Deadline for Cheapest FHA Loans is Here!


Ask Carolyn Warren

house in country Heads up! May 24 is the deadline for applying the cheapest FHA loan. An FHA loan is commonly called a First-Time Home Buyer’s loan, because the down payment requirement is only 3.5% of the purchase price. You do not have to be a first time home buyer to qualify for the loan, but you do need to live in the house as your primary residence for at least one year. This is not a loan for investors. The loan is backed by the Federal Housing Administration, and you may obtain the loan through any bank or mortgage lender that is licensed with the FHA. (Most lenders are.)

The reason I am calling May 24 the deadline for applying is because the private mortgage insurance fee increases on June 3rd. In order to make the June 3rd deadline, your loan file must have an FHA case number by that date…

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Existing-Home Sales, Inventories Climbing


Populareconomicsblog

The Mortgage Corner

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April, reports the National Association of Realtors. This could be a trend, as housing inventories are also increasing, while foreclosure rates continue to fall, allowing more homes on the market. Sales activity is 9.7 percent above the 4.53 million-unit level in April 2012.

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Graph: Calculated Risk

Total housing inventory at the end of April rose 11.9 percent, a seasonal increase to 2.16 million existing homes available for sale, a 5.2-month supply at the current sales pace, compared with 4.7 months in March. Listed inventory is 13.6 percent below a year ago, when there was a 6.6-month supply, with current availability tighter in the lower price ranges. Inventories are improving, but more homes need to be available for sale…

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