Exactly. A lot of programs, but getting approved or cutting through the red tape is very difficult.
Housing market
- Thread starter simply1
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Not anymore. They’ve made it much easier on the red tape. We had way more FHA than conventional, it usually came down to whether the lender wanted to do the work or not in our experience
When we sold our house in 2021, homes.com was closest to what we actually sold the house for.
I went to homes.com. It was low but the worst part is that it says it has been listed on homes.com before. We built on barren land in 2003. My wife loves it here and I hate it so only I would have listed it and I haven’t. So it basically lied right away.
curious what you feel has been made easier with FHA lending? there have been no concessions regarding collateral that I can think of...and the credit parameters haven't changed.
is your borrower a 1st time home buyer? is their income at or below the AMI in your area? You can check the link below and if they meet the qualifications, have all of the LLPA's removed from your pricing/interest rate...assuming the lender you are working with chooses to share that savings. That difference could be HUGE depending on your factors.
this stuff can be combined with a 3% down conventional program and it can offer less resistance than the HUD offered programs.
The critical element that is taking place now is that the GSEs are focused more on collateral and that standing on its own, than they are as much the borrower. With prices not dropping in ratio to rates rising, there are going to be issues with home values moving forward. We've already started to see some of it in the audit world with FNMA.
Area Median Income Lookup Tool
ami-lookup-tool.fanniemae.com
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I wonder if this general flip I’ve been seeing between Zillow and Redfin estimates has anything to do with Redfin trying to get people to list with their agents.
Probably use the same data, but probably use different algorithms and calculations to come up with a price. For example, some services may rate how close you are to, say a grocery store, higher than another. Or how they value of the schools district.
I don't know. All I know is I am looking at the redfin price while my hypothetical future buyer is looking at the movodo price.
The amount that can be spent has. Guidelines on what is required in the house is a little blurred, time from start to finish had equalized with conventional due to long appraisals and abstract times. Just off the top of my head.
I don't know what you mean by "the amount that can be spent has"...not trying to argue, genuinely don't get it.
overall, HUD has greater requirements than conventional does...specifically FHA. I honestly don't see much of a difference in FHA lending from what I did 22 years go.
8% of homes purchased in 2022 already underwater.
wow global warming sneaks up on you fast
Being underwater only matters if you want to sell or refinance. Hopefully, there's not many that bought in 2022 that are ready to sell. What will be an issue is over the next few years when those with a 6% rate or higher go to try and refinance their mortgage. Even if rates fall, they're going to get stuck at their higher rate because they don't have the equity. That's really where this is going to hurt.
