Thursday, October 24, 2013
What goes up, must come down...or is it the other way around?
According to an article on CNNMoney, the average interest rate for the 30-year fixed home loan fell down .10 % to 4.22%. This is a much lower rate than the 4.57% that we saw earlier this year. The significant drop came 3 weeks ago when the Federal Reserve announced they would not change the current program for purchasing mortgage-backed securities. According to CNNMoney, “Most industry experts had thought the Feds would start to taper off those purchases, which bring liquidity to the mortgage markets and help keep rates low.”
What does all this mean? It means the cost to borrow money to purchase a home is still relatively low. With the small decline over the past 3 weeks alone, home buyers would save approximately $42 a month on a $200,000 loan. Now would be a great time to put your looking goggles on for that new home. These rates are not expected to stay low!!
Thursday, September 26, 2013
New mortgage loans making it easier than ever to purchase a home!
9/26/13
www.chicorealtor.net
Welcome Chico home buyers,
Have you been searching for a mortgage loan that's right for you? Have you given up all hope because of a checkered credit history? Well, your in luck! There are now mortgage loans that may fit you and your family's situation and may help you obtain home ownership in Butte County.
Since the economic collapse in 2008 banks have been really keeping things tight and making it difficult to get a mortgage loan. But in the last couple of years we are starting to see a trend that they are changing. The mortgage giants Fannie Mae and Freddie Mac have been rolling out new loan products that are designed to put people in homes with less down payment and credit scores as low as 580.
One loan in particular that has recently rolled out is called BACK TO WORK lending program. This program is designed for borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA's waiting period for bankruptcies, foreclosures, deeds-in-lieu and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments, may be eligible for a FHA-insured mortgage,” according to Mortgagee Letter 2013-26
Lenders must document that the borrower lost their job or suffered a significant reduction in income due to circumstances “beyond their control” and the borrower has demonstrated a full recovery from the event.
The Back to Work initiative will provide “creditworthy re-employed borrowers with strong recent pay histories” access to FHA financing. “We should give well-qualified Americans who lost their jobs during the crisis a fair chance to get a loan if they’ve worked hard to repair their credit,” the president said.
But lenders may find the documentation and other requirements will take a lot of work and leave them open to second guessing by auditors.
This loan may be the perfect fit for you if you suffered a job loss in the economic downturn. Please feel free to e-mail me with any questions about your Chico Ca home buying options and if I cannot answer them I will refer you to a mortgage specialist in the Chico Ca area.
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
www.Chicorealtor.net
License #: 01724028
guidelines and information in this blog were obtained via
www.chicorealtor.net
Welcome Chico home buyers,
Have you been searching for a mortgage loan that's right for you? Have you given up all hope because of a checkered credit history? Well, your in luck! There are now mortgage loans that may fit you and your family's situation and may help you obtain home ownership in Butte County.
Since the economic collapse in 2008 banks have been really keeping things tight and making it difficult to get a mortgage loan. But in the last couple of years we are starting to see a trend that they are changing. The mortgage giants Fannie Mae and Freddie Mac have been rolling out new loan products that are designed to put people in homes with less down payment and credit scores as low as 580.
One loan in particular that has recently rolled out is called BACK TO WORK lending program. This program is designed for borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA's waiting period for bankruptcies, foreclosures, deeds-in-lieu and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments, may be eligible for a FHA-insured mortgage,” according to Mortgagee Letter 2013-26
Lenders must document that the borrower lost their job or suffered a significant reduction in income due to circumstances “beyond their control” and the borrower has demonstrated a full recovery from the event.
The Back to Work initiative will provide “creditworthy re-employed borrowers with strong recent pay histories” access to FHA financing. “We should give well-qualified Americans who lost their jobs during the crisis a fair chance to get a loan if they’ve worked hard to repair their credit,” the president said.
But lenders may find the documentation and other requirements will take a lot of work and leave them open to second guessing by auditors.
This loan may be the perfect fit for you if you suffered a job loss in the economic downturn. Please feel free to e-mail me with any questions about your Chico Ca home buying options and if I cannot answer them I will refer you to a mortgage specialist in the Chico Ca area.
