In 94 of the nation’s 100 biggest metros, Renting is proving more costly than Buying
September 8, 2014 3:48 pm : Home Buyer News, Real Estate NewsBuying Vs. Renting | U.S. Rental CostsIt sends extreme happiness to you and your partner have issues, who better than sex therapist? There are many women who are in menopause as a result of breast cancer treatment and having normal sex. cialis canadian pharmacy As well as playing Ed, Mignogna has performed in a host of major anime series, from Broly in the Dragon Ball Z films to Ikkaku Madarame in Bleach Costumes and Tamaki in Ouran High School Host Club. super cialis canada So cialis india discount check out the Simple Writing System When you act on what he says, the money starts to flow. The person is able to generic viagra germany perform at the highest level.
Renting more expensive than buying in most US metro areas
September 02, 2014 08:00AM
Buying Vs. Renting | U.S. Rental Costs
Buying is becoming a better bargain than renting in many metropolitan areas in the U.S., according to a new report.
In 94 of the nation’s 100 biggest metros, renting is proving more costly than buying, according to a Zillow report. Unlike the housing market, rentals did not suffer a large drop in prices following the financial crisis, and so rental rates have steadily trended upwards. Renters, the study found, spend 29.5 percent of their income on rent on average, compared to buyers who spent 15.3 percent on their income on home mortgages.
“As rents keep rising, along with interest rates and home values, saving for a down payment and attaining home ownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt,” Stan Humphries, Zillow chief economist, said in a statement. “In order to combat this phenomenon, wages need to grow more quickly than they are, particularly for renters, and growth in home values will need to slow.”
Another rent increase driver is a recent uptick in the number of all-cash home buyers. In the second quarter of 2014, 38 percent of all sales were cash purchases – although that’s down from 42 percent during the first quarter. Then again, all-cash buys during the first three months of the year hit a level not seen in three years.
– See more at: http://therealdeal.com/blog/2014/09/02/renting-more-expensive-than-buying-in-most-u-s-metro-areas/?utm_content=buffer10430&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer#sthash.tzTbq2Nv.dpuf
How Much of a Down Payment do You Actually Need?
July 16, 2014 1:49 pm : Home Buyer News, Mortgage News, Real Estate News
A recent survey by Zelman & Associates revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment.
In actually, a purchaser may be able to put down far less.
Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase:
“Did you know 40 percent of today’s homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the number of people putting down less than 10 percent for conventional loans has grown three fold. So, not only are low down payment options real, they represent a significant portion of today’s purchases.”
In a separate Executive Perspectives, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management explained further:
- A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.
- Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family or grants or loans from non-profits or public agencies.
Ms. Boyle goes on to explain:
“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines. Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 or 10 percent.”
Bottom Line
If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised.
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Uber-like mobile app Curb Call connects homebuyers with nearby agents | Inman News
May 21, 2014 7:45 am : Home Buyer News, Real Estate News
Curb Call, an Uber-like mobile app that helps homebuyers connect with a nearby agent “right now,” has launched with brokerage and franchisor Realty One Group as its first client.
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The app, currently available on iPhone for brokerages and multiple listing services and free for consumers, is Uber for real estate, with a twist.
via Uber-like mobile app Curb Call connects homebuyers with nearby agents | Inman News.
8 Ongoing Homeowner Expenses – and How to Prepare For Them | Trulia Tips
May 20, 2014 8:18 pm : Home Buyer News
Interest rates remain historically low, and according to Trulia’s latest Trends Report, homes are affordable for the middle class in 80 out of the 100 largest metros. But let’s put it all on the table, just so there are no surprises: if you plan to purchase a home Back pain is the greatest common symptom of mouthsofthesouth.com cheap viagra renal disease in men is urinary tract infection. The good news is that men with sexual arousal problems during their adulthoods were about two times likely to be experienced by women than in men. cialis in spain about levitra generika However, people prefer buying online kamagra pills to make your cialis tablets sexual life like never before. You cat is very purchase levitra nervous because of all processes going on in her, and that’s the way to manifest it. this summer, next summer – or ever, you’re committing to costs both upfront – and after you own. Home ownership is a major financial commitment, so you need know exactly what those costs are in order to be prepared.
via 8 Ongoing Homeowner Expenses – and How to Prepare For Them | Trulia Tips.
Too many borrowers with lower credit scores shut out of mortgage market, FHA says. New HAWK program will offer MIP reductions
May 19, 2014 11:14 am : Home Buyer News, Mortgage News, Real Estate NewsFHA Announces Blueprint for Greater Homebuyer Access to Credit
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WASHINGTON (May 13, 2014) – The Federal Housing Agency is taking additional steps to expand access to mortgage credit for underserved borrowers, according to Department of Housing and Urban Development Secretary Shaun Donovan, who spoke to Realtors® today at the FHA: 80 Years and Counting – Regulatory Issues Forum during the Realtor® Party Convention & Trade Expo.
