Rural Buyers Can Get No-Down Payment Loans
Total Mortgage Services, a national mortgage lender, is offering rural home buyers 100 percent financing or closing cost assistance. Through its new Guaranteed Rural Housing Loan Program, insured by the U.S. Department of Agriculture, the lender will offer low- and moderate-income residents living in rural areas (usually defined by a population of 10,000 or less or, in some cases, 20,000 or less) several affordable housing finance options: No down payment required. Closing costs can come from any source, including gifts. […]
Is the ‘Move Up’ Buyer Starting to Feel Stuck?
More home owners who want to trade in their current home to buy a larger one are holding off, feeling trapped by a sluggish housing market and the loss of equity in their current home, The Los Angeles Times reports. “Potential move-up buyers … are largely sitting on the sidelines these days, leaving a key part of the housing market stuck in neutral,” The Los Angeles Times‘ article notes. “The promise of rising prices and upward mobility, once a powerful […]
Mass Realtors more optimistic
Realtors are feeling better about the Massachusetts real estate market than they were a year ago, the Massachusetts Association of Realtors announced today. In June, the Realtor Market Index was 29.17, up 2.8 percent from June 2010. This is the first year-over-year increase since May 2010, the association said in a news release. The Realtor Price Index in June was 38.30, down 18.2 percent from the June 2010. The Market Index and Price Index are based on monthly responses from […]
Buy This Apartment, and Get a Used Car Absolutely Free!
Across New York City, sellers of luxury apartments — or at least those with a little gloss — have been whipping themselves to a froth finding the extravagant freebies that will say just the right things about their properties and, by extension, the life habits of the people who would live there. In certain markets, the gift can be a car. One Brooklyn Bridge Park offered Audis to anyone spending more than $2 million on a luxury apartment, while Windows […]
Real estate agents to lenders: Short-sale process broken
California real estate agents say closing short-sale transactions are “difficult” or “extremely difficult,” and said procedures by mortgage lenders and servicers are only serving to make matters worse over the past six months, according to a new survey. The lender satisfaction survey was conducted by the California Association of Realtors. More than three-fourths (77%) of agents said short-sale transactions were difficult or extremely difficult, up from 70% in December, according to the CAR survey. The survey gauges agents’ experiences […]
Texas home prices stable as state economy adds jobs
Texas is the one state to experience both a 3% annual job growth rate for the year ending in June and relatively stable home prices the same month. The latest Monthly Review of the Texas Economy reports Texas had “robust” job growth for the year ending in June. The state’s private sector added 251,900 jobs, with an annual growth rate of 3%, according to Dr. Ali Anari, a research economist with the Real Estate Center at Texas A&M University. When […]
How Investment “Cash” Buyers Can Hang Onto Their Cash
We’ve been reading a lot about investors purchasing a large number of properties with cash. As L has pointed out, many investors have pulled out of equities and are looking for “safer” places to put their money. Thanks to Fannie Mae now though, investors can buy a house with cash, wait a few months, then do a 100% cash out refi. Check this out: Fannie Mae has rolled out new guidelines so that investors who’ve recently purchased a home for […]
Homes Of The ‘Real’ Jersey Shore
If you’re one of the millions who tune into MTV’s “Jersey Shore,” you probably picture the state’s coastline communities as a thick cluster of tourist towns like Seaside Heights, crammed with debauched guidos and guidettes packing summer crash pads and looking for love, or the one-night equivalent. But what you don’t see is the other side of New Jersey, where expensive estates fill some of the country’s most affluent areas. Ask longtime real estate agents about the real Jersey Shore […]
Home Ownership Rate Falls to 13-Year Low
Tighter lending standards by banks are disqualifying potential home buyers and preventing them from buying homes, at least according to analysts who point to that reason behind the second-quarter home ownership rate falling to its lowest level since 1998. The home ownership rate stood at 65.9 percent in June, its lowest in 13 years, the U.S. Census Bureau reports. “Tight underwriting standards and the lack of a down payment are keeping a big chunk of buyers out of the market […]
20 Percent Down For Home Purchase The New Standard, Again?
The housing market may be getting a little tighter in a couple of months. The bureaucrats working on enacting some of the provisions of the Dodd-Frank reforms have interpreted the loosely written laws to require homes that qualify for the best interest rates to have a minimum of a 20 percent down payment. That sound you just heard is agents across the country gulping in panic. The homes that have a 20 percent down payment will get the best interest […]