Approximately 15% of home buyers in need of financing have FICO scores between 620 and 640. With the major lenders now raising the minimum FICO score for an FHA loan from 620 to 640, these folks are now forced out of the market. This article from Bloomberg news explains further the reason the major lenders … More Home Ownership Gets Tougher as Lenders Restrict FHA Mortgages.
Many sellers are frustrated as they continue to try to sell their homes to no avail. If you are one of these sellers, why not take a look at the 5 biggest mistakes that causes homes to sit on the market longer and see if any of these are mistakes that you have made. If … More The 5 biggest mistakes home sellers make.
Here is an interactive map that was put out by Smartmoney in order to give further insight to buyers as to which local markets are less likely to suffer continued declines in home values from this point forward. View interactive map
The Congressional Oversight Panel, a watchdog group created by Congress in 2008 to review the Treasury Department’s response to the financial crisis, has issued a report today in which it recommends to regulators that they conduct stress tests on the major banks that are faced with potential buy backs of mortgages due to the faulty … More Foreclosure mess prompts call for stress tests.
Maybe you are thinking of putting your home on the market but before doing so you want to do some remodeling. Your thoughts are that you will be improving the looks and functionality of your home which will result in an increase in the value of your home. Think twice before undertaking any remodel … More Does it pay to remodel?