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first-time homebuyers

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

For Sale Sign/Copyright: Getty Images/Credit: Hemera Technologies

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

Lesson Learned: The Great Recession Ends, but Young Professionals Remain Elusive

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In the thralls of the go-go 1990s, young professionals seemed to have it all. Flush with college degrees and the cash from good-paying jobs, the generation not only embraced the American Dream—they built it bigger and better than any previous generation had before. Not content with the quaint Cape Cods and split-level colonials inhabited by their parents and grandparents, the group sprung for McMansions in sprawling suburbs or sophisticated condos in the city.

Then the housing market crashed.Click to continue

The Keys to Success: Basic Marketing Initiatives

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Basic marketing initiatives are never too old to review. They are worth repeating, especially in such a volatile rate environment. Business planning, understanding your market and taking steps to engrain your services within the community, both real estate agent-based and consumer-based, are important keys to success. Those relationships are all critical to our production and on-going referrals. Best rates and lead generation services will not necessarily lead the way in the coming months.Click to continue

FHA Next in Line for Bailout?

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Some lawmakers are stating that the Federal Housing Administration (FHA) may have been lying about the size of its losses after declaring that it might need public assistance in its almost-80 year history, according to CNBC.Click to continue

Existing-Home Sales Decline Slightly in March

For Sale/Credit: Stockbyte

Existing-home sales eased in March from inventory constraints, which continued to pressure home prices, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.6 percent to a seasonally adjusted annual rate of 4.92 million in March from a downwardly revised 4.95 million in February, but remain 10.3 percent higher than the 4.46 million-unit pace in March 2012. Sales have been above year-ago levels for 21 consecutive months, while prices show Click to continue

Bill Reintroduced to Ensure FHA Long-Term Solvency

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Rep. Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, reintroduced the FHA Emergency Fiscal Solvency Act. The legislation, co-sponsored by Rep. Michael E. Capuano (D-MA), Ranking Member of the Subcommittee on Housing and Insurance, is designed to strengthen FHA and to help ensure its long-term solvency. In recent years, the agency has stepped into the void, providing crucial liquidity as private firms have retreated from writing mortgage insurance policies, particularly for key groups such as first-time homebuyers.Click to continue