Student loan debt is one of the biggest reasons millennials struggle to buy homes. However 2015 is expected to be a big year for student loan reform. Right now, the federal Pay As You Earn program allows newer borrowers to cap monthly student debt payments at 10 percent of a person’s disposable income. The government Read more about Student Loans- A Big Reason Millennials Won’t Buy Homes[…]
Over the past couple of years, the MIP (mortgage insurance premium) rates on FHA loans have increased, which raised monthly mortgage payments. The increase kept some homebuyers out of the market. On January 26, FHA will reduce its MIP rate and allow borrowers to save on average $900 a year. The highlights: Annual premium reduced from Read more about FHA Reduces Mortgage Insurance Rates[…]
“Roughly 42 percent of millennials say they want to buy a home in the next one to five years…As this generation matures, they will become a home-buying force to be reckoned with.” – Dr. Stan Humphries, Zillow chief economist Welcome to 2015, the year many home-buying experts like Humphries expect millennials to enter the housing market Read more about Why 2015 Will be a Huge Year for Real Estate[…]
Every time I receive the value of a property from the appraiser, I hold my breath. The result determines not only the value of the loan but also if the home has any issues/needs repairs before closing. Basically, the appraisal is a big deal. That goes for home in Virginia Beach, Norfolk, Chesapeake and all Read more about First-Time Hombuyers: What You Need to Know About Appraisals[…]
Attention real estate agents in Virginia Beach, Norfolk and Chesapeake: The holiday season is here and that means it’s time to party! As the real estate expert in your circle, people will come up to you at a gathering and pick your brain about the market. So keep this mortgage information handy. 3 Ways to Look Read more about First-Time Homebuyers and Holiday Parties[…]