Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA.
You might think that a person who pays cash doesn't have many concerns or at least not the same ones as most people. Roughly, about 9% of people paid cash for their home last year with a considerably higher percentage paying cash this year.
The first …
Uncertainty as to whether prices will continue to fall has to be one of the most common causes of buyer procrastination. Paying too much wouldn't be a smart thing but price isn't the only factor to consider. Interest rates have as much effect on housing costs as …
One of the challenges buyers are having with financing may be their own understanding or lack thereof.
In a recent survey done by research firm Ipsos for Zillow, a surprising number of incorrect answers to true or false questions were given by prospective buyers.
Over 3/4 didn't …
In one of the best buyer markets ever, sellers are not really doing much to encourage purchasers to act now.
Builders offer a variety of incentives such as upgrades, seller-paid closing costs, interest rate buy downs, washers, dryers, refrigerators or big screen TVs.
Interestingly, much …
Whether you rent or buy, you pay for the house you occupy. You must live somewhere and there's a price to pay for it. A simple analysis will show you whether it's cheaper to rent or buy.
Some people don't have any choice but to rent …
Since 2004, the maximum VA loan is the same as the maximum FNMA mortgage which is currently $417,000. Occasionally, a Veteran wants a loan in excess of that amount. If the Veteran will put a 25% down payment on the excess amount, a lender will loan the other 75%.
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In many cases, the seller and the buyer are actually represented by their real estate agent. In those situations, there is a fiduciary relationship created that requires the agent put the client's interests above their own.
There is generally no such relationship between buyers and lenders. Some of …
It's one thing to have the down payment and not qualify because of credit scores but in today's tough financial environment, it may be even more frustrating to have good credit, income and job stability without the down payment.
The 2010 NAR National Housing Pulse Survey states that …