Friday , 2 June 2017
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FHA, GSE Mortgages Take 40 Percent Longer to Close

old house

  Home purchases financed with lower down payment mortgages such as those guaranteed by FHA, VA, Fannie Mae, or Freddie Mac are much more likely to face closing delays than transactions involving all cash or large down payments, according to a new survey of real estate agents. The survey of January transactions showed that home purchases financed with lower down … Read More »

New Survey: Consumers Believe Mortgages are Easy to Get

  Just in time for the 2014 home buying season, attitudes towards access to mortgage credit are improving and most Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January National Housing Survey. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of … Read More »

Student Loan Debt is Torpedoing Home Sales

A crowd of college students at the 2007 Pittsburgh University Commencement.

  The combination of tough new rules denying qualified mortgages to applicants without the ability to repay and soaring study loan debt may be doing more than anything else to shut an entire generation out of homeownership. First-time buyer market share has fallen to 27 percent in recent months.  Rising prices, thin inventories of starter homes, rising down payment requirements … Read More »

Mortgage Delinquencies Now 1.5 Times Pre-Crisis Levels

Black Knight, formerly LPS Financial Services, reports that 2013 marked the fourth consecutive year of significant, sustained improvement in the nation”s inventory of delinquent mortgages, and the second consecutive year of significant improvement for those in foreclosure. Delinquencies were just 1.5 times their pre-crisis average, with foreclosures down to 4.6 times their pre-crisis levels (declining from more than eight times … Read More »

Lenders Loosen up on FICO Scores

The median FICO score for approved mortgages has fallen from 750 to 729 in the past 12 months and l30% of closed loans had an average FICO score below 700 in November 2013, compared to 22% in 2012. Read More »

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