Showing posts with label #loans. Show all posts
Showing posts with label #loans. Show all posts
Monday, April 27, 2015
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.
Friday, January 2, 2015
Thursday, January 1, 2015
Wishing Everyone A Happy New Year
Thinking about Buying or Selling A Home.
Let my experience help you. I specialize in the
Inland Empire.
Robert Leidig a real estate agent with
Century 21 Town &Country
Bre Cal 01427758
909-957-7661
robert.leidig@century21.com
robertleidighomes.com
Monday, December 29, 2014
Saturday, December 27, 2014
Tuesday, December 23, 2014
Ontario home for sale 3 bedroom, 2 baths 1600sqft
For more information call Robert Leidig A real estate
agent with Century21Town&Country CALBRE: 01422758
email robert.leidig@century21.com
web page robertleidighomes.com
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Thursday, December 18, 2014
Lenders Eased Standards in November
Mortgage availability rose in November, showing signs that the credit box is gradually opening for borrowers, according to the Mortgage Bankers Association's Mortgage Credit Availability Index. The index rose 1.2 percent to 114.6 last month; an increase in the index indicates the loosening of credit.
Still, some banks are adamant that they aren't loosening up. "You won't see us start to expand our credit much past what we've done today," Bank of America CEO Brian T. Moynihan said at a New York investor conference last month. "I don't think there's a big incentive for us to start to try to create more mortgage availability where the consumers are susceptible to default. … I know that doesn't sound good for an instant housing recovery and faster housing markets, but it's actually good because, in the long-term, it keeps housing more fundamentally based."Housing analysts are optimistic that lenders are showing signs of loosening up the tight credit that has sidelined many potential buyers in recent years. Freddie Mac and Fannie Mae's latest move ushers back in loans with 3 percent down payments, which some expect to be a boon for attracting more first-time home buyers to the market.
Wednesday, December 10, 2014
Buyers' and Sellers' Confidence Diverges
The gap between those who say it's a good time to buy a home and those who say it's a good time to sell is growing larger. Sixty-eight percent of Americans say now is the time to buy, a month-over-month rise of 3 percentage points, according to Fannie Mae's November 2014 National Housing Survey of 1,000 respondents. On the other hand, the number of Americans who say it's a good time to sell fell 5 percentage points to 39 percent.
One of the most encouraging signs for the housing market's future: Consumers' personal financial outlook is improving. Forty-six percent of Americans say they expect their personal financial situation to improve over the next 12 months. That's close to the survey's all-time high.
Also, among the survey's findings:
One of the most encouraging signs for the housing market's future: Consumers' personal financial outlook is improving. Forty-six percent of Americans say they expect their personal financial situation to improve over the next 12 months. That's close to the survey's all-time high.
Also, among the survey's findings:
- 45 percent of respondents say they believe mortgage rates will rise in the next 12 months (a drop of 3 percentage points from the previous month);
- 53 percent say they expect rental prices to rise in the next 12 months (a rise of 4 percentage points from last month);
- 62 percent say they would buy a home if they were going to move, while the share who say they'd rent rose to 31 percent;
- 25 percent say their household income is significantly higher than it was 12 months ago (the same as last month);
- 36 percent say their household expenses are significantly higher than they were 12 months ago (the same as last month).
Monday, December 8, 2014
HAMP Borrowers Can Earn Extra $5K Reward
The government is throwing in more incentives to keep borrowers who modify their loans through the Home Affordable Modification Program current on their mortgages. HAMP borrowers who pay on time can earn an extra $5,000 in their sixth year of payments. That's on top of the $5,000 borrowers are already eligible for if they make on-time payments through the first five years of their loans, the Treasury Department and Department of Housing and Urban Development announced this week.
Borrowers stand to get $10,000 in incentives for on-time payments, which all goes toward reducing their principal balance. HAMP will then give borrowers the option to re-amortize the reduced balance in order to lower their overall monthly payments, the Treasury Department said.
An estimated 1 million home owners with HAMP loans will likely be eligible for the additional $5,000 incentive.
The extra incentive comes at a time when about 30,000 HAMP loans are to reset this year. When the loans begin to reset, the interest rate will rise by one percentage point per year until it reaches the agreed upon rate when the modification was created. Reset rates will range from 4 percent to 5.4 percent.
Also this week, the Treasury Department announced that distressed home owners who complete a short sale or deed-in-lieu will now be offered $10,000 in relocation assistance, a $7,000 increase over what they previously received. And there's an extra incentive for borrowers in the HAMP Tier 2 alternative program, which provides a low fixed interest rate for borrowers who were unable to qualify for a standard HAMP modification. HAMP Tier 2 alternative borrowers now are able to pay a 50-basis point lower interest rate and earn the $5,000 incentive if they make on-time payments by the end of their sixth year.
"While the housing sector has strengthened in recent years, there are still many homeowners struggling to make their mortgage payments," says Treasury Secretary Jacob Lew. "The changes we are announcing today offer meaningful incentives for borrowers to stay current in their modifications, increase their opportunity to build equity in their homes, and provide vital safety nets for those facing greater financial strains."
Source: U.S. Department of Housing and Urban Development and “Treasury to Offer Rewards for Current HAMP Borrowers,” National Mortgage News (Dec. 4, 2014)
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