Mortgage application gains suggest market recovery from COVID-19
The number of mortgage applications gained steam for the fifth consecutive week, according to the Mortgage Bankers Association.
While refinancing is slightly down, applications for home purchases increased by six percent in the span of one week, the association’s data show.
The string of growth in home applications may be a sign that the real estate market is beginning to recover from the impacts of COVID-19.
With the reopening of local economies, homebuyer and seller activity appear to be on the upswing.
The overall market is being lifted by the continuation of ultra-low interest rates.
However, the market composite index, which gauges the overall application volume, decreased slightly. At the same time, government backed applications, which include FHA and VA loans, are five percent higher than a year ago.
If you’re thinking about buying a home in Boise, our team is here to help. We can provide guidance and support to help you reach your real estate goals.
As we begin to make progress in reopening parts of the economy, we hope you remain optimistic about your future as a homebuyer, too. Please contact us today to learn more about the real estate market in Boise and for information about the incredible loan programs that can make homeownership a reality.
Housing group announces new safeguard for troubled homeowners
Homeowners facing forbearance status due to the COVID-19 pandemic will have new protections.
The Federal Housing Finance Agency and Freddie Mae and Freddie Mac announced a new option that will pave a way for homeowners to return to regular mortgage status on their own terms.
Under the payment deferral, borrowers can use this new option to return on making normal payments for missed payments when the home is sold, refinanced, or at the end of the mortgage term.
When the federal government enacted the CARES Act, it put into place special homeowner protections for stressed homeowners, allowing them to request a reprieve from their mortgage obligations.
Under the new plan, the federal agency and both Freddie Mae and Freddie Mac will offer new repayment methods to aid homeowners who’ve fallen behind.
These options include repayment plans, loan modifications, or reinstatements.
The group stressed that no homeowner should ever be required to make a lump-sum payment.
Homeownership shouldn’t be difficult. Even during unprecedented times, families and individual homeowners should have the peace of mind that their investment will be protected when necessary.
An FHA loan brings homeownership within reach with a program designed to speed up the mortgage process.
Lenient borrowing terms such as fair credit scores and modest down payment requirements are just some reasons why so many aspiring homeowners turn to an FHA loan.
If you reside in Boise and you’re thinking about buying a home, please contact us to learn more about this opportunity and fulfill your goals today.