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There are currently 21 blog entries related to this category.
Friday, April 17th, 2015 at 3:09pm. 734 Views, 0 Comments.
The average 30-year fixed-rate mortgage dipped to 3.66% this week, down from 3.7% last week, and new-construction home buyers lapped up the savings.
Mortgage applications rose 17% in March from February, according to the Mortgage Bankers Association Builder Application Survey.
“Overall, applications for new-home purchases during the first quarter of 2015 increased 20% relative to the first quarter of last year,” Lynn Fisher, MBA’s vice president of research and economics, said in a statement. “Continued strength in builder applications raises the likelihood that housing starts will be strong over the next few months.”
“Housing starts” is industry lingo for when a builder actually breaks ground on a new home. It’s a good…
Friday, April 17th, 2015 at 3:04pm. 727 Views, 0 Comments.
If you’re a first-time home buyer just entering the market, you’re in for a springtime treat: Fannie Mae will now pay your closing costs, up to 3% of the price of the home—provided you take the mortgage giant’s home-buyer counseling course first.
The new HomePath Ready Buyer program, announced on Wednesday, allows first-time buyers (defined as those who have not owned a home in the past three years) to take an online course, get certified, and become eligible for what could amount to significant savings. For instance, on a $150,000 home, Fannie Mae could contribute up to $4,500 toward your closing costs—which typically range from 2.5% to 3% of a home’s price—and even reimburse you for the $75 online course.
“This could actually…
Tuesday, February 24th, 2015 at 6:12pm. 192 Views, 0 Comments.
Occupying a healthy chunk of the southern Lake Minnetonka Area, Shorewood is a lovely community just west of Minneapolis. It is adjacent to Tonka Bay, Excelsior and Greenwood.
The median home price in Shorewood was $382,500, which is exactly the same as the Lake Minnetonka Area as a whole. Sales volumes have been gradually recovering since hitting a valley at the beginning of 2007.
Shorewood sellers are yielding a higher share of their asking price relative to the rest of Lake Minnetonka. Those selling properties in the city are averaging 97.7% of their last list price versus 97.1% in the rest of the Lake Minnetonka Area.
That shouldn’t be too surprising considering Shorewood enjoys faster (lower) absorption rates compared…
Friday, February 13th, 2015 at 1:35pm. 130 Views, 0 Comments.
The word Minnetonka translates from the Dakota “mni tanka,” meaning “great water.” Nevermind the fact that the Twin Cities boasts some of the cleanest tap water in the nation, we’re talking about the vast, celebrated and grand connotations of great.
Home to Cargill—the nation’s largest privately-owned company—and United Healthcare—the state’s largest publicly owned company—Minnetonka is truly its own little economic enclave. That, along with its proximity to the unofficial yet quite desirable ‘Big Lake,’ has enabled the Minnetonka housing market to largely outperform the metro area as a whole.
Starting at the beginning of 2007, note the dramatic divergence of new construction prices compared to previously…
Friday, February 13th, 2015 at 1:33pm. 125 Views, 0 Comments.
Edina is so well located, boasts such great schools and weaves together such an ideal balance of residential, green space, shopping and nightlife that a segment of home buyers gladly pay $450,000 for a 1,800 square foot post-war rambler and then immediately proceed to demolish it and build a $3.5 million 4-story mansion on a postage stamp lot.
After all, that’s one of the many benefits to being a property owner.
Sure, a segment of the local residents of a changing community will always reminisce about the good ole’ days, but a community that evolves and adapts is a community that survives and thrives. Times change. So do consumer preferences. First and second ring suburbs that were initially built around the automobile are now figuring out…
Friday, February 13th, 2015 at 1:25pm. 155 Views, 0 Comments.
The Twin Cities regional housing market started 2015 on an enthusiastic note. Both seller activity and pending buyer activity increased relative to January 2014. Sellers introduced 4,497 new listings to the marketplace, 5.9 percent more than last year. Buyers entered into 2,986 purchase agreements, 7.8 percent higher than the pending sales count at this time last year. Inventory levels were lower, down 6.3 percent to 11,926 homes currently on the market. Many in the industry are expecting more inventory as we approach the spring market—both in a month-to-month sense as well as year-over-year.
The median sales price rose 8.5 percent to $195,000, the strongest gain since last February. This increase marks 35 consecutive months of year-over-year median…
Thursday, January 31st, 2013 at 12:14pm. 1219 Views, 0 Comments.
Your biggest issue will be your loan options... depending on your credit score.
The FHA has their own guidelines for loans they will accept and may be your best bet. Keep in mind that FHA is not a bank; it’s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Additional requirements are as follows:
• 2 Years of steady employment, preferably with same employer. Last 2 years Income should be the same or increasing.
• Credit report should have less than two 30 day late payments in…
Tuesday, September 4th, 2012 at 3:35pm. 1008 Views, 0 Comments.
Credit scoring was developed in the 1960s as a means to determine whether or not consumers were
likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.
There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of
financial responsibility and ability to pay back loans.
There are many quick tricks to improve the credit score. If a borrower has to pay a higher interest rate…
Tuesday, July 3rd, 2012 at 4:57pm. 608 Views, 0 Comments.
A surge in homebuilding pushed construction spending up 0.9% in May, the largest amount in five months, further indication that the housing sector is slowly recovering.
Construction spending reached a seasonally adjusted annual rate of $830 billion – 11.3% above the 12-year low hit in February of last year, according to numbers released Monday by the Commerce Department.
The boost was also well above the Barclays Capital estimation of an 0.1% increase and consensus of 0.2%. Continuing the good news, April's rise was revised higher to 0.6% month over month from 0.3% previously. Construction spending now stands 7% higher than last May.
May's increase in spending was driven by a strong 1.6% gain in private spending, with both residential spending…
Tuesday, July 3rd, 2012 at 12:41pm. 524 Views, 0 Comments.
U.S. home prices year-over-year rose 2% in May while also increasing 1.8% from April, CoreLogic reported in its May home price index.
The Santa Ana, Calif.-based research firm said when excluding distressed home sales, prices actually shot up 2.7% over year-ago levels and rose 2.3% from April. Figures from May show home prices nationwide increasing for the third consecutive month in a row.
"The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle," said Anand Nallathambi, president and chief executive officer of CoreLogic. "Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix."