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Results For Category: Housing Market

Is now a good time to buy or sell?

September 3, 2014 |  Article By : 

mortgageMortgage rates have been at historical lows since 2008 following the financial crisis, but the consensus is that they will rise; it’s just a matter of how much and when.

The average rate for a 30-year fixed-rate mortgage has fluctuated between just above 4% and 4.5% for most of 2014. The Federal Home Loan Mortgage Corp., (Freddie Mac), is predicting rates will rise to 5% in 2015.  Factors contributing to an anticipated rate increase include a strengthening economy and the unemployment rate is falling and is expected to continue to do so.  This fall is a great time to buy or sell as the mortgage rates are still low.

 

America’s 132 Million Homes

August 21, 2014 |  Article By : 
1948 New Home

1948 New Home

What is the median age of a home built in the America? Good question… would you believe it is 40! In 1974, when those houses were built, the interest rate on a 30-year fixed mortgage was 9.1%; the median existing home price was $32,000; President Gerald Ford announced a $300 million mortgage credit initiative to help alleviate the housing market recession; and the energy crisis had spurred the incorporation of energy-efficient features in new construction.

What does the U.S. housing stock by age look like?

  • 14% or 18 million homes were built from 1980 to 1999 (0-14 years old).
  • 55% or 40 million homes were built from 1960 to 1979 (15-54 years old)
  • 31% of homes are 55-95+ years old. We can break that down further to: 21 million (16%) were built from 1940 to 1950 (55-74 years old); 11 million (8%) were built from 1920 to 1939 (75-94 years old) and 9 million (7%) were built in 1919 or earlier.

 

Source: U.S. Census Bureau’s 2011 Housing Profile, published July 2013.

Short Sale/Deed in Lieu of Foreclosure Waiting Period Changes Effective August 16, 2014

August 12, 2014 |  Article By : 

Fannie Mae has recently announced the waiting period requirements for borrowers who have has a previous deed-in-lieu of foreclosure or pre-foreclosure sale are being updated to now require a four-year waiting period; through a two-year waiting period will be permitted if the event was due to extenuating circumstances. The loan-to-value restrictions previously tied to different waiting period time-frames are also being removed.

This is good news for those conventional mortgage loan borrowers who do not have the 20% down payment and only have the 10% down payment on a home purchase. You no longer need a 10% down payment to qualify for a conventional mortgage load after the 4 year waiting period requirement. Fannie Mae will allow a home buyer to only put a 5% down payment on a home purchase to qualify for a conventional mortgage load 4 years after a short sale or deed in lieu of foreclosure.

Short Sale/Deed in Lieu of Foreclosure

(Changes for applications taken on August 16, 2014 or later)

 Waiting Periods Under the Old Guideline                                                                                                                         (On or before 8/15/2014)

  • 7 years if the borrower puts <10% down (Recovery period must have elapsed prior to the date of the application.)
  • 4 years of the borrower outs 10% down (Recovery period must have elapsed prior to the date of application.)
  • 2 years if the borrower puts 20% down (Recovery period must have elapsed prior to the date of application.)

Waiting Periods Under the New Guideline                                                                                                                         (On or after 8/16/2014)

  • 4 years from the date the deed to the property was transferred back to the servicer. No LTV/CLTV limitations.

Senior Housing Cooperatives

July 29, 2014 |  Article By : 

a happy seniorSenior housing cooperatives are an increasing popular housing option for active adults 55+. As the baby boom generation reaches retirement age and considers the many lifestyle choices available, the cooperative model is gaining greater popularity.

Cooperative living is simply ownership in a facility. Members become owners when they buy a share in the property and are then entitled to occupy a specific unit and cast one vote in all cooperative matters.

Each month members pay an amount that covers their share of the operating expenses of their cooperative corporation. As a result, there are no major financial surprises.

There are two primary costs involved in a cooperative:

  • The Share Price is a one-time payment that purchases a share in the co-op. Your share entitles you to occupy a home within the co-op. It accumulates equity and is generally more affordable than buying real estate and still has the tax advantages.
  • Members also pay a monthly carrying charge which generally includes: the mortgage payment, real estate taxes, operating expenses, lender required reserves, interior and exterior maintenance, sewer, water, trash/recycling, TV/cable and heat. This list varies by each individual cooperative. Members help set these budgets and the entire co-op operates as a not-for-profit.

Senior housing cooperatives are designed to be affordable, to provide peace of mind, to protect members’ investment, and is easy living. No more mowing and no more snow removal. Plumbing hassles or leaking roofs are handled by the cooperative not you.

Want to head to a warmer climate during the winter? No problem. Pack your bags and go. You are free to enjoy your life and do the things you like to do.