Posts from January 2015
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7
What 3% Down Payments Mean for Millennials
Following a move by mortgage lenders to loosen standards for homeowners, Freddie Mac and Fannie Mae will begin backing home loans with down payments as low as three percent. This could bode well for the millennial generation, many of whom have yet to own their first home.
"This is exactly what our industry needed to propel millennials into homeownership for the first time and to keep Main Street growing and thriving," said Don Frommeyer, CEO of NAMB – The Association of Mortgage Professionals.
Under the new programs, first-time homebuyers and low- and moderate-income individuals who finance a fixed-rate mortgage can expect a less stringent lending process as opportunities for loan approvals without the required five percent down payment become readily available.
Applicants seeking the lower down payment must...
4
Spruce Up Your Home this Year
(BPT) - Making a New Year's resolution is common, and many people set goals for ways to improve themselves. If you have set a goal to lose weight, learn a new skill or get promoted, congratulations. But while you are striving to attain your personal goal, have you ever thought of setting a goal to refresh your home in a way that will have your friends talking?
Setting a home improvement goal is more common than you may think and you can make a dramatic improvement to your home with a complete remodel. You can take on several smaller projects - any time of the year - that will leave you loving your home all year long. Here are a few ideas to get you going.
* A fresh coat of paint. Nothing reinvents a room like a fresh coat of paint. Yet many people put off painting a room because they can't afford professional pain...
1
Becoming a Homeowner in 2015? What You Need to Know
With uncertainty over mortgage rates growing and new Fannie- and Freddie-backed programs rolling out next year, those seeking to buy a home will continue to contend with changing standards. If you're planning to become a homeowner, take these steps before borrowing.
1. Get preapproved. Stay ahead of the game by actually getting preapproved for a loan – not by getting an estimate from a lender. Not sure if you've been officially preapproved? Take note of what your mortgage professional does – if your credit report was submitted to an underwriter, you're in good shape.
2. Don't alter your credit habits. Don't risk hurting your credit score while securing a mortgage. Keep all balances within normal range and avoid opening or closing credit cards – your debt-to-income ratio may suff...