I am often asked what is HomePath? The HomePath sign is appearing in the windows of homes or on for sale signs but many people don’t know what this is. HomePath is financing offered by Fannie Mae as a home renovation loan and is available on Fannie Mae foreclosures. It is not the same as an FHA 203K loan. (more…)
The demand for 15 year mortgages has been soaring with the record low interest rates. Something to consider when your purchase or refinance your home is the 15 vs 30 year mortgage question. Last week, 30 year mortgages were at 3.75% and 15 year mortgages were at 2.97% – a level never seen before since the start of tracking! According to Freddie Mac, 31% of refinanced mortgages so far this year have gone with the 15 year mortgage. Back in 2002, with an interest rate of 5.5%, 35% of refinanced loans were 15 year. If you are buying or refinancing and can afford to spend several hundred dollars more a month, the 15 year mortgage at this low, low rates is really the best way to go. Check with your lender to see the options that are available to you.
New mortgage delinquencies are down to the lowest levels since the middle of 2007 according to the Mortgage Bankers Association. For those behind on 3 or more payments the rate of delinquency is the lowest since the end of 2008. The majority of the delinquent loans, some 60%, originated at the height of the housing boom from 2005 – 2007. The good news is that this means that in the future there should be less and less loans going into default.
Newly released data shows foreclosures holding steady in all 50 states. In February there were 65,000 foreclosures which is just under the 66,000 last February. Since the buyers appear to be out in full force this spring, the inventory could actually decline. About 3-4% of all homes with mortgages were in foreclosure in February amounting to roughly 1.4 million which is down from 1.5 million last February. The percentage of people 90+ days delinquent on their mortgage payment also declined in February 2012 to 7.3%, down from 7.8% last February.
CA, FL, MI, AZ and TX accounted for 49.4% of all foreclosures nationally. For more information click here.