The following are some highlights taken directly from the 10Q report for Fannie Mae’s quarter ending September 30, 2023. Please visit www.fanniemae.com for the full report and more detailed information. Single Family Mortgage Market Origination Housing activity decreased in the third quarter of 2023 compared with the second quarter of 2023. The 30-year fixed mortgage …
Saving for a down payment on a house can be a daunting task, but with some creativity and effort, it is achievable. Here are some creative ways to save for a down payment: – Cut unnecessary expenses: Take a closer look at your monthly expenses and see where you can cut back. Eliminate subscriptions or …
Private mortgage insurance is a type of mortgage insurance with Conventional loans that protects the lender if you stop making payments on your loan. You can request PMI to be cancelled once your mortgage balance reaches 80% of your home’s original value, or PMI automatically terminates when your principal balance is scheduled to reach 78% …
By themselves, mobile homes are classified as “personal property” and not “real property.” Real property includes land and structures built on and/or attached to the land. Title to real property is recorded in the County Recorder’s office (or similar). Mobile homes are titled as automobiles. The title includes a Vehicle Identification Number (VIN) and is recorded with the state …
According to CoreLogic and the Wall Street Journal, U.S. Homeowners with mortgages (roughly 63% of all properties) have seen their equity increase 15.8% year over year since the third quarter 2021. This upward trend has been slower than was recorded in the second quarter of 2022. The pace of home appreciation has slowed recently as …
The Housing Correction Looks Different This Time Around Read More »
FHFA has announced that the conforming loan limits for 2023 will be $726,200 as the base limit and will go up to as much as $1,089,300 in certain high-cost areas. FHFA is the regulator for Fannie Mae and Freddie Mac. This means that for Conventional loans, you can get a mortgage guaranteed by Fannie and …
