(RECAP: Do we always need an appraiser to tell us what a house is worth? The country’s two largest sources of mortgage financing — Freddie Mac and Fannie Mae — reckon not. With no formal public announcement, Freddie Mac on June 19 started phasing in its plot to transition to appraisal-free mortgages for certain loan applications.)
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(RECAP: Governor Terry McAuliffe today announced $2 million in funding for six housing rehabilitation programs covering the Central, Eastern Shore, Piedmont, Shenandoah Valley, and Tidewater regions of the Commonwealth. The funds will provide zero-percent deferred loans for rehabilitation of 51 to 63 owner-occupied modest homes in targeted areas of rural Virginia.)
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(RECAP: Market-rate Affordable Housing, or MARK as Arlington calls it, are units affordable to households earning up to 60 or 80 percent of the area median income not because the government requires it, but because of a property’s age, location, condition and/or amenities. Those units, largely found in garden-style and mid-rise communities, are disappearing at an alarming rate.)
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