On fireworks, insurance, easier home loans for student loan borrowers

Happy third of July! Here are three hot real estate articles: on fireworks and home insurance; that people with student loans find it easier to qualify for a mortgage; and on the gazillion dollar (ok, just billions) real estate in Oklahoma County.

Fireworks at home and insurance

From Glen Mulready, Oklahoma Insurance Commissioner, on something I had never thought of as my days of lights, security and escape are pretty much behind me:

“Any injuries caused by fireworks to you or your family are likely to be covered by your health insurance,” he wrote in a column. “In addition, your home insurance would cover any damage done to someone else.

“Usually, liability pays that person’s medical bills and legal expenses up to the limits of the policy. Always check with your insurance agent to find out your insurance coverage. “

But as for your home, be careful not to damage it with fireworks if it’s illegal where you live.

“While most people know that fireworks can be dangerous, many assume that home insurance will cover any damage they cause. There are always exceptions,” wrote Mulready. “Fireworks are illegal in most Oklahoma cities, so you need to verify that your policy excludes firework-related coverage.

“Homeowners’ policies typically exclude damage from illegal activity and can completely exclude coverage for fireworks. Check with your insurer to see if you have adequate coverage for liability and damage to your home from the use of fireworks.”

Home loans easier for student loan borrowers

Scott Senner, Senior Loan Officer at InterLinc Mortgage in Edmond, made me aware of this change in the way the US Department of Housing and Urban Development has lenders calculate student loan payments when they are borrowers for from the Federal Housing Administration qualify supported home loans:

“Recognizing the growing student loan payment plan alternatives offered by the US Department of Education, including plans with variable repayment plans based on the borrower’s income, HUD is adjusting the policy options available to calculate the monthly obligation of student loan liabilities,” HUD said in a letter dated June 17th to the lender. “These changes are designed to support HUD’s mission to provide access to credit while ensuring that borrowers are able to repay their debts over the long term.”

The letter contains the details:

“In the case of outstanding student loans, regardless of the payment status, the mortgagee (lender) must use the payment amount shown in the credit report or the actual documented payment if the payment amount is greater than zero; or 0.5% of the outstanding loan balance if the monthly payment shown on the borrower’s credit report is zero. “

Senner likes it.

“This is a really, really big deal (in a good way) because it will significantly lower the amount of payment a lender will have to use to qualify,” he said. “If a person has an income-based amortization plan that results in a much lower than normal payment, we can now use that lower payment for credit. For many people, this makes the difference between being entitled to a home and not. “

That equates to a property value of $ 73 billion

You are fine, Oklahoma County owners and taxpayers.

Property value rose 2.2% last year to $ 73 billion, County Assessor Larry Stein said as he reported on his annual abstract filing for the county with the Oklahoma Tax Commission.

“Our county summary is the basic document that contains information needed by public schools, cities and towns and other property tax beneficiaries,” Stein said. “The data will be used to prepare budgets for schools in Oklahoma County, some of the 19 cities and towns that benefit from these funds and essential services for the county. More than 72 cents of every publicly funded property tax dollar goes to K-12 education and technology centers. “

He found that the value of real estate in the county has more than doubled in the past 15 years.

“In 2005, the total value of all properties in Oklahoma County was approximately $ 32.6 billion. That’s an increase of more than 123% in the last 16 years, “he said.” Oklahoma County’s residents have paid more than $ 1 billion due to the constitutional restrictions on real estate first passed by voters in 1996 Real estate taxes saved. “

Real Estate Editor Richard Mize edits the Oklahoma Real Estate section and covers housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com. Contact him at rmize@oklahoman.com. Please support his work and that of other Oklahoma journalists by subscribing to http://subscribe.oklahoman.com.

source https://collegeeducationnewsllc.com/on-fireworks-insurance-easier-home-loans-for-student-loan-borrowers/