You can read the long winded stuff below or focus on the simple facts. Mortgage rates have dropped, demand will jump. Buy now for best deal! As of December 14, 2023, mortgage rates have remained relatively stable, with a slight dip in the average rate for a 30-year fixed mortgage to 7.48%, down from 7.56%… Continue Reading Mortgage Market Update: December 14, 2023
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Federal Housing Administration Expands Access to Mortgage Financing for Homes with Accessory Dwelling Units AKA “Tiny Houses”. This ground breaking policy could help bring tiny houses into the main stream. If the federal government is willing to finance them, local zoning may warm up to allowing them and collecting more tax revenue per lot. Steve… Continue Reading FHA Expands Lending For Tiny Houses
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On October 16, 2023 the FHA approved the financing of tiny houses when created as an accessory dwelling unit or units. This new approval adds a great deal of legitamacy to the tiny house concept as a means of increasing much needed housing inventory and boosting the tax revenue per lot for towns that adopt… Continue Reading Nationwide Zoning Regulation for Tiny Houses as Accessory Dwelling Units
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Getting a home loan when you are self-employed can be a bit more challenging than if you have a traditional salaried job. Lenders typically prefer borrowers with a steady income and a consistent employment history. However, it is still possible to qualify for a home loan when you are self-employed. Here are some steps to… Continue Reading Self Employed Home Loans
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If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared… Continue Reading Mortgage Rates: Past, Present, and Possible Future
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The history of home mortgage rates over the past 100 years is a captivating journey through the fluctuations driven by the dynamic interplay of economic, political, and societal factors in the housing market and the broader economy. Starting in the late 19th century, the concept of standardized home mortgages emerged, gradually becoming more accessible to… Continue Reading Home Mortgage Rates Over 100 Years
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Determining how much you can afford to buy or rent a property depends on several factors, including your income, expenses, credit score, and financial goals. Here’s a general approach to figuring out how much you can afford: Calculate your monthly income: Add up all your sources of income, including salary, bonuses, rental income, and any… Continue Reading How much can I afford to buy or rent a property?
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Changing mortgage rates can have a significant impact on various aspects of the housing market and individual homeowners. Here are some key ways in which changing mortgage rates can influence the housing market: Affordability: Mortgage rates directly affect the affordability of homes. When mortgage rates are low, borrowers can secure loans at lower interest rates,… Continue Reading The Impact of Mortgage Rates
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Apply Before It’s Gone Time To Own – CHFA Forgivable Down Payment Assistance loan ** UPDATE ** ** UPDATE ** On October 22, 2024, the Connecticut State Bond Commission authorized an additional $40,000,000 for Time to Own (TTO), and the program is now reopened. As of December 16, 2024, the following amount available for loan reservations is:… Continue Reading Time To Own: Free Money For Connecticut Home Buyers
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Recessions and the housing market Economic recessions — and the response to them by the Federal Reserve — can affect the housing market in a number of ways. During a traditional recession, the Fed will usually lower interest rates. This creates an incentive for people to spend money and stimulate the economy. It also typically… Continue Reading Steve Schappert, Recessions, and America’s Housing
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