a boost to home values and a facelift to vacant properties," as well as helping people avoid going into foreclosure by helping investors buy and renovate short sales, then sell them to new homebuyers.
John Lesniewski, 2014 PGCAR President, is quoted in the article, "We anticipate a greater number of foreclosures coming back on the market in the next 18 to 20 months. We want the banks to process them, we want people living in theses houses, stabilizing the neighborhoods, and that will bring values back up." Lesniewski also stated the flipping trend will help create construction and remodeling jobs, increase home values and aesthetically improve neighborhoods.
Read the article at www.gazette.net >
Effective Monday, August 18, 2014
, the Maryland Real Estate Commission requires agents who recommend service providers to verify that the service provider is licensed by the State of Maryland.
Continue reading >
Whether you manage one rental, specialize in rental property management, or considering rentals, this PGCAR Members' Guide
will contain information useful to you. Here's just a few of the topics covered!
Download the Rentals Guide at www.pgcar.com Members Only >
- Advertising Rental Properties
- Landlord Tenant Law - Legal Requirements
- The Rental Application Process
- Fair Housing Requirements and Resources
- Treatment of Pets Versus Service Animals
- Security Deposits
- 2014 Legislative Changes Affecting Rentals
- Resource Links
- . . . and Much, Much More!