this is the new norm my dude. pay in cash to avoid crazy interest rate
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
I got two cribs with low rates . I got mad lucky . I’d like to buy more and do flips but rates and competition is crazy. All these buy house companies and foreign investors swoop in with all cash over asking. Impossible to compete. I’m told hard money loans are the same as all cash offers though. The same problem remains, the whales with super deep pockets can go way over asking all cash
Red Hot Chili Peppers drummer RENTING OUT home for $95K A MONTH
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The 20 best cities for first-time homebuyers
The top five cities in the ranking have an average total score of 64.5 out of 100.
www.nationalmortgagenews.com
The 20 most expensive towns in America
The top five towns have an average median home value of $646,380.
www.nationalmortgagenews.com
The 20 worst cities for first-time homebuyers
The bottom five cities in the ranking have an average total score of 30.48.
www.nationalmortgagenews.com
Home
Interesting list. First time homebuyers seems to be places in Las Vegas and FL. I do like Tampa a lotThe 20 best cities for first-time homebuyers
The top five cities in the ranking have an average total score of 64.5 out of 100.
The 20 most expensive towns in America
The top five towns have an average median home value of $646,380.
The 20 worst cities for first-time homebuyers
The bottom five cities in the ranking have an average total score of 30.48.
Home
stats.nationalmortgagenews.com
Biden Unveils Plan To Increase US Homeownership — How It Benefits Low-to-Middle-Income Families Looking To Build Generational Wealth
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Dawn Allcot
Wed, Oct 18, 20234 min read
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While many upper-income individuals in big cities are eschewing homeownership in favor of renting, as recently reported by GOBankingRates, owning a home remains part of the American dream for many low-to-middle-income families.
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The Biden Administration is seeking ways to help families make that happen with a number of new initiatives for first-time homebuyers.
Neighborhood Homes Tax Credit Offers Down Payment Assistance and More
The Biden-Harris Administration recently announced the Neighborhood Homes Tax Credit, along with down payment assistance for select first-time homebuyers. The program is designed to create a path to homeownership for first-generation or low-wealth buyers whose parents have never owned a home, either.The Neighborhood Homes Tax Credit has not yet been signed by Congress. If it does pass, it will allocate $16 billion in funding to build or rehabilitate 400,000 new homes across the U.S., according to a statement from the White House issued on Monday, Oct. 16. Additionally, the package will provide $10 billion in down payment assistance and $100 million to supplement first-time homebuyers.
Policy Changes Could Make It Easier to Qualify for Mortgages at Lower Rates
Additional changes to existing policies could make it easier for some prospective homebuyers to qualify for a loan. The Department of Housing and Urban Development (HUD) would allow lenders to factor in a positive rental history and on-time student loan payments when they evaluate an applicant’s creditworthiness.That means even someone without a strong history of revolving credit, car loans, or personal loans could qualify for a mortgage at a lower interest rate as long as they show that they have paid their bills, including rent, responsibly in the past.
The policy, introduced by HUD through the FHA, also allows homebuyers to use a portion of rental income from Accessory Dwelling Units in the house they are purchasing or building to count as effective income when qualifying for an FHA-insured mortgage, according to the White House release.
If someone builds or buys a home with an accessory apartment, or intends to add-on to the house with an additional dwelling, a portion of that unrealized rental income can factor into their mortgage qualifications.
“The flexibilities will help more first-time homebuyers, seniors, and inter-generational families leverage ADUs to build generational wealth through homeownership while creating new affordable housing in their communities,” said the White House release.
Additional Policy Changes Carve a Path to Homeownership
HUD, through FHA, is also updating the 203(k) Rehabilitation Mortgage Insurance Program. The policy changes could make it easier for homebuyers and homeowners to finance repair costs prior to a home’s purchase or to refinance their mortgage and tap into their home equity to fund improvements. Under the new policies, they might have more time to complete repairs and improvements prior to purchase.The USDA, simultaneously, is working on launching a pilot program to expand eligibility criteria for Community Land Trust Organizations through the Section 502 Direct Loan Program. Community Land Trusts are non-profit organizations devoted to making homeownership more affordable. Prospective homeowners can lease, rather than purchase, the land, making the overall cost of their home more affordable since they are only purchasing the house. The homeowners must agree to sell the home at a restricted price in order to maintain affordable housing in the community for generations, according to GroundedSolutions.org.
