Good news for prospective home buyers. Purchasing a home is getting easier. The following are some of the reasons why:
– New disclosure requirements are more clear
– Creative loan products are coming back to the market
– Lender buybacks are decreasing
– FHA Mortgage Insurance has decreased
– Interest rates are still low
Fannie Mae and Freddie Mac have their own guidelines, but sometimes investors require their lenders or brokers to go above and beyond making it difficult for qualifying customers to get a loan. Click this link to check out my video about overlays and how they may be affecting your customers.
D&V Home Mortgage is excited to introduce our Lot Loan Program and our Foreign National Mortgage Program.
Call today for mortgage rates and terms for these great new products!
Every Realtor would rather make 6% than 3%.
Call or email for a custom open house flyer today and start getting both sides on your listings!
Custom flyers for FHA, VA, Conventional, and Jumbo Loans.
97% Primary – 620 (First Time Homebuyer)
97% Primary – 620 (My Community Mortgage)
95% Primary – 620 Score
90% Second Homes – 620 Score
85% Investment – 720 Score
50% DTI max all programs
High LTV Condos to Same LTV’s as above!
Limited Review Condos (70%LTV SH, 75% LTV Pri Res)
Investment Cash-Out to 75%
Up to 10 Financed Properties
Delayed Financing Exception
Conforming Flips
Call or email today with conventional, VA, FHA, or Jumbo Scenarios!
The homeownership rate in America hit a 20-year low, dropping to 64% in the fourth quarter of 2014. This was 1.2 percentage points (+/-0.4) lower than the fourth quarter 2013 rate (65.2%) and 0.4 percentage points (+/-0.4) lower than the rate last quarter (64.4%). The rental vacancy rate of 7% was 1.2 percentage points (+/-0.4) lower than the rate in the fourth quarter 2013 and 0.4 percentage points (+/-0.3) lower than the rate last quarter. The homeowner vacancy rate of 1.9% was 0.2 percentage points (+/-0.2) lower than the rate in the fourth quarter 2013 and 0.1 percentage point higher (+/-0.1)* than the rate last quarter. The homeownership rate of 64% was 1.2 percentage points (+/-0.4) lower than the fourth quarter 2013 rate (65.2%) and 0.4 percentage points (+/-0.4) lower than the rate last quarter (64.4%). Paul Diggle, property economist for Capital Economics said that the decade-long decline in the share of the population who own their home may now be drawing to an end. “Yet the long decline in the homeownership rate may finally be drawing to a close,” he says. “After all, mortgage delinquency and foreclosure rates have fallen back to long-run norms, credit conditions are showing signs of loosening and wage growth may soon accelerate, helping young households to make the leap into homeownership. Source: HousingWire
The Federal Open Market Committee at the end of January calmly resisted the urge to set into play an increase in key interest rates, saying for now that holding the federal funds rate at 0-1/4 percent is “appropriate.” The FOMC statement described U.S. economic expansion since December at “a solid pace”–optimistic language not seen in previous statements. “Labor market conditions have improved further, with strong job gains and a lower unemployment rate,” the statement said. “On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; recent declines in energy prices have boosted household purchasing power. Business fixed investment is advancing, while the recovery in the housing sector remains slow. Inflation has declined further below the Committee’s longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation have declined substantially in recent months; survey-based measures of longer-term inflation expectations have remained stable.” But the FOMC made no move to put a rate increase in place, saying in determining how long to maintain the target range of 0-1/4 percent, it would continue to assess progress toward its objectives of maximum employment and two percent inflation. Source: MBA
Millennials deep down may be suburbanites after all. In recent years, economists and demographers have argued that members of Generation Y will have a longer love for city living in smaller living quarter than their predecessors. But a newly released survey by the National Association of Home Builders discounts that, suggesting that what millennials really want is a single-family home outside of the urban center – just like other generations. The survey of more than 1,500 people (born since 1977) found that 66 percent of millennials want to live in the suburbs; 24 percent want to live in rural areas; and only 10 percent prefer to live in a city center. “While you are more likely to attract this generation than other generations to buy a condo or a house downtown, that is a relative term,” says Rose Quint, NAHB’s assistant vice president of survey research. “The majority of them will still want to buy the house out there in the suburbs.” One of their main draws to suburbia? They “want to live in more space than they have now,” Quint says. Eighty-one percent said they want three or more bedrooms in their home. “The preference for the suburbs suggests that future demand will be in the form of single-family homes rather than condominiums more prevalent in cities,” David Berson, chief economist with Nationwide Insurance Co., told The Wall Street Journal. “That’s also good news for future suburban single-family sellers, many of whom are baby boomers.” Source: The Wall Street Journal
(MCM) – My Community Mortgage – FNMA Product
D&V Home Mortgage has announced the release of an amazing product to help homebuyers get into homes at incredible rates including reduced MI! Say good bye to FHA if your borrower meets the income requirements!
Check this out!
Score’s down to 620
DTI – 50%
LTV’s are 95% on a Fixed and 90% on adjustable
Your borrower or borrowers combined income must be below the median income for the area per FNMA to qualify….Link below to look them up.
https://www.fanniemae.com/s/components/amilookup/61d695d4-b7a7-4fe1-90c2-7dff2fd1ccd4?state
List of relevant median incomes for counties targeted with this email
Pinellas, Hillsborough, Pasco – $57,400
Sarasota – $57,300
Collier – $62,900
Lee – $58,000
Pricing HUGE benefit!
D&V Home Mortgage now offers non-QM Jumbo Loans
