Archive for the ‘Mortgage Blog’ Category

Featured Chart for Tuesday, February 2nd December Home Prices Surge

Tuesday, February 2nd, 2016

CoreLogic, a leading global property information, analytics and data-enabled services provider, reported on Tuesday that home prices, including distressed sales, rose 6.3 percent from December 2014 to December 2015. From November to December, prices were up 0.8 percent. CoreLogic cited strong demand and tight supply for the gains.

Looking ahead, home prices are expected to rise 5.4 percent from December 2015 to December 2016.

Thank you to all the Veterans out there!!! Save $500 off closing costs when you apply this week with me.

Tuesday, November 10th, 2015

To all the Veterans out there, THANK YOU!! Thank you for your service to our country! To say thank you, I am offering $500 off closing costs to any Veteran who applies this week for a home loan that closes by December 31st. Call me at 520-419-9457 or apply at www.ericpainter.com

FHA loans are going to be a little less attractive in 2013

Tuesday, February 5th, 2013

Keeping up with FHA goals of being a smaller part of the home loan market, they are making their new loans less affordable in 2013. Starting in April 2013 FHA will increase the Mortgage Insurance Premium as follows:
Increase the annual MIP factor for all case numbers assigned on or after 4/1/13, except for streamline refinances of existing FHA loans that were endorsed on or before 5/31/09

  •  Greater than 15 year term/loan amount $625,000 or less – increase factor by .10%
  •   Greater than 15 year term/loan amount over $625,000 – increase factor by .05%
  • 15 year loan term or less/LTV of more than 78% – increase factor by .10%
  • 15 year loan term or less/LTV of 78% or less – increase factor by .45%

On June 3rd 2013, FHA will also make their loans less attractive by not allowing for mortgage insurance to ever be cancelled on loans over 90% loan to value. For loans less than 90% loan to value FHA will require the mortgage insurance to stay on the loan for a minimum of 11 years. Currently FHA requires the monthly mortgage insurance to stay in effect for a minimum of 5 years.

There are two reasons FHA is making these changes. First, FHA is running low on funds and may run out of money as the number of losses it has to pay keeps increasing. Remember FHA is just a mortgage insurance company that is part of HUD. It has always been self sufficient but with the increases in home loan losses, FHA may start running in the red.

Second, FHA wants to reduce its market share of providing home loans. During the home loan crash in 2008, FHA stepped in and basically saved the housing industry by providing low down payment home loans when private mortgage insurance companies pulled out of the market. FHA supported the home loan market and now that private mortgage insurance companies are back on their feet and are offering mortgage insurance on low down payment loans, FHA is backing out of this market.

Please note that FHA case numbers are ordered by the lender once a property has been identified. Application for FHA home loans should be submitted in early May 2013 to avoid being subjected to these increased fees.

Nova Home Loans donates $300 tonight

Friday, January 25th, 2013

Nova Home Loans will donate $300 to the Tucson Boys and Girls Clubs for the 12 free throws made by the University of Arizona Basketball team tonight. UCLA.

October State-by-State Unemployment Tuseday, November 27

Tuesday, November 27th, 2012

For October, 37 states and the District of Columbia saw unemployment rate declines, 7 states had increases, while 6 had no change. Year-over-year, 42 states plus the District of Columbia recorded unemployment decreases.

Because Housing and Jobs are so closely related, it is important to watch for changing trends in the Unemployment level. The chart below displays current levels of Unemployment by state. This information will be updated monthly.

October 2012 Housing Starts

Wednesday, November 21st, 2012

Housing starts for October rose to 894K, the highest rate since July 2008. Year-over-year, housing starts are up 42%. The West region of the United States led the way with a 17.2% increase from September. The Midwest had a gain of 8.9%, while the South and Northeast had declines of 2.5% and 6.5%.

The Housing Starts report measures the number of residential units on which construction is begun each month. A start in construction is defined as the beginning of excavation of the foundation for the building and is comprised primarily of residential housing.

Click Here for My Featured Chart November 7th 2012

Wednesday, November 7th, 2012

Featured Chart for Wednesday, November 7

September JOLTS

 

The September Job Openings and Labor Turnover report (JOLTS) came in at 3561K, down from the upwardly revised number of 3661K for August. This was also below the expectations of 3653K and marks the lowest reading since April.

The data for the Job Openings and Labor Turnover Survey are collected and compiled monthly from a sample of business establishments by the Bureau of Labor Statistics (BLS). In a monthly survey of business establishments, data are collected for total employment, job openings, hires, quits, layoffs and discharges, and other separations. The JOLTS program covers all private nonfarm establishments such as factories, offices, and stores, as well as federal, state, and local government entities in the 50 states and the District of Columbia.

 

Closing Costs Map

 

To download a version to print and share with your clients, click here

 

Featured Chart for Wednesday, September 26 July Case-Shiller Home Price Index

Wednesday, September 26th, 2012

July Case-Shiller Home Price Index

Home prices in the Case-Shiller 20-City Composite increased 1.6% from June to July. This is the third consecutive month that all 20 cities recorded increases. Year-over-year the 20-city composite index is up 1.2% and 16 of the 20 cities have seen yearly increases.
The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided.

 

 

 

Click Here for My Featured Chart

Wednesday, September 26th, 2012

Click Here for My Featured Chart.

Buy a HUD Home at 50% off the listing price with the Good Neighbor Next Door Program

Wednesday, August 15th, 2012

Help a neighborhood! Buy a home through HUD’s Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities with a substantial incentive in the form of a 50% discount off of the list price.

You may use FHA, VA or Conventional financing.  If you qualify for an FHA-insured mortgage your down payment is only $100 and you may finance your closing costs.  FHA’s 203(K) renovation program can also be used in conjunction with HUD’s Good Neighbor Next Door program meaning you can update or make repairs to your chosen eligible home. You must live in the home for three years to take complete advantage of the grant, but after that you can sell the home and keep all of the profit.

This is a great way to buy a home at a 50% discount of the listing price.  Check out this link to search for properties that are Good Neighbor Next Door homes.

https://www.hudhomestore.com/Listing/PropertySearchResult.aspx?sState=AZ&sLanguage=ENGLISH