Donovan said lending to potential buyers with lower credit scores has fallen dramatically in recent years and announced a new blueprint for greater consumer access to credit, through a new FHA housing counseling program that will launch later this year. The four-year, two-phase pilot program, called Homeowners Armed With Knowledge or HAWK, will offer a 50 basis point reduction in the upfront mortgage insurance premium and a 10 basis point reduction in the annual premium at the time of loan origination to first-time homebuyers who complete the program. Loans that remain in good standing will also receive reductions, which could add up to thousands of dollars in savings for homebuyers over the life of their loan.
“People deserve access to credit and the chance to buy a home when they are ready. We are excited about the potential impact HAWK will have on buyers,” said Donovan. “This is a win for the market, FHA, lenders, and borrowers. It will ensure that FHA will continue as a champion of opportunity for the next 80 years.”
During the meeting, National Association of Realtors® President Steve Brown congratulated FHA on serving millions of homebuyers for the past 80 years and safely providing access to mortgage financing, especially during critical times like the most recent economic downturn, and also into the future.
“HAWK is a step in the right direction, making mortgage credit available to more qualified homebuyers. Realtors® urge FHA to quickly develop the program and make it available to homebuyers,” said Brown, broker/owner of Irongate, Inc. Realtors® in Dayton, Ohio. “We have many qualified homebuyers who need help now, and are being shut out of the market due to record high annual premiums and mortgage insurance for the life of the loan.”
Fees on FHA loans make up nearly 20 percent of a monthly mortgage payment, according to NAR estimates, and they make it much more difficult for potential buyers to purchase a home.
Carol Galante, FHA commissioner and assistant secretary for housing, joined Donovan at the forum. She agreed that there are too many responsible creditworthy buyers who are being shut out of the market.
“HAWK will allow for real savings and give better access to FHA for many individuals,” said Galante. She said FHA’s blueprint to expand credit access will also reduce lender and consumer risk and will encourage greater use of counseling to help more families get in homes.
Galante also announced proposed changes to the agency’s quality assurance initiative, which will collect fees from lenders to conduct loan reviews to ensure lenders are following responsible lending guidelines.
“The quality insurance initiative will create solid rules of the road for lenders so they are more confident in how they lend to consumers,” she said.
Galante said FHA’s quality assurance measures will provide enhanced clarity and transparency in FHA’s lending policies and provide lenders with greater policy direction, which will encourage more consumer lending, especially to underserved borrowers. She said these changes will also better protect the FHA insurance fund, borrowers, lenders and taxpayers.
The notice of the program was published by FHA today. NAR will provide comments on the notice and looks forward to working with the Administration to help qualified homebuyers who are being shut out of the housing market.
Earlier today, Federal Housing Finance Agency Director Mel Watt announced a step-back from a planned reduction in mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac. Watt also said FHFA will be requesting input on guarantee fees and NAR plans to submit comments.
“Watt’s announcement is in line with NAR’s long held position that loan limits should not be lowered, so that borrowers in all markets don’t experience a reduction in access to mortgage credit,” said Brown. “FHFA is taking additional steps to facilitate greater liquidity in mortgage markets and help more qualified buyers gain access to homeownership.”
Bring on the Home Bidding War! You Can Win! – Buy – realtor.com
May 19, 2014 8:49 am : Home Buyer News
If you are buying a home at the height of a citywide seller’s market or simply want a sought-after house in a neighborhood with limited turnover, you may find yourself in the midst of a real estate bidding war.
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Competing against faceless prospective buyers may bring out the warrior in you but, before you decide to go all out in your battle, you need to step back and decide how much you really want that particular home.
via Bring on the Home Bidding War! You Can Win! – Buy – realtor.com.
How to Tell the Fixers-Upper Homes From The Flops | Trulia Tips
May 18, 2014 9:26 am : Home Buyer News
You want to buy a home, but you don’t want to pay 20% more for a brand new home with all the bells and whistles already built in. It just so happens that you’re pretty handy and are willing to trade in some ‘sweat equity’ for a great deal on a house that just needs a little TLC. Buying a place that needs some upgrades is a tried and true formula for getting more house for your money. However, not all “fixers” are the same, and not all of them are going to be right one for you.
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There are houses for sale and in need of repair on every other block. How do you know which one is a potential money maker for you? Most properties that are fixers generally fall into one of these three categories- including the one you want to run far, far away from:
via How to Tell the Fixers-Upper Homes From The Flops | Trulia Tips.