Many renters are beginning to buy again due to new loan programs making it easier for first time homebuyers to qualify for a mortgage. FHA loans also accounted for 22 percent of all loan originations in December, up from 17 percent a year earlier. The reduction in FHA annual mortgage premiums last year will save borrowers about $900 a year. Al though the rise in FHA loans does bring added risk if there is another housing crash. Home prices are on the rise and many borrowers have been seeking government gurateed loans, with small down payment requirements. FHA loans that are at least 90 days delinquent were up slightly, with an increase of just .05 perecnt in fiscal 2015 from a year earlier. Many lenders have also dropped their minimum credit score for an FHA mortgage to as low as 580 from 640.
The market is hot in Morristown, Denville, Randolph Parsipanny and points east. Now is the the time for 1st time homebuyers to jump in. With interest rates at historic lows and inventory starting to climb, its a great time to buy!
Author:Andy Walker Phone: 201-424-8628 Dated: March 7th 2016 Views: 1,068 About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...
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