Category: Orlando first time home buyer news
July 7, 2014 - No Comments
WASHINGTON – July 7, 2014 – The Federal Housing Administration (FHA) will end its public comment period in mid-August on a proposed program that would allow first-time home buyers to get a discounted mortgage if they enroll in housing counseling classes. The program, called Homeowners Armed with Knowledge (HAWK), was announced last month by the FHA as way to lower homebuyers' mortgage insurance premium costs. FHA is operating under the assumption that the more borrowers understand about homeownership, the less likely they are to default on their loans. That, in turn, lowers their lending risk.
June 25, 2014 - No Comments
NEW YORK – June 25, 2014 – At the same time that institutional investors are scaling back on buying, all-cash home purchases are on the rise. So who's behind the increase? Joseph Rand, managing partner of Better Homes and Gardens Rand Realty in the New York City metro area, points to three main groups, which he dubs "regular investment buyers." One set of all-cash buyers is former homeowners coming back to the market after going through foreclosure, Rand says. They may have gone into foreclosure after they stopped paying their mortgage at the height of the housing crisis, and they've used the last few years to save enough money to pay cash on their next home purchase.
June 23, 2014 - No Comments
NEW YORK – June 23, 2014 – Large lenders generally offer only mortgage prequalifications, but smaller lenders are again offering mortgage preapprovals as a way to draw more borrowers. In fiercely competitive markets, a preapproval lends more certainty to a deal. While a pre-approval doesn't guarantee that a bank will make a loan, it comes close. "It essentially affords borrowers the ability to shop as a cash buyer," says Norman T. Koenigsberg with First Choice Loan Services in Morganville, New Jersey.
June 19, 2014 - No Comments
IRVINE, Calif. – June 18, 2014 – RealtyTrac released its first-ever Natural Disaster Housing Risk Report, which assigns a natural disaster risk score to more than 3,000 county housing markets nationwide. Scores assigned to each county's housing market were based on risk data for three natural disaster events – hurricanes, tornados and earthquakes – and each county was assigned to one of five risk categories based on their score: Very High, High, Medium, Low, and Very Low.
June 12, 2014 - No Comments
SAN FRANCISCO – June 11, 2014 – Sixty-five percent of homeowners with private mortgage insurance say that the additional cost of PMI prompted them to pay a higher monthly mortgage payment than they had originally expected, according to a new survey released by TD Bank of more than 2,000 Americans who purchased a home in the past 10 years. "PMI has had a definitive impact on many home buyers – including making them rethink or delay the purchase of a home in light of not being able to meet monthly mortgage payments," says Michael Copley, executive vice president of retail lending at TD Bank.
June 11, 2014 - No Comments
WASHINGTON (AP) – June 11, 2014 – City living has been a blessing for Tim Nelson. The Phoenix lawyer moved downtown a few months ago into a new $389,000 home with a warehouse-style floor plan, a Jacuzzi tub and kitchen counters made of Caesarstone quartz. His favorite coffee spot is three blocks away. When the Arizona Diamondbacks play on Friday nights, he can watch postgame fireworks from his deck. "I like the views," said Nelson, 50. "My commute is almost nonexistent." Nelson has plenty of company. Americans increasingly say they prefer to live near the centers of cities and towns, where commutes are typically shorter and culture, restaurants and entertainment close by. It marks a shift away from the yearning for open suburban space that drove U.S. home construction for decades.
June 6, 2014 - No Comments
NEW YORK – June 6, 2014 – With new mortgage rules and regulations in place, buyers may face more obstacles when applying for a mortgage. "Buying a home is likely the biggest purchase anyone will make, and community bankers are an excellent resource to help guide consumers through the process," says John Buhrmaster, chairman of Independent Community Bankers of America (ICBA) and president and CEO of 1st National Bank of Scotia, N.Y. The Independent Community Bankers of America (ICBA), which represents more than 6,500 community banks across the country, recently offered several suggestions for prospective first-time home buyers seeking a loan, including:
June 5, 2014 - No Comments
A lot of young homebuyers plan to make a withdrawal from the bank of mom and dad. Half of adults between the ages of 18 and 34 said they plan to ask their parents, and even their grandparents, to help them come up with the downpayment needed to purchase a home, according to a survey by real estate site Trulia. Another 37 percent of millennials said they would take a second job to help them save money to buy a home and 22 percent would use a government-sponsored program.
June 4, 2014 - No Comments
WASHINGTON – June 4, 2014 – A the National Association of Realtors® (NAR) recent convention, attendees discussed transportation and its impact on today's homebuyers. Most agreed, however, that traffic congestion is here to stay, and there isn't anything that can be done about it. In a panel organized by the Richard J. Rosenthal Center for Real Estate Studies at Realtor University, NAR Chief Economist Lawrence Yun joined other economists to discuss traffic and commuting and their impact on the decision to buy a home.
June 3, 2014 - No Comments
New York – June 3, 2014 – Mortgage applications dropped sharply from May 2013 to February 2014 for consumers in all FICO brackets, according to the Federal Reserve Bank of New York. Application rejection rates declined for all groups except for those with FICO scores below 680; consumers in that bracket were rejected at about six times the rate of those with scores above 760. Not surprisingly, these borrowers were less interested in applying for similar loans in the next year.
June 1, 2014 - No Comments
WASHINGTON – May 30, 2014 – At a panel on commute costs at the National Association of Realtors®' (NAR) midyear conference, Chief Economist Lawrence Yun said buyers set on living in a certain school district may take it as a personal affront if their agent suggests they look at a bigger home in another district. Yun cited a recent NAR survey that found just 2 percent of buyers make compromises on distance from schools, and just 3 percent will compromise when it comes to the quality of schools.