Health Of The US Housing Market

Although all real estate is local, this Bloomberg Report with Jeff Taylor, Managing Partner of Digital Risk, sums up the overall U.S. new housing numbers, current mortgage rates and lending practices, and provides a glimpse of mortgage lending criteria in the near future.

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Considering An FHA Loan? Better Hurry…Cost Going Up

FHA loans are the largest source of low-down payment mortgages.  A buyer with less than stellar credit can purchase a property with as little as 3.5% down.  Starting April 1st, the FHA will institute it’s third increase since 2011 when it raises it’s premiums by 1/10 of a percent, or 10 basis points. Then, on […]

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Fannie Mae and Freddie Mac: What Effect Will Phasing Them Out Have On Mortgage Market?

Current consideration of phasing out Fannie Mae and Freddie Mac over the next 5-7 years has everyone in the real estate and mortgage markets speculating as to the effect it will have.  Created after the depression to help people buy homes, these two entities and FHA, now buy or insure 97% of home loans. Some […]

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Mortgage Interest Deductions: Should They Be Eliminated?

Since before I owned or started selling real estate, the mortgage interest deduction has existed and been one of the main benefits espoused for buying a home.  In addition to building up equity, it has been argued that this is one of the deductions that is helpful for lowering taxes due, especially for individuals and […]

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How Rising Mortgage Rates Affect Your Buying Power

This table from the KCM post “The Cost of Waiting for Prices to Fall” is a great visual to update my post from yesterday regarding mortgage rates hitting the 5% mark

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Mortgage Rates Hit 5%

Mortgage rates are inching up, currently hovering around 5%.  According to a CNNmoney.com report, interest rates at 5% don’t affect home buyers.  While 5% is still low,  and would only add slightly to a monthly mortgage, a continued increase in rates will affect the amount of home a buyer can purchase. Other posts that discuss […]

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Fannie Mae and Freddie Mac Increasing Interest Rates and Fees

Starting in March 1 for Freddie Mac and April 1 for Fannie Mae interest rates for loans over 15 years could almost double, even if you have perfect credit. Remember, if you are a buyer the cost of owning a home is more important than the price of the home.  Obviously you don’t want to […]

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Miami Real Estate On Sale

With prices still on a downward slide in South Florida, the number of sales are up as buyers realize the buying opportunity these price decreases represent.  And although 30-year mortgage rates inched up slightly this week, they are still under 5% and near historic lows. These interest rates will help first time buyers, but may […]

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FHA Loans – Minimum Credit Scores Reduced

Effective January 15th 2011, it will be easier to qualify for an FHA loan with Homes Services Lending.  The new FHA minimum credit scores will be reduced from 600 to lower thresholds as follows: Credit score 500 – 579 allowed with maximum 90% LTV Credit score 580 – 599 allowed with maximum 95% LTV Credit […]

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New Low Mortgage Rates Results in Flurry of Refinancing Activity

According to the Mortgage Bankers Association, new record low mortgage rates caused refinancing activity to increase by 21% last week.  Applications for new mortgages were down 8.5%, mainly due to the more stringent requirements for FHA mortgages that took effect on October 4.

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