Home Loans and Mortgages December 3, 2012

Shrinking pool: First-time buyers battling loan requirements

First-time homebuyers are a shrinking pool, making up less of the housing market.

Typically, they represent about 40 percent of buyers, but today their numbers have dropped to about 31 percent of buyers, according to housing data by the National Association of Realtors.

First-time buyers are the only group of buyers whose share of home purchases has not increased over the last five months, CNBC reports.

FHA mortgages, with low downpayment requirements, are a popular choice among this group of buyers, but the recent rise in FHA mortgage insurance premiums is hampering purchases.

Some sellers are also even refusing to accept offers from first-timers that include FHA financing, real estate agents report.

First-time buyers also face steep competition when targeting lower priced properties. Investors have flooded the market, snagging lower priced properties in all-cash deals that first-time buyers would typically be drawn to.

– Tom Kelly: Real Estate Today at MyNorthwest.com

Uncategorized July 23, 2012

Divorce and Downpayment

 

You are getting a divorce and would like to purchase another home for yourself.  There are a number of things to consider about the down payment for this new home.  If you kept your assets separate during the marriage, then it will be considerably simpler.  However if you did not keep your assests separate, where will this down payment come from?  Do you and your spouse have a completed Asset Settlement Agreement prepared?  Below is a list of possible sources of funds for the down payment.

  1. Cash out refinance by your spouse on a jointly owned home. (The new loan should be guarantee by your spouse only)
  2. Funds available to you per Asset Settlement Agreement
  3. Funds borrowed or withdrawn from a 401k plan
  4. Gift funds from a close family member

As always, you should talk with your attorney and your financial planner  before any action is taken. Feel free to contact me anytime.

 

 

George Runnels, Mortgage Specialist, 206.604.4545

Washington First Mortgage

821 Kirkland Ave., Suite 100

Kirkland, WA 98033

License # MLO-89761