With increased credit availability comes increased purchasing power. Do you know what your options are? (20% downpayment, 97% LTV (loan to value), 80/15/5, etc)
There has been a lot of discussion about how difficult it is to get a home mortgage in this market. There is no doubt that the process is not as easy as it was eight to ten years ago and that’s probably good news. However, it does appear that availability to mortgage money is increasing with each passing day.
TheMortgage Bankers’ Associationpublishes theMortgage Credit Availability Index(MCAI). According to their site the index is“a summary measure which indicates the availability of mortgage credit at a point in time”. As we can see from the graph below, mortgage availability has been increasing dramatically over the last six months.
Accompanying the latest index was this comment from Mike Fratantoni, MBA's Chief Economist:
"A number of factors contributed to a loosening of credit in March: Freddie Mac's introduction of their 97 LTV program (Fannie Mae's was implemented in December) [and the] additional loosening of parameters on jumbo loan programs… Although credit remains tight by historical standards, this increase in availability, coupled with low rates and job market strength, should lead to stronger home purchase activity this spring."
If you have remained on the sidelines regarding homeownership because you were concerned about your ability to qualify for a mortgage, it may be time to get into the game.
content courtesty of keepingcurrentmatters.com
Contact me if I can help you get in touch with a great mortgage lender and find the right type of financing that fits your needs.
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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A recent report showed that homes across the U.S. sold faster than eve
"A few months ago, I was frustrated finding an apt to rent in Dallas given the little time I had in front to move in. I came across an ad online and shortly contacted the real state agent who turned out to be Faith. She scheduled a visit the very next day and honestly explained all the pluses and minuses with the apartment. We negotiated the price and she professionally worked out the price between me and the owner. With such a great professionalism and kindness, she went way beyond her duties to walk me through all the processes for signing the contract and the transition. I really recommend her for other buyers/renters because when I buy my own house, she will be the real estate agent I'd like to work with."