Lee County still has money available for the down payment assistance program.
Below are the current income limits:
Household Size Max Gross Annual Income
1 person: $31,550
2 people: $36,050
3 people: $40,550
4 people: $45,050
5 people: $48,700
6 people: $52,300
7 people: $55,900
8 people: $59,500
There is finally proof that mortgage guidelines are loosening.
The average credit score for new borrowers being approved for a mortgage has decreased to 724. This is a 21 point decrease from one year ago according to Ellie Mae.
Last week mortgage rates continued their slight increase. The GDP number was revised downward to 2.4% which indicated the economy is still growing slowly which is as expected. There wasn’t much economic news released last week. This week should see more updates as it is the beginning of a new month. See current information at the Wall Street Journal Market Data page.
Last week mortgage rates moved up slightly again. The Fed released their meeting minutes which revealed that the economy is still growing slowly which is as expected. Existing Home Sales and Housing Start data revealed that the housing sector is slowing down but prices are still on the rise. Look for rates to remain fairly stagnant with slight moves each way depending on the reported data. See current information at the Wall Street Journal Market Data page.
Private Mortgage Insurance (PMI) is insurance for the lender that is required on Fannie Mae or Freddie Mac loans when the borrower has a down payment less than 20% of the purchase price.
It is also required on all FHA loans even if the borrower does have 20% for a down payment.
Many people have the impression that PMI protects the borrower but that is not true. PMI is charged either monthly or in advance as security for the lender and is one of the best reasons to have a 20% down payment.
Below is a list of easy things an individual can do to build credit or increase their credit score.
For a more detailed explanation on how to build your credit, visit this link to MSN Money.
Last week mortgage rates moved up slightly. The new chair of the Fed, Janet Yellen, had her first testimony before congress and indicated that the economy was still moving in the right direction even though economic indicators pulled back slightly. More importantly her tone led prognosticators to believe that the Fed won’t change their course any time soon so rates will stay low. Look for rates to remain fairly stagnant with slight moves each way depending on the reported data. See current information at the Wall Street Journal Market Data page.
Last week we saw mortgage interest rates drift downward. All the economic indicators are projecting slow growth with consumer confidence increasing in parallel with the growth. The unemployment rate remains at around 6.5% which is still less than full employment. Some key indicators for the real estate market are that housing starts and existing home sales are up and have been trending that way. With mortgage rates remaining low real estate investment should continue to increase. See current information at the Wall Street Journal Market Data page.
