Lenders now have the time to spend on a loan file that needs a little more TLC, since they're no longer flooded with 800-FICO-score, 20%-down loans.
“A surprising bounce back in new-home construction is welcome,” said Lawrence Yun, chief economist of the National Association of Realtors.
There are options for mortgage borrowers who don't meet the credit score standards for traditional home loans.
Self-employed Americans can have more challenges due to the variability of their income.
Buyers of more expensive homes might be surprised at how little some lenders require for a down payment.
Far Rockaway Village in New York is the kind of housing Fannie Mae wants to invest more in: Homes that low-income people can afford in their own neighborhood.
If builders were able to double this year’s increased pace of new home production, it still would take five to six years to close the gap, according to a report from Realtor.com.
Every homebuyer is hoping to get approved for a mortgage at the current, historically low rates, but experts warn that only people who have high credit scores are likely to receive them.
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
