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Alternative Loan Options for Self-Employed Borrowers
Are There Any Alternative Loan Options for Self-Employed Borrowers? Being self-employed shouldn’t hold you back from your homeownership dreams! Let’s explore some alternative loan options. Imagine this: You’re a self-employed entrepreneur, like Ethan, finally ready to buy your dream home. You’ve got the vision, the drive, and the income, but traditional lenders are giving you…
Read MoreConventional 97 Loans: Your 3% Down Path to Homeownership
Are you consider with Just 3% Downing buying a home but feel overwhelmed by the substantial down payments required? If saving up a significant down payment is a barrier, a Conventional 97 home loan might be an excellent solution to consider. This type of loan allows you to make a down payment as low…
Read MoreUnderstanding FHA Streamline Refinance: A Guide for Homeowners
If you have an FHA mortgage and are looking to refinance, the FHA Streamline Refinance program could be an ideal option. This program simplifies the refinancing process, allowing you to potentially lower your interest rate and monthly payment without the extensive documentation typically required. Here’s what you need to know to decide if it’s right…
Read MoreFall 2024 Housing Market Outlook: Insights for Buyers and Sellers
As we step into the fall of 2024, the housing landscape is poised for a dynamic shift, shaped by the softening mortgage rates and the Federal Reserve’s anticipated interest rate adjustments. Both buyers and sellers will find themselves navigating a market that, while offering opportunities, does not come without its challenges. Here’s a streamlined guide…
Read More2024 Mortgage Rate Forecast: What to Expect
As we progress through 2024, the volatility of mortgage rates in the past few years continues to be a focal point for potential homebuyers. What can we expect for the remainder of the year? Let’s dive into the mortgage rate forecast and how it might influence your decision to buy a home. The Current…
Read MoreUnderstanding Reverse Mortgage Eligibility
Reverse mortgages are a unique financial tool for older homeowners, allowing them to access their home equity without monthly mortgage payments. However, these loans are not suitable for everyone and come with specific requirements. Here’s a simple breakdown of what you need to know about reverse mortgage eligibility. Key Requirements for a Reverse Mortgage…
Read MoreEasing the Home Affordability Crisis: What Buyers Need to Know
The challenge of affording a median-priced home continues for many Americans, particularly first-time buyers, despite recent improvements in the housing market. As of February 2024, prospective homebuyers must earn an annual income of $114,000, which is 35% more than the typical household income. However, this represents an improvement from just a few months prior in…
Read MoreHome Affordability Challenges Rise for First-Time Buyers
The journey to homeownership is becoming increasingly strenuous for first-time buyers, as home affordability continues to decline in today’s market. Recent data from Redfin highlights a significant rise in the financial benchmarks required to purchase a starter home. Escalating Prices and Mortgage Rates As of February 2024, individuals aspiring to buy their first home need…
Read MoreHousing Market: A Surge in Supply Amid Soaring Costs
As the spring buying season kicks into gear, the housing market is showing signs of significant change. For the first time in nearly three years, buyers have a larger selection of homes to consider, thanks to a notable increase in new listings. However, this comes at a time when the cost of owning a…
Read MoreTax Incentives for Affordable Housing
The National Association of Realtors® (NAR) is spotlighting a crucial step towards solving the affordable housing crisis: tax incentives. In a recent statement, NAR emphasized the critical shortage of affordable homes affecting the middle class and first-time buyers, hindering their access to homeownership and the American Dream. A staggering shortage of 5.5 million affordable…
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