by Michael DiVita | Jan 13, 2015 | Uncategorized
President Obama announced on January 8, 2015 in Phoenix, Arizona that the Federal Housing Administration (FHA) will reduce its mortgage insurance premium 0.5 basis points from 1.35% to .85%. This dramatic change will support a recently lagging housing market and keep...
by Michael DiVita | Jan 13, 2015 | Uncategorized
To incentivize the housing market, Fannie Mae and Freddie Mac laid out guidelines for a 97% LTV (loan to value) fixed rate mortgage. It breaks the market wide open to millennials, those born in 1982 and the two successive decades. They have been renting rather than...
by Michael DiVita | Jan 13, 2015 | Uncategorized
Here’s how your clients can borrow 90% of the purchase price and pay no mortgage insurance. Secure a traditional Fannie Mae, Freddie Mac or a jumbo up to 80% and take a second for 10%. This can be a Home Equity Line of Credit or a fixed rate 2nd mortgage. That pencils...
by Michael DiVita | Jan 13, 2015 | Uncategorized
After last year’s scenario of rising home values and falling defaults, jumbo lenders have come on board with an 85% loan up to $2 million for qualified buyers. For clients who sought a higher end home, but were precluded for lack of down payment, here is the...
by Michael DiVita | Jan 13, 2015 | Uncategorized
After last year’s scenario of rising home values and falling defaults, jumbo lenders have come on board with a 90% loan up to $1.5 million for qualified buyers. For clients who sought a higher end home, but were precluded for lack of down payment, here is the...
by Michael DiVita | Jan 9, 2015 | Uncategorized
Millennials have largely avoided home ownership because of the challenges they face: higher unemployment, lower wages and student debt. They comprise the largest generation in the country and will be the major force in the workplace. They are thrifty, family and...