Starting January 1, 2020, a new law will take effect that includes provisions to help active duty military and veterans buy homes. The homebuying changes are part of the Blue Water Navy Vietnam Veterans Act of 2019, which President Trump signed into law back in June 2019. The act primarily supports veterans who suffer from Read more about New Federal Legislation Includes Boost for Military Homebuyers[…]
As we head into 2019, we expect to see mortgage rates continue to rise. That doesn’t mean potential homeowners should avoid the process altogether. Mortgage rates are still low compared to a generation ago. However, we have become accustomed to rates around 3 or 4 percent, so any increase makes people uneasy — even though higher Read more about Here’s an outside-the-box approach to buying a home[…]
On Tuesday, I attended the annual LEAD Hampton Roads “State of the Region” breakfast at the Marriott in Downtown Norfolk. At the breakfast, a team of ODU economists discussed our local economy and what we can expect in the year ahead. The economists spoke for a bit about residential housing. Here’s what they had to Read more about State of the Hampton Roads Region and Housing Trends 2015[…]
May not require appraisal; in that case, you would use the original purchase price as current value of the home No penalty for being underwater May not require verification of employment, income or credit Requires three month of perfect payment history on all accounts (including credit cards) Must have had at least six months of mortgage payments Must Read more about Benefits of FHA Streamline Refinance[…]
While the real estate world prepares for the TILA-RESPA Integrated Disclosures (also known as TRID) to take effect on October 3rd, there are other regulations you need to know about. For instance, starting on Monday (September 14), we will need to follow the the new HUD (Dept. of Housing and Urban Development) handbook. Why does Read more about The New FHA Handbook and Student Loans[…]