Market Recovery Double-Edged Sword
Most real estate and mortgage professionals realize that the housing recovery has been extremely good since the low in 2012. In November the Fannie Mae Home Purchase Sentiment Index indicated that consumers aren’t as optimistic about housing prospects for the future. Fannie Mae concludes that the decrease in the sentiment index was mainly due to two things; Expected decrease in supply and affordability. With current interest rates near an all-time low affordability is still high, but higher interest rates could derail consumer...Condo Financing Gaining Popularity
You may have heard that it is extremely difficult to get approved for a home loan to buy or refinance a condominium. That was the case for several years after the housing market crashed, but lenders finally have loosened the rules on condo financing. Borrowers seeking to get a condo loan these days will find more lenders to choose from and more condominiums that are eligible for financing. Mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements on loans for condos, and a growing number of lenders offer loans that go outside the box of the condo rules in conventional financing, says industry experts. You’ll still need good credit and stable income to qualify for a condo loan — just as you would with a loan to buy a house. But you are less likely to face restrictions relating to the property itself. When approving a condo loan, the lender wants to make sure the building is financially stable. Because the financial stability of a condo project depends on the owners paying their bills, lenders tend to view condo loans as a riskier investment than a house. Lenders are more flexible when analyzing condominiums’ financial stability. Late in 2014, Fannie issued new guidelines to lenders allowing them to issue loans in developments where up to 15 percent of the owners were 60 days past due on monthly payments. The threshold had been 30 days. Another change made it easier to finance condos in new developments. Still, many condo buildings don’t meet Fannie and Freddie’s requirements; however, there are several options that have now become available...Vacation Home Sales Up in 2014
Vacation home sales jumped to a record 1.13 million last year which is the highest rate since 2003 This is a 57% increase from 2013 As vacation home purchases soared, investment purchases dropped for the fourth straight year Market share of investment sales dropped to 19% of the market from 20% in...It Is Getting Easier to Purchase a Home
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...Specialty Loan Products
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!Connect With Us
