Applications for conventional home loans increased last week, likely a result of record low rates. Bloomberg reports: “The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan increased 4.7 percent to 1,250.6 in the week ended April 3, a fifth straight gain, from 1.194.4 the prior week. The group’s refinancingpurchase measure jumped [...] [...more]
New legislation may make it more difficult for anyone to take out a loan, particularly those in unconventional circumstances. Congressman Barney Frank is currently pushing legislation that would require banks to hold on to at least a portion of each mortgage they create, instead of selling the entire loan to investment groups. A recent Reuters article reports: “He [...] [...more]
During the past year, it’s been difficult to take out a “jumbo mortgage” – i.e. a home loan that exceeds the limits set by Fannie Mae and Freddie Mac. Many buyers looking at higher-end properties have struggled to find lending solutions, even when they could afford the payments. But, it looks like the tide may be [...] [...more]
Here’s an interesting new incentive from the California Association of Realtors: if you buy a home through them, they’ll pay your mortgage for up to six months if you get laid off. The San Francisco Chronicle reports: “CAR’s offer is essentially like insurance for people who get laid off. It applies to first-time home buyers who open [...] [...more]
Seller financing continues to grow in popularity as banks tighten requirements. One question that many potential buyers ask is: “How much will I need to put down in a seller financed deal?” In the current market, most sellers expect that buyers looking for financing will bring less cash to the table than required for a conventional [...] [...more]
