Showing posts with label #3%down. Show all posts
Showing posts with label #3%down. Show all posts
Friday, January 9, 2015
Monday, January 5, 2015
Game Changer 3 percent down payment mortgage making a come back
Fannie Mae and Freddie announced they will start backing mortgages with down payments as little as 3% of the home price, Wow. This could be a game changer.
You will need to have a credit score of at least 620 and offer complete documentation of there income, assets and job status.They will also have to buy private mortgage insurance.
Borrowers will also have to receive home ownership counseling.
Sunday, December 21, 2014
Friday, December 19, 2014
Beautiful Home in North Fontana with golf coast view in back yard for Sale
For more information Call Robert Leidig A
real estate agent with Century 21 Town &Country
909-957-7661 or email robert.leidig@century21.com
web page robertleidighomes.com
Thursday, December 18, 2014
FORECLOSURE ACTIVITY DECREASES 9 PERCENT IN NOVEMBER
IRVINE, Calif. – Dec. 11, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for November 2014, which shows foreclosure filings — default notices, scheduled auctions andbank repossessions — were reported on 112,498 U.S. properties in November, a decrease of 9 percent from the previous month and down 1 percent from a year ago — the 50th consecutive month with a year-over-year decrease in overall foreclosure activity. The report also shows one in every 1,170 U.S. housing units with a foreclosure filing during the month.
A total of 55,906 U.S. properties started the foreclosure process in November, a decrease of 1 percent from the previous month but a 6 percent increase from a year ago, the first year-over-year increase following 27 consecutive months of year-over-year decreases.
50,102 U.S. properties were scheduled for foreclosure auction during the month, down 16 percent from an 18-month high in the previous month but up 5 percent from a year ago.
Lenders repossessed 25,249 properties in November, down 10 percent from the previous month and down 17 percent from a year ago, making November the 24th consecutive month with year-over-year decreases.
“The housing market is struggling to find the new normal when it comes to a tolerable level of foreclosure activity in this post-Great Recession economy,” said Daren Blomquist, vice president at RealtyTrac. “Finding that ne
w normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery.
w normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery.
“Foreclosure rates on 2014-originated loans are actually higher than 2013-originated loans nationwide and in many markets, indicating that lenders are open to a slightly higher level of risk than we’ve seen over the past five years of extremely tight lending standards,” Blomquist continued. “But it’s unlikely that lenders will dial up that risk level too quickly going forward given that many are still dealing with working through a lengthy and messy foreclosure process on risky loans from the last loose lending spree.”
Scheduled foreclosure auctions increased from a year ago in 30 states, including Kentucky (up 163 percent), Tennessee (up 159 percent), North Carolina (up 157 percent), New Jersey (up 117 percent), Oregon (up 114 percent), New York (up 76 percent), Texas (up 34 percent), Pennsylvania (up 13 percent), Georgia (up 8 percent), and Washington (up 7 percent).
“I think the reason we’ve seen foreclosure activity go up in Seattle over the past year is because banks are simply better prepared for defaults. As a result, they’re able to get a higher volume of foreclosures processed much more quickly,” said OB Jacobi, president ofWindermere Real Estate, covering the Seattle market
Wednesday, December 17, 2014
Americans Are 40% Poorer Today
The net worth of American families has plunged 40 percent since 2007, right before the financial crisis struck, dipping to an average of $81,400 per household, according to a new report from the Pew Research Center. That's down from $135,700 in 2007. Pew measures net worth as the difference between the values of a household's assets, including homes, investments, and liabilities.
The average weekly wage has mostly stayed stagnant in recent years: $853 last month compared to $833 in November 2013, according to the Bureau of Labor Statistics."The Great Recession, fueled by the crises in the housing and financial markets, was universally hard on the net worth of American families," the report says.
The drop in net worth is particularly acute along racial lines. The gap between blacks and whites has reached its highest point since 1989, with the wealth of white households 13 times greater than that of black households in 2013, according to Pew research. The median net worth of white households was $141,900 in 2013, dropping 26 percent since 2007; for Hispanic households, net worth in that time fell by 42 percent to $13,700, and for African-American households, it dropped 43 percent to $11,000.
The Pew report partially attributes the wealth gap among the races to the fact that white households are more likely to own stocks directly or indirectly through retirement accounts. Financial assets such as stocks have recovered value more quickly than housing since the recession ended, according to Pew.
However, the housing picture has improved and may help lift many household's finances. Fewer borrowers are underwater, which means they no longer owe more on their mortgage than their home is worth. Eight percent of borrowers, or 4 million, were underwater in October compared to the peak of 35 percent, or 18 million homes, in February 2011, according to data from Black Knight Financial Services, which tracks mortgage performance.
Tuesday, December 16, 2014
Monday, December 15, 2014
Wednesday, December 10, 2014
3% Down Payments May Be Game Changer
Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.
With Fannie Mae's 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie's loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance
NAR said in a statement that the action by FHFA demonstrates its "commitment to home ownership by serving creditworthy borrowers who lack the resources for substantial down payments, plus closing costs, with a new 3 percent down-payment program that mitigates risk with strong underwriting. The new program ensures that responsible home buyers will have access to safe, affordable mortgage credit."
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