If you were to ask your real estate agent when the best time is to buy a home? They will always say ‘now.’ But as of the end of 2018, as housing prices and mortgage rates are rising, this actually could be the best advice. According to the chief financial analyst at Bankrate, mortgage rates… Read More »
Have you noticed interest rates slowly rising this year? Just last month, Mortgage News Daily reported that interest rates for 30-year, fixed rate mortgages had crossed the 5% mark. Since then, rates have decreased to the 4.7% range, but the rates are much higher than they were last year. Also, housing prices across the country… Read More »
If you want to buy your own home and do not have the cash for a down payment, you are not alone. Millions of first-time buyers in particular lack the cash for that all important down payment. But if you lack the dough for a down payment, you should not be discouraged. There are several… Read More »
The real estate market across the country in 2018 and into 2019 is continuing to be hot. If you are considering buying a home in this market this or next year, below are some trends to be aware of. #1 Homes Are Still Selling Fast In February 2018, data from Realtor.com showed that homes were… Read More »
The evidence is in. It appears that higher mortgage rates of nearly 5% and overheated home prices in the Southern California area have led to a slowdown in sales in one of the hottest markets in the country. The number of new and existing condominiums and homes sold during the month of September dropped by… Read More »
Data released in September 2018 indicates that new home sales have declined to a two-year low. According to Yahoo.com, rising mortgage rates and higher home prices are affecting the housing market. The data for the last three months also has been revised down. There have been declines in home building, permits and housing completions in… Read More »
Mortgage rates have been rising in 2018 as the US economy is gathering strength. Some renters who have been on the fence about buying a home have been starting to think about getting into the market before rates nudge above 5% in the next year or so. But buying your dream home is not as easy… Read More »
Mortgage rate trends are always unpredictable, just like recessions and the prices of stock in your investment portfolio. But with mortgage rates in 2018, it seems fairly clear what is likely to happen this year and into 2019, but how will this affect first time home buyers in the near future? With a hot economy,… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
It is always tempting when wanting to buy a home to go hit the streets and find your dream home. Then you make an offer. But if you have not even started the mortgage process before you make your offer, you will likely discover that the seller and the real estate agent will not take… Read More »
Buying your first home after renting for years can be rather daunting in some ways. But millions of renters have been there before and became homeowners, so you can do it too. If you do your homework before you apply a home loan, you will have a good chance of becoming a homeowner quickly. It’s… Read More »
If you have been out of college for a few years or more, you may be considering buying a home. But if you still have student debt, you might pause before you submit that mortgage application. Should you always repay your student loans before you take on a home loan? Or can you go ahead… Read More »
Most military members and retired military know about the VA home financing programs for getting a home loan guarantee with 100% financing, low interest rate and no mortgage insurance. The VA mortgage loan can be a great deal for many veterans and active military. But did you know there are other special home loan programs… Read More »
Many people who want to get a home loan apply for a conventional loan. A conventional or conforming loan is one that is not backed by a government entity such as USDA, VA or FHA. It is a loan that follows the guidelines set by Fannie Mac and Freddie Mae, the two agencies that standardize… Read More »
If you are considering the purchase of a condominium, you may wonder how much of a down payment you need to get a mortgage. Depending upon the lender and other factors, you will probably need somewhere between 3% and 20% down to buy a condo, with 10% being the most common for people with condo… Read More »
Do you want to buy a second home? You probably have many questions about how to finance a 2nd-home. Whether you want to buy a second home for vacations or as an investment property, getting financing for this type of property comes with some challenges that you should be aware of. This article will explain… Read More »
One of the biggest barriers to buying a home for many Americans is the down payment. But many first-time home buyers have misconceptions about the down payment that is required, as well as what credit scores are needed. According to the National Association of Realtors, 85% of first time buyers think they need 10% down… Read More »
Potential home buyers who want to get a manufactured home often wonder how easy it will be to get financing for these properties. While home loans for manufactured houses are not as plentiful as regular homes, there are still some options available, including from government backed home loan programs such as FHA. Most people are… Read More »
Most home buyers will choose either a conventional loan or an FHA insured mortgage in 2018. If you have decent credit in the mid-600’s or higher, you may be considering either an FHA or conventional loan. Both programs have loans available with 3% to 3.5% down payments, so which is the best option? It depends… Read More »
First time home buyers who are looking for a tax credit could be thinking of the federal program enacted under President Obama. Unfortunately, that program ended several years ago and the 2019 first time home buyer tax credit does not exist. It was enacted in the aftermath of the last financial crisis to help first… Read More »
People who are shopping for a more expensive home, especially in a higher cost of living area, may consider a jumbo mortgage program. A jumbo loan is a type of mortgage where the amount is more than the conforming loan limits established by the FHA. So, unlike a conventional, conforming loan, it may not be… Read More »
Most of us like to invest our money in ways that make us more money. But most people tend to invest only in the stock market. There is nothing wrong with that, but 2019 looks like it could be a good year to buy an investment property to generate rental income. With rental income, you… Read More »
The Department of Housing and Urban Development is making big efforts to reward the good neighbors of our nation with its Good Neighbor Next Door loan program. If you are a teacher, police officer, or firefighter, you may be eligible for buying a HUD home for 50% off the list price. And if you are… Read More »
People who want to buy their own home have a variety of mortgage options available through Freddie Mac loan programs. Below is more information about the best Freddie Mac mortgage programs available for buyers and those who want to refinance. Freddie Mac mortgage rates continue to be competitively priced with housing affordability always being a… Read More »
Interest rates are very low and house prices are going up, so many people are deciding to buy a home in 2018. But how many of us are worried about funding that down payment? The process of buying a home can be emotionally and financially stressful, so getting help with down-payment assistance can be a… Read More »
Fannie Mae works closely with mortgage loan companies and other stakeholders in the real estate and finance industries to help home owners who have Fannie Mae loans to avoid a foreclosure. However, there are some situations where a foreclosure is unavoidable. When a foreclosure does occur, the goal of Fannie Mae is to sell the… Read More »
There are many potential home buyers in the US who may have difficulty getting a home loan in 2018 on their own. Experts recommend that they add a co-borrower to the mortgage application. With the co-borrower’s income, it may be more likely that you can get approved for a home loan. If you are considering… Read More »
How much do you know about government home loans? First, when we say that, what we really mean is that the loan is backed by the full faith and credit of the federal government. If you default on the government home loan, the US government reimburses the lender for most of the loan balance. The… Read More »
You may have heard that the current FHA mortgage rates continue to be offered near record low levels this year. Consumers residing in the United States are blessed with easy credit rules and low down-payment requirements under the FHA mortgage program. The underwriting system has been significantly automated and more and more people are getting… Read More »
For over eighty-three years, American consumers have been buying a home with FHA loan financing. People who have less than stellar credit may be under the impression that they have to wait until they have 740 credit to buy a home. This is not true. Of course, there is no charge to complete an FHA… Read More »
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