A great deal has changed in the mortgage industry over the past two weeks as the industry responds to COVID-19 economic concerns. Real estate agents and consumers need to be aware of the changes as they navigate the current residential real estate market.Continue reading “The state of the mortgage industry during COVID-19”
If joining the 65 percent of Americans homeowners in the U.S. is important to you, but funds are lacking, fear not! We are fortunate in the DMV region that there are many First-Time Home Buyer programs that will accommodate reduced availability of funds. And, in addition to negotiated seller credits an experienced Realtor can negotiate on your behalf, a first-time home buyer could potential come to the table with ZERO out of pocket costs. This is the biggest hurdle I have seen for those considering the purchase of a first home. But it does not have to be, as the programs reviewed below are meant just for YOU!
One of the most important aspects in the “underwriting triangle” is the credit score. Not only is credit elemental to the loan approval, but also has an impact on the monthly payment. Of the three critical underwriting elements and aside from the down payment, credit (typically calculated using the FICO scoring models) is the only one for which pricing adjustments are made as the variable changes.