Downsizing for Retirement? Stay Away From These 7 Homes
Building on Past Success
These initiatives are designed to build on the past success of the Biden Administration to expand access to homeownership. Data released by the White House shows that first-time homebuying rates are the highest they’ve been since 2000.The FHA has helped 1.8 million homeowners secure mortgages since Biden took office; 1.5 million of those new homeowners (83.6%) were first-time buyers.
In the past year, the USDA provided 7,100 direct housing loans, subsidizing homebuyers with interest rates as low as 1%. The average homebuyer that benefited from the program has an income of just $42,918.
Bottom Line
If homeownership is one of your dreams or a marker of financial success to you, 2024 might be the year it happens. These programs could help lower- and middle-income Americans begin to build generational wealth through a tangible asset — a family home that is likely to appreciate in value over time
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Millions of Homes Still Being Kept Vacant as Housing Costs Surge, Report Finds
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WTF Is Going On In the Housing Market Right Now?
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State of Homelessness: 2023 Edition
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How Crushing Is Peter Parker’s Mortgage In ‘Spider-Man 2’? We Asked a Realtor
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Opinion: To revive Canada’s economy, housing prices must fall, property investors must take a hit
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Burnaby strata owner claims $10K in damages for neighbour’s noise
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Friends of the family just sold this place. Went for approx 1.8 million. It’s nothing special, but very centrally located in East Van. Grandma in her 90s passed this spring and was living there with her grandson. Grandma and her late husband were 2 of my grandmother’s best friends. Salt of the Earth people. Give you the shirts off their backs, no questions asked ...
www.theagencyre.com
2870 E 15th Avenue, Vancouver, BC - 4 Beds - For Sale - 1 799 000 $ - The Agency
4 Beds, 2,5 Baths, For Sale, 1 799 000 $ - Welcome to this great family home in sought after Renfrew Heights neighbourhood. Original owners and first time on the market. This north south facing home features unobstructed north shore views, bright functional floorplan, large bedrooms and almost...
www.theagencyre.com
LOL at pretty decent rates FOH
6% today and 15% next summer........
With seven years to refinance, I think some people will take it as long as there aren't any prepayment penalties.
true that.....
I don't know if this is a good thing or a bad thing, a couple of months ago I told you all about section 8 families moving into these unsold new builds on my block we had a total of 5 new builds and 4 rehabbed flips that have moved section 8 families in. One of the new builds had an incident two weeks ago and the family is gone now but they fucked the inside of the house us something terrible, friends of mine are part of the demo crew so I got to see the inside and he says this is not the first they have had to go into brand new homes and have to do a complete demo of due to section 8 families fucking shit up. 
Damn shame!!I don't know if this is a good thing or a bad thing, a couple of months ago I told you all about section 8 families moving into these unsold new builds on my block we had a total of 5 new builds and 4 rehabbed flips that have moved section 8 families in. One of the new builds had an incident two weeks ago and the family is gone now but they fucked the inside of the house us something terrible, friends of mine are part of the demo crew so I got to see the inside and he says this is not the first they have had to go into brand new homes and have to do a complete demo of due to section 8 families fucking shit up.
I don't know if this is a good thing or a bad thing, a couple of months ago I told you all about section 8 families moving into these unsold new builds on my block we had a total of 5 new builds and 4 rehabbed flips that have moved section 8 families in. One of the new builds had an incident two weeks ago and the family is gone now but they fucked the inside of the house us something terrible, friends of mine are part of the demo crew so I got to see the inside and he says this is not the first they have had to go into brand new homes and have to do a complete demo of due to section 8 families fucking shit up.
Fucked up man...
My neighbors are realtors and at their get together last weekend they were talking about how section 8 has been scoping up these nice new unsold houses.
Yeah that happened with a brand new apartment building that was built in my neighborhood in DC. They told us that only 5% of the apartments would go to section 8 and that shit shot up to close to 20%.
Neighborhood is still ok but it definitely has been a shit show every once while (like a girl setting her boyfriends car on fire in front of my condo). Smh