Patty Massare's blog

After spending the past few years researching and getting feedback from lenders and home buyers, Fannie Mae announced that it will provide an enhanced affordable lending product designed to be more flexible to meet the financial needs of responsible, credit-worthy buyers. 

The program has new guidelines (like I've never seen before!) to meet the many financial challenges today's would-be homebuyers are facing.  Many can't afford a large down payment, they may have multiple student loans, and/or they may rely on income from non-traditional sources, such as parents or other family members.  These factors have impacted the ability of a lot of people from qualifying for a mortgage.  Well, that may be about to change . . . perhaps for YOU!

The new program, called the HomeReady™ Mortgage, will be available from lenders later this year, and will offer expanded eligibility guidelines that will be real game changers for a lot of people who could not previously qualify for a mortgage.  If any of these new guidelines apply to you, then this may be the year when you realize your dream of homeownship!

Are you aware that interest rates are below 4% for a 30-year fixed mortgage?  Do you know that you can probably own your home for less than you are paying for rent?  Or . . . perhaps you can upgrade to a larger home in a nicer area for the same or lower monthly payment than you have now?  Seems crazy, huh!  Might be worth checking out.  Use our Home Financing Calculators to learn more.  Contact Us with questions or to request assistance with buying and/or selling.

Read what the experts have to say about How Dip in Oil Prices Impacts Home Buyers -  "Lower oil prices mean a lower inflation rate, which pushes down mortgage rates," say economists with the National Association of... [Nar Daily News Magazine]

This is really a great idea for builders, and for sure mortgage companies, to put a promotional campaign together.  Cudos to Wells Fargo and Keystone Custom Homes for coming up with what could become a trend! 

Certainly newlyweds could use the money they get from their wedding toward a down payment on a house, but this just cements the goal of buying a home.  Friends and relatives would love to be a part of helping make homeownership a reality for the couple.  It just means a lot more than just giving money because there is a worthy goal.  Hey, maybe people would be inspired to give more

Wedding Gift Idea: Down Payment Registry - A homebuilder has launched an ad campaign urging engaged couples to sign up for a gift registry with a mortgage lender so that their wedding... [Nar Daily News Magazine]

What does it mean?  Well, aside from more homeowners displaced . . . which is very sad . . . and more opportunities for buyers who are looking for distressed properties . . . good for them . . . it is more of a 'timing' issue with the large institutional lenders than anything else.  It's a combination of that 'shadow' inventory you've been reading about and the upcoming holiday moratorium on foreclosures.

Yes, there are still a lot of folks who are having trouble meeting their mortgage obligations, for sure.  Bad things sometimes happen to good people, so there will always be foreclosures.  Read what the experts have to say about the recent spike.  Big Spike Shows Foreclosure Crisis Isn't Over -

In October, foreclosures posted the biggest monthly gains since the peak of the crisis in 2010, but find out why housing analysts aren't... [Nar Daily News Magazine]

Just when you thought it couldn't get any lower . . . geez!

The inventory of homes for sale is by far at it's lowest level in the past 10 years.  This is very frustrating for buyers.  That 'dream home' just may not be on the market.  There isn't that much to pick from.  Buyers who are ready to buy now are having to make compromises.  

When a really clean, nice house comes on the market, it is selling pretty fast and at a pretty good price.

Check out this chart showing housing inventory levels from 2004 to 2014.  It's a little hard to read, but each indicator across the bottom of the chart is a year . . . from 2004 to 2014.