When you are looking to buy a home whether now or in the future, it is important to be a smart consumer. It is important know a few things about credit, you and how it affects the ability to purchase. Here are a few things you should know about in order to have a good… [Read More]
New Construction Housing Starts Increase in February 2013
Housing Starts rose slightly in February, coming in above expectations and up 28 percent since this time last year. Both Single-Family Housing Starts and Building Permits (a sign of future construction) also increased, reaching their highest levels since June 2008. In addition, Existing Home Sales rose by 0.8 percent in February from January to an… [Read More]
New Lender Requirements on the Horizon
The Breakdown on Qualified Mortgages As many of you know, the Consumer Financial Protection Bureau (CFPB) recently announced new rules for how mortgage professionals qualify buyers for home loans. These new rules take effect January 10, 2014, and require lenders to prove a borrower’s ability to repay a loan before extending credit.Here are the 8… [Read More]
How Economic Factors Effect Home Buyers
A tale of three stories. That’s a great way to describe last weeks news, as a string of positive economic reports, news out of Europe, and hints that inflation is heating up all worked together to impact Bonds and home loan rates. Here are the details! There was a double dose of good news on the… [Read More]
Mortgage Rates as of June 4th
This morning’s Conventional FIXED and ARM rate quotes are: 30 Year 3.875% (4.075% APR) 15 Year 3.0% (3.279% APR) *These rates are available for an 80% LTV purchase or rate/term refinance transaction with a 740+ FICO score and loan amount between $125,000 – $417,000 based upon a 1% Origination Fee and 45 day lock using approved lenders… [Read More]
The Housing Market Update
Bernanke: Lower Mortgage Limits Are a ‘Trade Off’ Federal Reserve Chairman Ben Bernanke discusses the phase out of higher conventional loan limits. For those of you worried that the scheduled expiration of higher loan limits at Fannie Mae, Freddie Mac and the FHA will have a negative effect on the housing market by raising the… [Read More]
7 Mortgage Interest Deduction Myths
Article by Dona DeZube HouseLogic.com Think losing the mortgage interest deduction would be no big deal? We bust seven myths to show why the cost is bigger than you think. Myth #1: The mortgage deduction is just for rich people. The mortgage interest deduction helps mostly middle- and lower-income families. 65% of families who use… [Read More]
Advantages of FHA Loans
The Advantages of FHA Loans In many regions of the US, FHA loans have only recently come back into vogue, so a lot of real estate agents and mortgage originators aren’t familiar with this great resource. The following are a just a few of the recent changes that have made FHA loans a more attractive… [Read More]
Show Your Support for FHA
Article by Jeannette Bernay HouseLogic.com FHA supports home values by providing a steady source of mortgage financing for families across the country, but criticsworry it has taken on too much risk. FHA’s mortgage insurance program comes at a cost during challenging economic times. In 2009, FHA’s financial cushion fell below where it’s required to be…. [Read More]
FHA-Backed Loans Make Sense; It’s Congress’ Whims that are Nonsensical
Article by Matt Dornic HouseLogic.com Does your credit score fall below the 640 to 650 range? If so, good luck getting a home mortgage or refinance throughtraditional lending channels. Since the housing market crashed in 2008, lenders have tightened their belts and turned away borrowers who have less-than-perfect credit scores or low downpayments. Luckily for… [Read More]