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
www.Chicorealtor.net
License #: 01724028
guidelines and information in this blog were obtained via
By
http://www.nationalmortgagenews.com/dailybriefing/FHA-Issues-Guidelines-Back-to-Work-Lending-Program-1038235-1.html
Friday, September 13, 2013
Brent McCarthy's Chico Real Estate market update:
The median list price in CHICO, CA this week is $299,700. The 260 properties have been on the market
for an average of 72 days. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand:
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less.
We're already seeing prices move lower as a result. Expect this trend to continue expecially if the index
falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again. The market has been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.
The median list price in CHICO, CA this week is $299,700. The 260 properties have been on the market
for an average of 72 days. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand:
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less.
We're already seeing prices move lower as a result. Expect this trend to continue expecially if the index
falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again. The market has been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.
The CHICO market is currently in the Seller's Advantage zone. The 90-day Market Action Index stands at 34.28 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
If your looking to purchase a home in Chico right now may be the time to buy. Rates today according to https://www.wellsfargo.com/mortgage/rates/ = 4.75% APR= 4.926% on a 30yr conventional loan.
If you'd like to search homes in Chico via the MLS for free visit: http://chicorealtor.net/Search-Homes
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
www.chicorealtor.net
License #: 01724028
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
www.chicorealtor.net
License #: 01724028
Monday, September 9, 2013
Chico Real Estate
Chico Real Estate landscape is changing along with the color of the leaves. As the Fall season nears, the rush of home buyers and sellers wanting to make a change before the holidays are in full effect. In Chico we have noticed a drastic increase of homes hitting the market. The change may be attributed to the rise in home prices this year, and also the fear that the increased mortgage rates will effect the amount of people looking at the possibly of purchasing a home.
When Chairman Ben Bernanke said in February that the central bank will soon conduct a review of its strategy and possibly raise the benchmark interest rate, the Real Estate market in Chico has shifted. Potential home buyers in Chico and across the country immediately became nervous and started looking for a home to buy. This message forced the people waiting it out or on "the fence" to eagerly contact a Realtor and start looking. As we know, the fundamentals of supply and demand tell us that if there is too much demand then the price will go up. Well the prices went up and soon after the mortgage interest rates slowly went up as well, forcing more home buyers out of the market. This change in rates forced "move up" buyers to stay where they are at and first time home buyers into a lower price point. Please don't get me wrong, the cost to borrow money is still very low and it is still a great time to purchase a home.
Currently there are 268 homes for sale in Chico out of those, 234 are standard sales (not reo or short sale) 14 are foreclosures/reo and 14 are short sales. If you would like to search the MLS for a home in your price range I have created several links to speed that up.
Homes between $100,000-$200,000
Homes between $200,000-$300,000
Homes between $300,000-$400,000
Homes above $400,000
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
ChicoRealtor.net
License #: 01724028
When Chairman Ben Bernanke said in February that the central bank will soon conduct a review of its strategy and possibly raise the benchmark interest rate, the Real Estate market in Chico has shifted. Potential home buyers in Chico and across the country immediately became nervous and started looking for a home to buy. This message forced the people waiting it out or on "the fence" to eagerly contact a Realtor and start looking. As we know, the fundamentals of supply and demand tell us that if there is too much demand then the price will go up. Well the prices went up and soon after the mortgage interest rates slowly went up as well, forcing more home buyers out of the market. This change in rates forced "move up" buyers to stay where they are at and first time home buyers into a lower price point. Please don't get me wrong, the cost to borrow money is still very low and it is still a great time to purchase a home.
Currently there are 268 homes for sale in Chico out of those, 234 are standard sales (not reo or short sale) 14 are foreclosures/reo and 14 are short sales. If you would like to search the MLS for a home in your price range I have created several links to speed that up.
Homes between $100,000-$200,000
Homes between $200,000-$300,000
Homes between $300,000-$400,000
Homes above $400,000
Brent McCarthy
Coldwell Banker Dufour Realty
PH: 530.896.3174
CELL: 530.228.1232
FAX: 530.343.8233
Search the market like I do..
ChicoRealtor.net
License #: 01724028
Subscribe to:
Posts (Atom)