Smart People Do Mortgages
Just about every day, I receive an email from one of the many smart people out there doing mortgages. I share this information with buyer and seller clients, so they can be well informed. Today’s post is sharing this Boulder mortgage update info with you.
Brian Crowder, Mortgage Banker reminded me earlier in the year about the USDA program. Not just an emblem on beef, this a great No Money Down loan program for rural communities. Believe it or not, there is a qualifying Longmont community that looks like a subdivision!
Amanda Sessa with SWBC sends weekly Boulder mortgage update info. The graph below is courtesy of her email. The most recent update shares a great deal of housing information. Important tidbits:
- Nationally, new home building starts were down in January from December.
- Existing home sales slowed from the annual rate.
- Jumbo mortgages were incredibly popular in 2012. With figures through September 2013, Jumbos on are on pace to be four to six times better than the pedantic $3.5 Billion for all of 2012.
Christine Jenson, another mortgage banker out there shares that FHA is loosening requirements for FICO credit scores. There are now options for buyers with scores as low as 580. Christine’s Boulder mortgage update info points out these purchasers can qualify for a home mortgage with new FHA loan enhancement. Requirements include:
- They have a recent 12-month housing payment history with no late payments.
- Their proposed new payment does not exceed 1.5 times their current monthly housing expense.
- They will be required to have 2 months’ reserves for their principal, interest, taxes, and insurance.
- Their debt to income maximum ratio needs to be 40% or less.
- Additional requirements may apply.
Talk about the weather
John Arnold with People’s Mortgage sends out weekly and concise Boulder mortgage update information. He writes this week that the incredibly harsh winter can be having an impact on real estate and mortgages. Consider that Atlanta has twice been paralyzed with ice storms, the Northeast has been socked in by blizzards and even in Boulder it has been a very white winter.
Heck, my sister in NY points out her kids are out of snow days. That is a lot of snow.
Additional Resources (updated 5/19/14): comprehensive Mortgage Lender List