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Nat'l Real Estate Post:
Talk about the qualified mortgage is to raise the down payment to the point policy makers would feel comfortable about the future of the mortgage market and to avoid another market meltdown (20%). The problem with a 20% down payment is that it would eliminate half of the possible buyers which would decimate the housing market.
However, a study of Special Programs for Low Income Buyers from 1998-2012 showed 5.5% ended in foreclosures, but the subprime foreclosure rate was 25%. Most of the low income mortgages were full doc meaning the lenders made sure they could prove the borrowers could make the payments. The subprime mortgages just made sure the borrowers were breathing no matter what the down payments. The best preforming loans were VA loans which require $0 down payment. If you loose your job and have insufficient income to pay the mortgage, it doesn't matter what was the down payment.
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Housing may be rebounding, but builders, remodelers and handymen are experiencing sticker shock every time they go to buy supplies. Wonder how long the rebound will last at this rate?
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Coach Wooden says, "Cooperation is working with others for the benefit of all. It's NOT sacrificing for someone else's benefit. If what you are doing doesn't help everyone involved, then it's something other than cooperation".
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Sonja Bullard with Angel Oak Funding: Atlanta home prices are up 4.1% year over year. The area's average home price in February was $117,500.
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The Five Year Rule for Buying a House: Be sure you will be in the same location for at least five years or you will probably take a financial hit.
1. Closing costs every time you buy a house can be in the thousands of dollars.
2. Usually, it isn't until you are about five years into paying down a mortgage that you've made enough progress on the principle to make it a better deal than paying rent each month.
3. However, if you are able to make extra payments on the mortgage, you will be able to sell and come out ahead sooner than five years. -- Moneyning.com
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70% of people can't visualize their furniture in a new house even when they have visited that house. 75% of people won't buy or rent a place they can't visualize themselves in. Therefore, Floorplanner has purchased MyDeco3D to enable "floor plans to be populated by virtual, highly accurate versions of real-world products and furnishings". --The Ticker
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The most courteous states (saying please and thank you) are SC, NC, MD, LA, GA in that order. The most cussing states are OH, MD, NJ, LA, IL. The longer a call is (over 10 minutes) and if the call is in the morning, the more likely the cussing. - marchex.com
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The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D’Vari.
D’Vari expects the sector to provide an estimated 0.5% boost to gross domestic product this year by already observed trends in new and existing home sales as well as permits. -- mhopkins@housingwire.com
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Nat'l Real Estate Post:
Fannie Mae and Freddie Mac are refi-ing loans which are 90-270 days late. Anything under or over that- no refi. They are required by law to send you a no doc/modification refi. Once you refi, pay the lower mortgage on time for three months and you are good to go. Yes, Fannie and Freddie are actively pursuing a policy to encourage people to quit making their payments. You don't need to do a regular refi or pay closing costs. (This is nutty especially for the rest of the tax payers, but it is a window of opportunity for many home owners.)
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