For refinance loans that are not VA or FHA, there will be an additional half percentage point charged on each loan. For the average loan this will cost about $1,400.00 more. Borrowers don't have to pay the new fee upfront, but they can add it into the loan amount, resulting in a small monthly increase [...]
1. Home prices are dropping. This is not true as prices are rising. Nationally, during the first quarter of this year, the median price for single family homes rose by about 7.7%. Very low mortgage rates are helping fuel this along with lack of supply. 2. This is not a good time to sell. Many [...]
The higher your credit score the lower your interest rate will be. According to an article in Florida Realtors, a minimum score is approximately 620 for conventional loans and 580 for FHA loans. Requirements may differ for large (jumbo) loans and VA loans. Most lenders require a 680 credit score for a jumbo loan.
HUD has extended its temporary FHA appraiser rules through June. Most FHA property appraisals can be done without an appraiser entering the home under temporary rules that are now extended from May 17th to June 30, 2020. Also, temporarily HUD will allow a verbal verification of a borrower's employment in some cases because employees that [...]
According to an article appearing in Florida Realtors, here are the most common flaws found during home inspections: 1. Doors need adjusting; 2. Faucets and shower heads need servicing; 3. Exterior caulking/sealant missing; 4. Outlet or light switch problems; 5. No circuit breaker protection; 6. Missing or defective smoke alarms; 7. Cosmetic sheetrock cracks or [...]
A Harris Poll reported that 77% of people buying a home with a spouse or a significant other had arguments during the process. Approximately 71% of sellers did the same. The most frequent argument for buyers was over the style and size of the home and over the features that the home had to have. [...]
Experian is reporting that the average credit score in the United States reached a record high of 703 in 2019. The average credit score of Floridians was 694, which ranked 37th best on the list of states. Millennials in particular have seen a rise in their credit scores since 2012. This information was published by [...]
According to a study done by Realtor.com, buyers in Florida have an easier time buying a home than in other areas of the United States. There are seven Florida cities in the U.S. top twenty "easiest markets to find a home." Jacksonville is the 6th easiest place to find a home. The hardest place to [...]
According to some builders, home features that were considered upgrades a few years ago are becoming standard in new home construction now. These items include things like laundry rooms, low-emissivity windows and walk-in closets. Apparently a lot of first time buyers would rather have these features than a larger home with fewer such features. The [...]