Archive for Financing News
When It’s Right to Buy a Bigger, Better Home
It is not uncommon for homeowners to outgrow a home, but knowing when it makes sense to trade up to a bigger home is important when making such a move. Of course the biggest questions involve finances.
Does your current home have enough equity built up in it to make sense? If you can sell your [...]
Say Good By to Tax Credit
We are rapidly running out of time to take advantage of the housing tax credit. This applies to both 1st time home buyers and buyers that have owned a home for 5 years or more. To qualify, you must have a ratified contract ( signed by both buyers and sellers) in place by April 3oth. [...]
Shadow Inventory
Recently, you may have heard the term ”shadow inventory”. Shadow inventory refers to homes that have NOT been placed on the market . These are properties that Sellers would like to sell, but have refrained from listing. Generally, the reason is a combination of lack of urgency from the Seller and belief that market conditions will improve. [...]
FHA Toughens Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.
The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with [...]