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Credit Score Below 500? No FHA Home Loan

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Credit Score Below 500? No FHA Home Loan The door that was once wide open to homeownership closed a bit recently when a key government agency announced a proposal to no longer allow mortgages for borrowers with credit scores below 500. The Department of Housing and Urban Development (HUD) said that it intends to require […]

Housing Predictions Were Not So Good

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Housing Predictions Were Not So Good Every year, so-called “experts” make their predictions for the housing market. As 2009 came to a close, many experts predicted two things over and over again: 1. Home prices would fall in the first half of 2010 2. Mortgage rates would be higher in 2010 Here we are over […]

New Home Sales Plunge 33 Percent With Tax Credits Gone

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New Home Sales Plunge 33 Percent With Tax Credits Gone Sales of new homes collapsed last month, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer get government incentives. The Commerce Department says new home sales fell in May from a month earlier […]

Existing Home Sales Dip in May But Remain at Elevated Levels

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Existing Home Sales Dip in May But Remain at Elevated Levels Following two consecutive months of increases, existing-home sales fell slightly from April to May but were still significantly higher than year-ago levels According to the National Association of Realtors report, existing-home sales were at a seasonally adjusted annual rate of 5.66 million units in […]

House Passes FHA Reform Act

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House Passes FHA Reform Act The House of Representatives has passed House Resolution (HR) 5074, the FHA Reform Act, which establishes a handful of new Federal Housing Administration (FHA) regulations and authorities. The FHA insures approved lenders against default-related losses on qualifying mortgages. In addition to strengthening the FHA’s capital base by raising mortgage insurance […]

Mortgage Rates and Home Buyers Decline

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Mortgage Rates and Home Buyers Decline Mortgage rates continue to decline, continuing to hover near the record lows, while the number of home buyers applying for mortgages has also dropped. Hard to imagine that rates will get lower any time soon. The number of homeowners applying to refinance their homes has fallen modestly, however, according […]

Home Prices Show Signs of Revival

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Home Prices Show Signs of Revival Spring is typically the season when people shop for houses. Many families like to complete their home purchase by the end of the summer so as to not uproot their children during the school year. And let’s face it: houses just look more enticing when flowers are out. But […]

Home Prices Show Signs of Revival

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Home Prices Show Signs of Revival Spring is typically the season when people shop for houses. Many families like to complete their home purchase by the end of the summer so as to not uproot their children during the school year. And let’s face it: houses just look more enticing when flowers are out. But […]