The Mortgage Doctor Video Blog with Terry Williams

Where Are Rates Heading in Omaha This Year?

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Hello, and welcome back to the best place to get local updates on the lending world! Today, The Mortgage Doctor will share his mortgage predictions for 2015!

In 2014, the housing industry was on fire! Will the great trends continue? I think they will - in fact, I predict home values will continue to rise in the coming months! According to the National Association of Realtors, home prices increased an average of 11% in 2014! Since they increased significantly throughout the last year, I expect values to continue to rise throughout 2015!

What does all of this mean for you?

For one, it's a pretty great time to buy or sell. Housing inventory may fall because of great market conditions in the Omaha area. If you want to find the right home while conditions are great, you need to work with a quality Realtor! They have an awareness of the market and will keep you informed so you can make the right decisions when buying or selling.

We're also predicting that home refinancing will slow down. A lot of people have taken advantage of these low rates already. Additionally, baby boomers won't be buying new houses this year - they'll be staying in their current ones, and have likely already locked in a low rate. If you haven't yet, give The Mortgage Doctor a call and he'll make it worth your time!

Credit standards are loosening right now, which means many more people are eligible to purchase a home. However, this doesn't mean it's easy to do so. Lenders will still look at your debt-to-income ratio and credit score. Also, non-mortgage-related debt, such as student loans, are still a huge issue for many potential buyers out there.

Since we only briefly covered an array of topics, we encourage you to give us a call or shoot us an email if you have any questions. We would love to be your go-to mortgage resource in the Omaha area!

Source: http://www.housingwire.com/blogs/1-rewired/post/32554-guardian-mortgage-4-bold-predictions-for-housing By Marcus McCue

Information and/or data is subject to change without notice. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. ENG Lending and Bank of England are not affiliated with any government agency. ENG Lending is a division of Bank of England. NMLS 418481. Member FDIC.

What Exactly Are Your Loan Options?

Today, the Mortgage Doctor is going to talk about a few questions we get on a regular basis regarding interest rates.

What are mortgage rates going to do?

Right now, mortgage rates are fantastic. If you're thinking about buying or refinancing a home, give me a call. We can give you a thorough analysis of where the market is at, so you can make an informed decision.

What type of loan programs are out there?

If you're looking for a loan, you have a lot of options. I do FHA, VA, USDA, conforming and jumbo loans, and lines of credit, among other loan programs. If you're thinking about buying or selling a house, give The Mortgage Doctor a call. I can explain the finer points of each loan program, so you can make the right decision for you and your family.

What states do you operate in?

Whether you have a sister in Florida, or a brother in California, it doesn't matter. I have a lot of flexibility and would love to give your loved ones, wherever they are, a competitive market analysis or anything else they may need help with.

If you have questions about your options, or if you have any general questions about the lending world, I would love to hear from you. Give me a call or shoot me an email and I'll take care of you. I look forward to hearing from you soon!

Information and/or data is subject to change without notice. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. ENG Lending and Bank of England are not affiliated with any government agency. ENG Lending is a division of Bank of England. NMLS 418481. Member FDIC.

3% Down Payment: New Program from Fannie and Freddie is Great News for Home Buyers

Happy New Year everyone, and welcome back to the 2015 edition of our blog!

Fannie Mae and Freddie Mac have recently released some great news. They are stepping up to the plate to help first-time home buyers with a 3% down, 97% financing, program. Additionally, they are willing to be more flexible with credit scores and debt-to-income ratios. They are also now allowing down payments to be gifted by relatives to first-time home buyers applying for a loan.

This fantastic new program will allow first-time homeowners to get into the market now, while conditions are great. With home prices slated to rise in 2015, now may be the time to lock in a low rate. Renting is costing you more than it costs to own a home right now, so what's stopping you from exploring your buying options?

The Federal Housing Finance Agency (FHFA) has officially launched new lending guidelines that will enable the government-sponsored enterprises (GSEs) to offer 3% down-payments on mortgages. In a press statement released today by the FHFA, it was announced that these changes are now in effect.

“The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with three percent down,” said Matt Watt, Director of FHFA. “These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices.“

Freddie Mac announced its new three percent down-payment change under the banner of “Home Possible Advantage.” Dave Lowman, executive vice president of single-family business at Freddie Mac, called the program a “responsible path to homeownership and lenders a new tool for reaching eligible working families ready to own a home of their own.”

Fannie Mae also announced the change, albeit without a special banner, though the GSE stressed that this should not be seen as a be-all/end-all solution.

“This option alone will not solve all the challenges around access to credit,” said Andrew Bon Salle, Fannie Mae’s executive vice president for single family underwriting, pricing and capital markets. “Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage. We are confident that these loans can be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.”

If you're interested in learning more about our market and the great programs out there for first-time home buyers, give The Mortgage Doctor a call. We would certainly love to hear from you!

Information and/or data is subject to change without notice. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. ENG Lending and Bank of England are not affiliated with any government agency. ENG Lending is a division of Bank of England. NMLS 418481. Member FDIC.