Mortgage financing giant Freddie Mac has expanded access to credit for American families without credit scores. Beginning in June, borrowers without credit scores may be able to easily qualify for purchase mortgages or no-cash-out refinance transactions. Still, borrowers will have to show payment references, like records showing timely housing payments.Freddie Mac currently allows lenders to manually underwrite mortgage loans to borrowers without
Homeownership remains a “critical part” of the national economy and “ongoing weakness in the single-family housing market, represents a substantial hurdle limiting the pace of economic growth,” according to a newly released study by the Rosen Consulting Group and Fisher Center for Real Estate and Urban Economics for the National Association of REALTORS®.Homeownership not only helps individuals build personal wealth but is also vital for
The 30-year fixed-rate mortgage decreased slightly, following two months of steady rises."The 10-year Treasury yield fell about 10 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week's jump fol
The Federal Reserve has made two swift rate hikes in just four months and vows of more to come. But there’s a way to slow the pace of interest-rate hikes: Build more homes, Lawrence Yun, the chief economist for the National Association of REALTORS®, writes in his new column at Forbes.com.Building more apartments and single-family homes would help slow down inflation, Yun says.The nation has typically added 1.5 million new housing units each ye
A lesser-known home loan may help your clients in the medical industry better afford a home purchase. Known simply as a "physician loan," these mortgages have less stringent credit and debt-to-income requirements than other loan products. They require down payments as low as 10 percent or less—even zero money down in some cases. They also don't require borrowers to pay private mortgage insurance.Why is their a mortgage targeting doctors, you as
More borrowers are turning to shorter-term adjustable-rate mortgages as interest rates rise, but that may be a riskier move than your clients realize. While these mortgages offer lower interest rates, the rates reset after a certain preset time. Still, a five-year hybrid adjustable-rate mortgage averaged a 3.28 percent rate last week compared to 4.30 for the 30-year fixed-rate mortgage, according to Freddie Mac's weekly mortgage market survey.The
The Federal Reserve is finally taking more action to raise its short-term rates. Last week, it voted to raise the Fed funds rate by 25 basis points. That is expected to add pressure to mortgage rates, too. Many housing analysts fear that rising mortgage rates could further impact home affordability and lead home buyers to pause.However, Rick Sharga, executive vice president of Ten-X and former senior vice president at RealtyTrac, disagrees. He th
Scammers are now using utility bills to try to dupe customers.Scammers reportedly are making calls to customers posing as representatives from companies like ConEd, Duke Energy, Georgia Power, Consumers Energy, or a bogus utility company called General Electric, among others. They’ll threaten to shut off power or service if customers don’t pay immediately. They’ll offer an “energy assistance” or payment plan and ask for the customer’s
Likely to be a hallmark of this year’s spring homeselling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets like the San Francisco Bay area, Denver, and Boston.“Home buyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limi
Whether your clients are first-time buyers or homeowners listing their property in a red-hot market, are you able to articulate how you can help them save money on their real estate transaction?When you ask agents how they keep more money in their clients’ pocketbooks, some say they’re good negotiators. Others provide coupons to save money on moving, home improvement or perhaps a list of where to get rebates on energy-saving appliances.What e
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