Fannie Mae announced it is reviewing its rule regarding last minute credit checks by lenders just prior to funding.
This check has derailed loans as a borrower may have a medical bill that insurance will pay but has not paid at the time of checking. New debt acquired after the original credit check is a red flag and can result in denial.
As reported in REALTOR®Mag, “Don’t open new accounts. Don’t close existing accounts. Don’t do anything whatsoever that will alter your credit situation.”
We must wait to see what results come from their review. And maybe Freddie Mac will review their similar policy.
In the evening hours of June 30 Congress voted to extend the National Flood Insurance Program until September 30. Buyers of property within a 100 year flood plain are now able to buy flood insurance and obtain financing for their purchase.
Congress last night passed an extension to the closing date for 1st time home buyers with valid purchase agreements in escrow. The program‘s closing date was due to pass in a few hours when Congress voted to extend the date to September 30, 2010. This resulted in a large sigh of relief by the 180,000 to 200,000 buyers waiting to close on their purchase contracts and counting on the tax credit.
Buyers and zoning organizations are catching on that a factory built home is as good as, and can look just like a site built home. Advantage to the buyer is faster delivery of a finished home at a lower cost. Some now even have 2×6 exterior stud walls for greater insulation. Read more by clicking the REALTOR®Mag resource link.
Filed under: Buyers — Tags: Buyers — Don Grafues @ 5:12 am
This is the fifth and final post of our series and is titled
“7 Steps to Take Before You Buy a Home”
By doing your homework before you buy, you’ll feel more content about your new home.
Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
Filed under: Buyers — Tags: Buyers — Don Grafues @ 5:38 am
This is the fourth post of our five part series and is titled
“7 Tips for Improving Your Credit”
Here’s how to clean up your credit so you get the least-expensive home loan possible.
Boost your credit score by paying the balance on your credit cards in full, and on time, every month.
Getting the loan that suits your situation at the best possible price and terms makes home buying easier and more affordable. Here are seven ways to boost your credit score so you can do just that. (more…)
Filed under: Buyers — Tags: Buyers — Don Grafues @ 5:25 am
This is the third post of our five part series and is titled
“4 Tips to Determine How Much Mortgage You Can Afford”
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.
Watch six surefire ways you can get your finances in order before you buy a home.
Home ownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.
Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.
That is the number of closings per day that are delayed because Congress has failed to extend the National Flood Insurance Program. We have two related posts; Congress Fails published June 6 and State Farm Insurance And Flood Insurance published June 16. More information is available by clicking the REALTOR®mag resource link below.
Filed under: Buyers — Tags: Buyers — Don Grafues @ 5:30 am
This is the second post of our five part series and is titled
“Understanding Real Estate Representation”
Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction.
When it comes to representation in a real estate transaction, there are several options available.
You have choices when selecting representation in a real estate transaction. Here are five tips for understanding which type of legal relationship with a real estate professional, called an agency relationship, will best protect you when you buy or sell a home.
Filed under: Buyers — Tags: Buyers — Don Grafues @ 5:03 am
Monday through Friday of this week we will publish five posts with basic information for first time buyers, The series is titled “Get Ready To Own”. These post articles are provided by the National Association of REALTORS® as a service to you and it’s REALTOR® members.
The first post in this series is titled “Keep Your Home Purchase On Track” and immediately follows this introductory message. Then check back Tuesday through Friday for the balance of the posts.
The Summer 2010 edition of The Indicator--the quarterly newsletter of the Cochise College Center for Economic Research is now online. Check it out by
clicking here. You can find previous issues here.
