Mortgage rates are at historic lows, thanks to the European debt crisis. The average rate for a 30- year fixed loan as of mid-May 2010 is 4.87%, according to Bankrate.com-the lowest rate for the 30 years since Bankrate started keeping track 25 years ago. Jumbo loan...
Home Financing
Special Provisions Allow Military Home Buyers to Capture Tax Credits
Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military Military families seeking to buy a home can count on a little tax help. The Homebuyers Tax Credit which provides eligible buyers...
NAEBA Supports Mortgage Simplification
AVONDALE, AZ September 24, 2010—The National Association of Exclusive Buyer Agents supports efforts by the new Consumer Financial Protection Bureau (CFPB) to simplify the mortgage process for consumers. The CFPB is charged with combining and simplifying two disclosure...
House Republicans Propose Another FHA Down Payment Increase
In my post last week, I mentioned that while “loans like FHA and VA wouldn’t have the same restrictions, I heard talk in DC about raising the down payment.” Yesterday, I learned just how serious that talk was. According to an article in the Washington Post on May...
Why Home Buyers Need a Mortgage Pre-Approval
When you begin the journey of buying a home, there is a critical step that should not be overlooked. Namely, obtaining a mortgage pre-approval! This may seem counter-intuitive for first-time home buyers. After all, how can you apply for a mortgage without knowing...
Changes to FHA Condo Rules Expand Home Buyer Opportunities
Buying a condominium may become easier in the near future, thanks to recent changes in the Federal Housing Administration (FHA) mortgage program. The new FHA mortgage rules, applying specifically to condominiums, became effective August, 2016 with the passage of Bill...
What Home Buyers Should Know About Interest Rates
While the Federal Reserve declined to raise its benchmark rate in September, a future rate hike seems likely this December. The last rate hike was in December 2015, when the benchmark moved up by one-quarter of a percentage point. Most home buyers do not breathlessly...
How Home Buyers can Help Prevent Closing Delays
It takes about six weeks to close on a home in most areas of the country. Much of the reason is beyond a home buyer’s control; complex regulations, appraisal backlogs, and last-minute snags. Yet the most common reason for closing delays rests squarely on the home...
What Home Buyers Should Know About Credit Scores
In a prior blog post, we talked about what home buyers should know about interest rates, and how rates impact home buying power. Home buyers should also know how their credit score affects the mortgage interest rate they’ll be offered! You cannot control the market...
Down Payment Investors Offer Help in Return for Home Equity Stake
Fewer Appraisers in Industry Means Slower Home Sales
In a prior blog post, entitled “What Home Buyers Need to Know About Appraisals,” we explained how appraisals work, and how they can sink a home sale when the appraisal value does not agree with the sale price. Yet appraisals can delay a home sale for another reason as...
Home Buyers, Start Your Mortgage Pre-Approval!
With home inventory slim in many areas of the country, home buyers face plenty of competition! A mortgage pre-approval can make the difference between getting your purchase offer accepted, or having the seller choose another offer by a better-prepared buyer. A...