An eye-opening trend, really. Homeowner associations, similar to lenders, can foreclose on homes to recoup delinquent payments. Nevada, as well as 20 other states, has laws giving HOA liens priority over first mortgages. HOA Foreclosures Leave Banks Empty-Handed.
Federal Regulators Announce Dramatic Easing of Mortgage Standards
The move is expected to help open up the credit box to first-time buyers, self-employed borrowers, borrowers who have had recent job switches, and borrowers who faced financial hardship during the recession. FHFA's Dramatic Easing of Mortgage Standards
Student Debt Holds Some Buyers Back, But Doesn't Need To
According to the article, "underwriters generally treat student debt in a more positive light than credit card or auto loan debt." Study: Student Debt Holds Buyers Back, But Doesn't Need To
It's Getting Easier to Qualify for an FHA Mortgage Loan
Wondering whether you qualify to purchase a new home? A government agency reports that the average credit score on FHA-backed loans fell to 680 in 2013, and the average debt-to-income ratio of borrowers rose to 40.3 percent — both indicators that credit requirements may be easing. In comparison, the agency reported in January 2013 that the average credit score was 701 and the debt-to-income ratio was 38 percent.
If you'd like more information on whether you qualify for an FHA or other type of mortgage to buy a home, contact me today ((443) 924-7418). I'll be happy to put you in touch with an excellent group of mortgage professionals.
Is New Loan Rule Nudging Borrowers to Lie?
While mortgage application fraud has dropped 5.6 percent year-over-year, the industry is seeing a rise in income-based fraud, according to CoreLogic findings. Is New Loan Rule Nudging Borrowers to Lie?
Mortgage Rates Roll Back to July Levels
“These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated,” says Frank Nothaft, Freddie Mac’s chief economist. Mortgage Rates Roll Back to July Levels
Foreclosures Down 29 Percent From Year Ago
Since September 2008 -- the start of the financial crisis -- about 4.4 million foreclosures have been completed. Foreclosures Down 29 Percent From Year Ago
Why Some Buyers Are Feeling Like They Missed Out
With mortgage rates and home prices on the rise, some home buyers who were waiting for the housing market to reach bottom are realizing they may have missed the boat. Why Some Buyers Are Feeling Like They Missed Out
Veterans & Active Duty Personnel: $10,000 Home Buying Assistance Program Ends in June
Maryland initiative provides eligible home buyers generous downpayment and closing cost assistance
Current and former military personnel thinking of buying a home in Maryland this year should note that a state program offering them up to $10,000 in mortgage assistance is slated to expire June 30.
The Maryland Veterans and Military Family Mortgage Program helps current and former military home buyers purchase a home by offering lower-than-market interest rates and additional downpayment and closing cost assistance up to $10,000.
The program will end June 30 -- or when the $50 million in program funds have been allocated to buyers.
Eligible participants are entitled to assistance that’s in addition to funds available from applicable CDA partner matching programs and assistance from local jurisdictions. It’s a tremendous benefit for eligible home buyers.
The program is open to active duty military (including the Reserves and National Guard) and honorably discharged veterans. Eligible buyers must qualify for a CDA loan using the Maryland Mortgage Program requirements, which take into account a buyer’s credit score, income and other factors.
CDA loans generally are limited to first-time buyers, but this requirement can be waived under certain circumstances. For more information on the program, visit www.mmprogram.org or call Julie Orsini, senior loan officer with Primary Residential Mortgage, Inc. at (410) 370-8304.
Maryland Mortgage Program Flyer
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
5 Biggest Mistakes Home Buyers Make
Some home buyers fall for common pitfalls when purchasing a home. How can you help make sure your clients don’t fall for one? 5 Biggest Mistakes Home Buyers Make
