Mortgage interest rates are near unchanged today after the biggest one day rally since August of 2011.
In June, the Federal Reserve confirmed that as the economy continued to improve, it would begin to wind down its purchase of mortgage-backed securities, a program designed to support the housing market by keeping mortgage interest rates very low.
With mortgage rates likely to approach 5 percent next year, normalized underwriting standards are crucial.
Hey y’all!! I wanted to provide you all with some information that would help you when working with first time homebuyers so I decided to take it back to the basics, in a sense…
(Home Equity Lines of Credit) SO…What’s the deal?
How to purchase a home with renovation money – brought to you by Regional Home Mortgage LLC Holly Damales
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.
Housing Opportunities Made Equal of Virginia, Inc. (HOME) is a 501(c)(3) nonprofit corporation organized under the laws of the Commonwealth of Virginia and a HUD-approved housing counseling agency.
Housing Opportunities Made Equal was founded in 1971 to fight discrimination in housing access.
Housing Virginia has created a table of diverse affordable housing perspectives and sectors from across the Commonwealth. Top achievers in all of their fields, the Board and Staff share the common belief that true partnership begins with the ability to share ideas, create consensus and work together. Housing Virginia models every day the approach shared leadership that can make a difference at the community level.