Only 30% of Condo Buildings are FHA
Prospects of Condo Comeback Are High: Condo sales have been on a roller coaster ride in recent years, as the recession hit the sector hard.
But is the country ready for a condo revival? In 2005, condo sales surged to 12.7 percent of all home sales. But the financial crisis caused the condo market to recede — even more so than the single-family market — with sales falling to 10.7 percent of all home purchases in 2009. "Condo sales moved sideways several years after the recession before picking up steam again in 2013," This year, it continues to rebound and currently accounts for 12.3 percent of all sales in 2014. Nationally, only about 30 percent of condos are approved for FHA financing, and even fewer are VA-approved. A condo project that receives FHA or VA approval is more likely to attract a larger pool of qualified buyers. Watch our video and give us a call, We can help.
Could 15 Year Mortgage Product Change Lending?
Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income
people. They say the changes will help borrowers build equity at a much faster pace than they would with a standard loan. Typically, the monthly payment on a 15-year loan is higher than a 30-year loan, since the loan amortizes faster. In order to make the monthly payments more affordable, however, the Wealth Building Home Loan will have an offering rate that is about three-quarters of a percentage point below the 30-year FHA rate. The Wealth Building Home Loan is a 15-year mortgage with a fixed interest rate that requires little or no down payment and has no additional fees. read more.
Expensive Neighborhoods For Renters In 2014
14 Priciest Neighborhoods for Renters: Rents have been on the rise across the country in recent years, but where, specifically, are renters facing some of the highest costs? 
A list of the most expensive neighborhoods for renters in 2014, factoring in more than just the monthly rent. How much of a renter’s paycheck goes toward rent (most financial experts recommend no more than 25 to 30 percent of one’s monthly income go toward rent); the median monthly household income; overall cost of living; and inflation. Nationally, the average monthly cost to rent a one-bedroom apartment in August was $939, according to CoStar housing data. But Field Opens for Buyers, With investors pulling back, conventional home buyers are finding their way back into the market, read more.
Interest Rates Sinks This Week
30-Year Mortgage Sinks This Week: Mortgage rates are falling, despite the cuts to the Federal Reserve's monthly bond purchases that were expected to send long-term rates
higher. The 30-year fixed-rate mortgage, the most popular choice among home buyers, averaged 4.19 percent this week, down from a 4.53 percent average at the start of the year, Freddie Mac reports in its weekly mortgage market survey, ending Oct. 2. National House Price, Yun gives an overview of pending home sales so far this year, talks about new home construction, the slight increase in inventory, and shadow inventory. Yun says first-time buyer participation should gradually improve despite tight credit conditions and the inevitable rise in rates. “See his forecast for the housing market through the end of 2014 and into 2015.
Is The Housing Market Tilting Toward Buyers?
Mortgage application activity dropped slightly at 0.2 percent in the latest week ending Sept. 26, even though borrowing costs moved lower during the week,
according to the Mortgage Bankers Association’s. While applications for home purchases held the same as the previous week. While the average interest rate for government loans is slightly lower than those for conventional loans, FHA insurance premiums, as well as average credit scores, have increased and are sidelining some lower-income borrowers. "With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home," loan originators to urge potential borrowers to lock in rates now if their closing is within 30 days, read more.
Hot Spots for Single-Family Rental
RealtyTrac named 16 U.S. counties as high-risk, high-yield hot spots for single-family rental investing in its Q3 2014 Residential Property Rental Report released on Thursday.
The report, analyzed median sales prices for residential properties and average fair market rents for three bedroom properties in 586 U.S. counties with a combined population of 218 million people — 71 percent of the total U.S. population. Rental returns were calculated using annual gross rental yields: the average fair market rent of three-bedroom homes in each county, annualized, and divided by the median sales price of residential properties in the third quarter. The average fair market rent divided by the median sales price of residential properties for Q3 comprised the annual gross rental yield, which was used to calculate rental returns, See the Hot Spots.
Eight States Sold Distressed Homes at Less Than Half Price
Eight states reported a median sales price for distressed homes at less than half the sales price of non-distressed homes in August, according to a report recently released. RealtyTrac defines a 
distressed sale as "the sale of a residential property that is actively in the foreclosure process or bank-owned when the sale is recorded." Distressed sales accounted for 13.5 percent of all single-family residential home sales in the U.S. See which distressed homes were sold at a discount of more than 50 percent, read more.
