While the sources of finance for new home sales have changed noticeably since the start of the Great Recession, cash sales remain more common for existing homes compared to new construction. According to data from the Census Bureau’s Quarterly Sales by Price and Financing, the onset of the housing crisis in 2007 led to a...
(MCT)—After riding a swift updraft earlier this year, mortgage rates have steadied at around 4.5 percent for a 30-year fixed loan. But there’s a good chance they’ll resume their upward path. That’s one of a number of things borrowers need to know now to get the best loan. “For planning purposes, if I were thinking...
(MCT)—Question: I am self-employed and make a good living. I want to buy a house, but it’s hard to document my income. So I’ve been getting turned down for a mortgage, even though I’m willing to make a large down payment. Any hope for me? —Trevor Answer: With banks and the federal government tightening lending...
Fannie Mae announced recently that its First Look™ period will be extended to 20 days, providing additional time for owner-occupants and public entities to submit an offer on a HomePath property without competition from investors. The change is effective for properties listed on or after January 2, 2014. First Look is designed to promote owner...