Real Estate News For March 2017 — And More!
Mortgage rates are edging up with the latest Fed News today- March 15th.
With prices still a bit soft, the time to buy couldn’t be better if you plan to finance.
News regarding FHA and VA Loans:
Borrowers with a MID credit score of “580” (FHA and VA) can now qualify.
Here’s the details:
- FHA and VA Loans are as follows:
- FICOs as low as 580 are”OK”
- Loan Amounts Up to $425,000 Allowed
- Purchase and Refi s
- Rate/Term Only!
- No Cash out Refi’s allowed
- Max Debt To Loan 45% w/620-639 Credit Score!
- Max Debt To Loan 43% w/580-619 Credit Score!
Flippers are still evident everywhere including Palm Springs. For the investor willing to engage in the hunt, we still have homes in need of repair and upgrade for resale.
Here are some numbers:
- In 2015, investors flipped nearly 180,000 single-family homes and condos nationwide, accounting for 5.5 percent of all sales, according to Attom Data Solutions, which defines a flip as a house resold within six months of purchase.
- More than 51,000 single-family homes and condos were flipped Q2 2016, the most flips in six years, reports Attom Data Solutions.
- Nearly 40,000 investors — both individuals and institutions — flipped homes in Q2 2016, a nine-year high.
At a recent BHHS sales convention, we discussed the Millennial Generation and so we have an understanding of the needs of this demographic group and we even understand how Millennials like to search and communicate. Working with people as they prefer is one of our keys to success in an ever changing Real Estate market.
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