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first-time homebuyers

Lack of Inventory Equals Long-Term Growth for Your Pipeline

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As I travel across the country, the words I'm starting to hear are "We have a shortage of inventory here.” This is not isolated to any particular area as it's happening almost everywhere.

Recently, I was asked to speak at an office meeting. The sales manager let me sit in on the first 15 minutes where he covered the previous month's production numbers and addressed how the originators were faring compared to their goals. Every one of them was short of achieving their goal. Now store that thought until I finish my next part.Click to continue

Housing Market Showing Signs of Stability Amid Still Uneasy Economy

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A pair of new reports issued today—Freddie Mac’s Primary Mortgage Market Survey (PMMS) and Zillow’s first quarter overview on all-cash purchases—offered a view that might suggest housing is showing evidence of stabilizing, even if the economy is still wobbling about. According to Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.6 point for the week ending June 19, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.Click to continue

Freddie Mac Finds March U.S. Housing Market Largely Flat

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Freddie Mac has released its Multi-Indicator Market Index (MiMi) showing the U.S. housing market overall largely flat compared to the prior month and especially since last year at this time. Of those markets that are improving or experiencing a stable range of housing activity, most are benefiting from the energy boom taking place along the country's mid-section.Click to continue

Zillow: Housing Markets to be Swimming With Underwater Borrowers for Foreseeable Future

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The affordable homes most sought after by first-time homebuyers are being kept off the market in part because nationally, those homes are almost three times more likely to be underwater than the most expensive homes, according to the first quarter Zillow Negative Equity Report. The national negative equity rate fell to 18.8 percent in the first quarter, with almost 9.7 million American homeowners with a mortgage underwater, owing more on their mortgage than their home is worth.Click to continue

Chase Picks the Brains of First-Time Homebuyers in New Survey

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Though they felt prepared, many recent homebuyers would do more homework and make some different choices if they had a second chance, according to research released by Chase. The independent survey gave 807 recent homebuyers a chance to reflect on how their home purchase turned out. The What I Wish I Knew About the Homebuying Process survey provides a comprehensive look at the level of their preparedness during the homebuying process and what living with the home purchase has been like.Click to continue

Sales of Newly-Built Homes Drop Nearly 15 Percent Last Month

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Sales of newly built, single-family homes fell 14.5 percent to a seasonally adjusted annual rate of 384,000 units in March, according to data released by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

NMP's Mortgage Professional of the Month: Andrew Peters, Chief Executive Officer of First Guaranty Mortgage Corporation

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National Mortgage Professional Magazine is pleased to name Andrew Peters, chief executive officer of First Guaranty Mortgage Corporation (FGMC), as its Mortgage Professional of the Month for December, 2013. Beginning his career in the industry while still in college, Andrew has literally worked his way from sweeping the floors to the executive suite.Click to continue

Tight Credit Continues to Impact Homebuyer Market

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Although the housing market has shown a healthy recovery over the past two years, unnecessarily restrictive mortgage lending standards are preventing some financially qualified buyers from reaching their dreams, especially singles and first-time buyers, according to an annual study recently released by the National Association of Realtors (NAR). The 2013 National Association of Realtors Profile of Home Buyers and Sellers continues a long-running series of large national NAR surveys evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and seClick to continue

MBA Files Comment Letter on Risk Retention

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The Mortgage Bankers Association (MBA) has sent a letter to six regulators responding to the re-proposed Risk Retention rule. In particular, MBA expressed strong support for aligning the Qualified Residential Mortgage (QRM) definition with Qualified Mortgage (QM) and also thanked the regulators for eliminating the Premium Capture Cash Reserve Account (PCCRA).Click to continue

New Homebuyers and Understanding Different Types of Home Loans

The increase in real estate sales across the nation has spurred new homebuyers to take a look at buying their first piece of property. Even with rates on the rise, many potential new homebuyers are looking to buy before it’s too late. People assume conforming loans are actually the same as conventional loans. However, this is not the case; conventional loans can be either conforming or non-conforming loans. Let’s take a look at some of the different types of loans and what they mean for you.Click to continue