Senate Approves Condo Bill
The U.S. Senate has cleared the way for final approval of bill that would make it possible for more condo buyers to get financing through the Federal Housing Administration (FHA) loan program.
Senators on Thursday unanimously passed H.R. 3700, also known as the Housing Opportunity Through Modernization Act. Current rules disqualify buyers from seeking FHA loans if less than 50 percent of the condominium units are owner-occupied. The bill would lower that requirement to a 35 percent owner-occupied ratio.
Thinking of moving? Make these 7 financial moves first
Short of getting married or having kids, moving to a new home is one of the most life-altering things you are likely to do. It can impact you socially, professionally, and financially, even if you are just renting a new apartment - and if you are buying a home, the effect is greater still. With all the bother and upheaval involved, you owe it to yourself to make sure that the financial side of things goes smoothly.
7 financial moves to make before changing homes
Before you change your residence, here are seven financial moves you should make:
Read more: Thinking of moving? Make these 7 financial moves first
21 Tips for First-Time Homebuyers
What consumers should know before home shopping
Key Takeaways
- If a property has three flaws with no feasible solution, don’t buy it.
- It never hurts to let the sellers know how much you love their home.
- Always ask for more than you expect, and when the seller counters your offer with what you really expect, accept and walk away the winner. It’s not about who has the last say.
Reasons For Falling Mortgage Rates
This year's falling mortgage rates have been a surprise to Wall Street and economists, in general. Mortgage rates were expected to climb toward five percent or higher this year because the Federal Reserve was ending its third round of quantitative easing (QE3).
The opposite has happened instead.
As the Federal Reserve has reduced its involvement in the mortgage-backed securities (MBS) market by $35 billion monthly over the last nine months, and made plans to terminate QE3 with a final $5 billion QE3 reduction later this month, mortgage rates have dropped.
8 Unwritten Etiquette Rules Every Home Seller Should Know
If you’re trying to sell your home, you’ve probably scrutinized it, staged it, and scrubbed it down from floorboards to rooftop as if the folks from Architectural Digest were stopping by for a cover shoot. OK, so it’s in immaculate shape—but your home isn’t the only thing under scrutiny here. You are, too! That’s right: No matter how nice your home is, your behavior can also affect how buyers feel about making an offer.
Read more: 8 Unwritten Etiquette Rules Every Home Seller Should Know