November 2016

Found 23 blog entries for November 2016.

nontraditional credit mortgage credit report

No Credit Check, No Mortgage

No mainstream mortgage lender is going to grant you a home loan without pulling a mortgage credit report. And you've probably heard that old saying, "It takes credit to get credit."

But that's not the whole story.

A "tri-merge" mortgage credit report is the go-to choice of lenders because it's fast and reasonably accurate for most people -- the established and settled who fit the one-size-fits-all presumed profile of an upright financial citizen.

But that's not the only way of proving  that you deserve a mortgage. Today, everyone's credit reports and scores can be enhanced with the use of non-traditional credit.

Traditional Vs. Non-Traditional Credit

"Traditional" credit refers to companies that

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According to the recent Fannie Mae Economic Developments report, issues with housing inventory continue to plague the market due to an increase in household formation that housing supply cannot keep up with. The report says that these factors will be the biggest issues facing renters looking to move into homeownership.

“The number of existing homes for sale declined 6.8 percent in the third quarter from a year ago, marking the sixth consecutive quarter of year-over-year decreases and the largest drop since the second quarter of 2013,” says Fannie Mae. “CoreLogic data by price tier continued to show tighter supply and more rapid price gains in the lower tiers of the home sales market.”

Despite these challenges Fannie Mae says, “encouragingly, the

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Realtor.com has revealed the hottest real estate markets in the United States for the month of November. San Francisco, California; Dallas, Texas; Vallejo, California; Denver, Colorado; and San Jose, California were listed as the five most popular markets.

The Dallas housing market, which was at the number four spot last month, is on the rise. Data from a Zillow report released last month stated that Dallas, along with Portland and Seattle, had the highest year-over-year home value appreciation among the 35 largest metros across the country for the third month in a row in October. Zillow also mentioned that home values in Dallas and Seattle have appreciated over 12 percent since last October.

The national price of homes has remained consistent

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The Federal Housing Finance Agency House Price Index (HPI) recently reported that house prices increased 6.1 percent in Q3 from the year prior.

"Our data indicate that the deceleration in home price growth that we observed in late spring proved to be short-lived," said FHFA Supervisory Economist Andrew Leventis.  "While price growth in select markets has cooled somewhat, for the U.S. as a whole, the third quarter showed no evidence of a widespread slowdown."

Specifically, the report indicates that house prices increased in 49 states from the year before with Delaware and the District of Columbia as the only areas not to see an increase.

The top five states for annual appreciation according to FHFA include:

1) Florida

2) Oregon

3)

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large house sellers disclosure

By Blake Miller | Nov 09, 2016 10:55AM

When it comes to selling your home, heed your mother’s advice: Honesty is always the best policy.

Denise Supplee and her husband, Jerry, had been in their new home in Horsham, PA, for just three months when they started to notice something strange in their bathroom. “You could see mold starting to seep through the paint,” says Denise, a co-founder and director of operations of SparkRental.com. “We had a contractor come in and he told us we were lucky,” she says. “It seemed to be an issue kept to the bathroom and occurred most likely because there was no exhaust fan.” The problem: The seller had blatantly painted over existing mold without ever disclosing it to the Supplees. Although the

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buying your first home hero

Take a step toward stability by taking a long-term view of your housing situation.

By Kayla Albert | Nov 07, 2016 11:30AM

 

Here’s why you may want to stop writing a monthly rent check and start building equity in a home.

Taking the leap into homeownership — whether you’re considering a home for sale in Austin, TX, or Tampa, FL — can be daunting when you’re used to renting. From house hunting to making an offer to gathering pertinent paperwork, it’s a much more complex process than signing a lease agreement.

But while easier financial approval and less responsibility make renting attractive, the numbers suggest becoming a homeowner could be better for your overall financial picture. According to the

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real estate bubble in soap bubble

Uncover ways to spot if there’s a housing bubble in your targeted area.

By Laura Agadoni | Nov 09, 2016 11:09AM

Just like “The Matrix,” you can’t really see a bubble while you’re in one … but there are some telltale signs.

If you were burned in 2008, the last time the housing bubble burst, you’re probably (and understandably!) gun-shy about jumping into the housing market again — especially if you think your local area could be experiencing another bubble. If you buy during a bubble, overpaying for your home, you might be forced to sell for less than the property is worth — either that or stay put longer than you’d like until you build up enough equity to sell. So if you’re thinking of buying, it’s important to

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Do you know what issues most often turn off buyers or kill a sale? Here are some of the big ones.

home sales fall through infographic

Roof

 

Roof issues are responsible for 39% of homeowners’ insurance claims, according to the National Roof Certification and Inspection Association. If the roof of your for-sale home is approaching the end of its typical life span — 20 to 25 years for shingles — replacing it (or getting a certification that it’s in great shape!) could get you to the closing table faster.

Gutters

 

“While you may need to wait for inclement weather to realize your return on investment, a mere 30 minutes of routine rain gutter maintenance could prevent thousands of dollars in damage to the foundation of a home,” says

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An already-low nationwide single-family housing inventory dropped even further in October, which is expected to create problems for first-time buyers in the coming year, according to Redfin’s October housing market report.

Inventory declined by 8.6 percent in October compared to 2015, making 13 consecutive months of annual declines, according to Redfin. The decrease in homes for sale marks the largest year-over-year decline since May 2013. Finalized sales are also down by 3.2 percent.

First-time buyers are viewed by many economists and analysts as critical to increasing the homeownership rate, but the lack of homes for sale is limiting first-time homebuyers ability to find affordable housing. With a national homeownership rate of 63.5 percent for

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By Damon Paxson, VP of Operations at LRES

We have heard far too many incorrect assumptions from servicers about how various rules will be applied to liens placed by Homeowners Associations (HOA) and Condo Owners Associations (COA) that we feel compelled to set the record straight. The most erroneous assumption is that these rules do not threaten servicers’ lien position, and therefore they are not concerned by what an HOA or COA may do to recover their lost fees.

Let us be crystal clear: unpaid HOA/COA fees are a huge risk not only to the association, but also to mortgage servicers and investors.

Each state determines for its own residents and lenders who serve them the specifics of the powers it grants HOA/COAs and assigns to their liens, in

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