Homeowners affected by the California wildfires may be eligible to defer their mortgage payments for up to 12 months. Mortgage financing giants Fannie Mae and Freddie Mac have issued guidelines for wildfire victims with single-family mortgages.
Struggling to buy a house? Now may be a better time to search
BY HUDSON SANGREE
The summer’s overheated housing market in the Sacramento region has given way to a slightly cooler and saner experience for buyers this fall.
USDA Guaranteed Rural Housing Program
Highlights of the USDA mortgage program:
- No down payment required
- No minimum borrower contribution
- Gift funds allowed to pay for borrower’s closing costs and prepaids
- No first time homebuyer restrictions
- Seller concessions allowed
- Liberal qualifying ratios
- Loan limits may be greater than FHA programs
- Available for single family primary residences
Many home sellers often overlook easy and relatively inexpensive fixes and upgrades that not only increase visual appeal, but may also add real value to a home’s selling price.
California Housing Market Update
California, Sept. 2017 Sales: 436,920 Units, +2.6% YTD, +1.7% YTY
Sales Continue to Grow Annually
* Sales are seasonally adjusted and annualized
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Borrowers May Find it Easier to Get a Mortgage
Lenders reportedly are loosening their standards to qualify for a mortgage. Fannie Mae’s third-quarter 2017 Mortgage Lender Sentiment Survey shows the main reason behind the easing of credit has been the increased competition that lenders are feeling.
REALTORS® took their concerns over tax reform proposals to Capitol Hill on Wednesday, with Iona Harrison, chair of the National Association of REALTORS®’ Federal Taxation Committee, warning the Senate Finance Committee that they limit or nullify the tax incentives for homeownership.
One more time, there is the reasons on the importance of flood insurance, and understanding what type of insurance you are getting.
Ask your property manager or landlord to report your on time rental payments. This will help bump up your credit score (FICO). This will help build your ability to move to home ownership. It’s fast easy & free to do so.
The three largest credit-reporting agencies will begin cleaning up credit reports in July, which could help lift the credit scores of about 12 million consumers.