Can I get a mortgage without a credit score?
Yes, it’s possible to get a mortgage without a credit score, though it may require a bit more documentation and a different approach. Here are some of the options: Manual Underwriting: Lenders may offer manual underwriting, where they assess your financial history and ability to repay by reviewing alternative documents, such as proof of on-time…
Read MoreNew Protections for Florida Real Estate Buyers
Florida has strengthened buyer protections in real estate, especially for condominiums, after the 1985 Johnson v. Davis ruling. New laws require milestone inspections and reserve studies for condos over 25 or 30 years old by December 31, 2024. Buyers can terminate contracts within three days of receiving inspection reports. From October 1, 2024, sellers must…
Read More6 ways to lower your mortgage payment
Housing costs are a significant monthly expense for many Americans, often consuming a third of their budget. To reduce mortgage payments, options include refinancing for a lower interest rate, eliminating private mortgage insurance (PMI) if equity reaches 20%, or recasting the loan by making a lump-sum payment. Homeowners can also shop for cheaper insurance and…
Read MoreUsing Alimony, Child Support, or Separate Maintenance for Income When Getting a Mortgage
Document that alimony, child support, or separate ma intenance will cont inue to be paid for at least thre e years after the date of the mortgage application, as verified by one of the following: A copy of a divorce decree or separation agreement (if the divorce is not final) that indicates the monthly payment…
Read MoreHow Much Do Buyers Need to Afford the Typical Starter Home?
According to a new Redfin analysis, Americans must make $76,995 annually to afford the median priced starter home ($250,000), a 0.4% decrease from the previous year. Since August 2020, when mortgage rates were getting close to a record low, that is the first annual drop. Although the cost of a starter house has increased by 4.2%…
Read MoreWhy mortgage rates are back up to nearly 7%
‘Recent volatility may persist as the market adjusts to each new piece of economic data,’ Realtor.com’s Hannah Jones says Bad news for home buyers: Mortgage rates are surging again as the financial markets weigh incoming economic data showing strength in the U.S. economy, as well as the possible outcome of the upcoming presidential election, experts…
Read MoreShould I Wait to Purchase a Home Until After the Election?
With every election cycle, potential home buyers often face the question: should I wait to purchase a home until after the election? The uncertainty and economic changes that accompany elections can make this a challenging decision. This blog explores the potential impacts of election outcomes on the housing market and offers practical advice on making…
Read MoreWhat Are Seller Concessions in Real Estate? | Check out our latest videos. Please follow us on
Seller concessions are agreements where the seller covers part of the buyer's closing costs to reduce upfront expenses. Buyers typically request concessions after home inspections reveal issues or for specific fees like appraisals.
Read MoreHome Prices Expected to Climb Before 2025 | Check out our latest videos. Please follow us on
A drop in interest rates will increase buyer demand, potentially driving home prices higher into 2025. Historical data suggests home prices and interest rates fluctuate but are expected to rise in the near future.
Read MoreAre real estate investment opportunities growing as rates fall?
Investor optimism has remained undimmed despite market volatility, says executive. 2024 may have been marked by turbulence in the housing and mortgage markets, but that’s done little to dim the appetite of investors eyeing up opportunity in real estate, according to a top lending professional. Nate Zielinski (pictured), senior partnerships coordinator at RCN Capital, told Mortgage Professional…
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