Wednesday, November 19, 2014

New Home Loan Programs

We are starting to see more and more programs becoming available that are outside the guidelines of Fannie Mae and Freddie Mac.  In the past these programs came with really high rates and fees that made them difficult to sell.  Below are some examples of what is now available.  Most programs are available up to70% - 75% of the value or sales price of the property:
 
·        1 Year Seasoning out of Short Sale  (currently 4 years Fannie/Freddie & 3 years FHA)
·        1 Year Seasoning out of Foreclosure (currently 7 years Fannie/Freddie & 3 years FHA)
·        2 Year Seasoning Bankruptcy (currently 4 years Fannie/Freddie & 2 years FHA)
·        Loan amounts up to 1.2 million
 
Most programs are 3, 5, or 7 year ARM programs with rates under 4.0%.  10 and 15 year fixes programs are available.  These are excellent programs for those buyers that don’t qualify for the Fannie/Freddie or FHA guidelines.

Friday, November 14, 2014

Selling my daughter on homeownership

Source: CNBC
 
David H. Stevens, president and CEO of the Mortgage Bankers Association, advocates professionally for aspiring homeowners all across the nation by promoting a healthy entry-level housing market. But he cannot convince his own daughter that the time is right for her to buy a home of her own. Stevens argues that one of the best decisions he ever made was buying his first home at the age of 27 in 1984. Pointing to his own daughter, Stevens writes, “We cannot underestimate the impact of this decline in first-time buyers; the health of the housing market relies heavily on them.”
Read the full story

Tuesday, November 11, 2014

Hispanic Borrowers Diminishing in California Housing

Source: Bloomberg

The Hispanic share of the market for home mortgages fell to 22 percent in 2013 from 24 percent the prior year and is now barely half of the 2006 peak, according to an analysis of federal lending data by the Urban Institute. While Hispanics account for 39 percent of the population, more Hispanics are dropping out of the market even as their numbers grow, surpassing whites this year as the largest ethnic group in California.
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Friday, November 7, 2014

Humans make a house for sale feel more like home

Source: Marketplace

A nationwide home staging company is allowing people to apply to become “home managers” of a new home, which entails paying a small fee to live in a luxury home on the market. This “home manager” method is the company’s most effective service, as they argue a home feels more attractive to buyers if someone actually lives in it. Of course, this lifestyle involves a lot of moving since a home might sell after just a few weeks.
Read the full story 

Tuesday, November 4, 2014

Supreme Court to Weigh Tactic Used to Combat Housing Bias

Source: The Associated Press
 
Justices on the Supreme Court have agreed to take up a Texas case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate. Banks and mortgage companies have argued that federal housing laws should punish only intentional acts of discrimination, while civil rights groups argue that statistics should be allowed to prove that race-neutral policies disproportionately harm racial minorities.
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