Based on a report by the National Association of Realtors (NAR), and I quote "private mortgage insurance companies are getting more comfortable providing insurance. More mortgages with less than 20 percent down can get originated." In the past year, buyers needing to make lower down payments would have to have a very high credit score or they would have to qualify for an FHA loan with government mortgage insurance.
Some markets are still classified as ‘declining markets’, and therefore the underwriting standards continue to be very tight in these markets.
We appear headed towards more normal underwriting standards where the conditions are not overly restrictive.
Tuesday, December 22, 2009
Thursday, December 17, 2009
Excited to be Blogging for the First Time!
Hello and Happy Holidays!
I am a newbie to blogging so please bare with me. Over the past few months I have been wondering how I can share my passion with others in a helpful manner globally. Well, the answer finally came to me...by blogging.
What's my passion...assisting others with their real estate needs. I enjoy providing buyers and sellers with the answers they need to assist them in making the decisions that are right for them and their families.
With my first post I would like to share with you a survey conducted by Coldwell Banker.
As you all may know by now, the first-time home buyer tax credit has been extended through April 30, 2010 and along with that extension a $6,500 tax credit will be offered to current home owners wanting to purchase a new property. Coldwell Banker surveyed 1,000 homeowners in an effort to determine how these tax credits might impact the economy. Based on the survey results 83% responded that the tax credit would assist in paying off debts (34%), home improvements (29%) and savings (28%).
Coldwell Banker's survey also found that 20% of homeowners are more likely to consider purchasing a home today than they were six months ago. This as a result of the $6,500 tax credit.
Recently, the National Association of Realtors reported that 47% of the 2009 home sales were to first-time home buyers. I am sure you will all agree that the additional tax credit to current homeowners will help stimulate the economy.
I am a newbie to blogging so please bare with me. Over the past few months I have been wondering how I can share my passion with others in a helpful manner globally. Well, the answer finally came to me...by blogging.
What's my passion...assisting others with their real estate needs. I enjoy providing buyers and sellers with the answers they need to assist them in making the decisions that are right for them and their families.
With my first post I would like to share with you a survey conducted by Coldwell Banker.
As you all may know by now, the first-time home buyer tax credit has been extended through April 30, 2010 and along with that extension a $6,500 tax credit will be offered to current home owners wanting to purchase a new property. Coldwell Banker surveyed 1,000 homeowners in an effort to determine how these tax credits might impact the economy. Based on the survey results 83% responded that the tax credit would assist in paying off debts (34%), home improvements (29%) and savings (28%).
Coldwell Banker's survey also found that 20% of homeowners are more likely to consider purchasing a home today than they were six months ago. This as a result of the $6,500 tax credit.
Recently, the National Association of Realtors reported that 47% of the 2009 home sales were to first-time home buyers. I am sure you will all agree that the additional tax credit to current homeowners will help stimulate the economy.
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