Home Builders Cut Prices to Woo Customers
Home builders are cutting prices on new homes to entice buyers. New construction accounted for 7.6% of home purchases last year, down from an average of about 16% over the past 20 years, according to an write-up in the Wall Street Journal.
Home builders have been hit hard by the recession as many…
Which Celebrity Would You Want as a Next Door Neighbor?
A recent survey found that more society would want to be neighbors with President Barack Obama and his family than any other celebrity. The Zillow Celebrity Neighbor Survey found that 14% of U.S. adults would prefer to live next to the Obamas. Other celebrities that were voted as desirable neig…
Nationwide Mortgage Licensing System Consumer Access Goes Live
With the passage of the SAFE Act nearly 2 years ago, the entire mortgage industry has taken steps toward licensing loan officers and managing that licensing process.
And now consumers can easily lookup the knowledge in the NMLS system with the launch of NMLSConsumerAccess.org. The NMLS Consumer Acce…
FHA Changes in Down Payment and Credit Score Requirements
Beginning that spring, prospective FHA borrowers will face stricter standards and more upfront costs when the duration comes to purchase a home.
The Federal Housing Administration that week announced a series of changes designed to strengthen its financial standing and weed out vulnerable borrowers….
FHA Cracks Down On Lenders
Recently, FHA has decided that they want to have more oversight and regulatory authority for FHA approved lenders. Yesterday, they released a statement declaring that HUD will be focusing more on regulatory authority when it comes to FHA lenders – in addition to some of the current HUD investi…
FHA Reduces Seller Concessions For Buyers
Yesterday, FHA announced that they were going to implement a number of things that are designed to help FHA get back on the right financial track. One of the major things that they announced was that seller concessions for any new home purchase were going to be reduced from 6% to 3%.
According to th…
FHA Raises Down Payment Requirements For Low Credit Scores
Yesterday, FHA announced that they were going to raise the minimum down payment requirements for FHA borrowers who have low credit scores.
According to the announcement, that change will take effect sometime in the summer after a comment period and is expected to impact FHA borrowers who have credit…
