You Don't Need That Much of a Down Payment

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 17, 2014

Many consumers are overestimating  the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.

Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage.

But in reality, home buyers often can qualify for a conforming, conventional mortgage with a down payment of as little as 5 percent — and sometimes even 3 percent — Boyle writes. Between 2009 and 2013, Freddie Mac’s purchases of mortgages with down payments of less than 10 percent more than quadrupled. So far in 2014, more than one in five borrowers who took out conforming, conventional mortgages put down 10 percent or less.

“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines,” Boyle writes. “Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 percent or 10 percent.” However, Boyle notes that any borrower who puts down less than 20 percent will be required to buy mortgage insurance.

Boyle says that buyers should also be encouraged by the abundant down-payment assistance programs that exist to help break into home ownership. Every state in the U.S., as well as many cities and counties, offer down-payment assistance programs for qualified borrowers, such as the American Dream Downpayment Initiative and HOME Investment Partnerships Program.

Source: “Down Payments: Today’s Most Persistent Misconception About Mortgages,” Freddie Mac (June 16, 2014)

Read more:

Low Down Payments for Fewer First-Time Buyers
Buyers Use Larger Down Payments to Offset Rising Rates
Need a Down Payment? Sell Shares

http://realtormag.realtor.org/daily-news/2014/06/17/you-dont-need-much-down-payment

www.rebeccasellsaz.com

5 Tips for the Ultimate Backyard

DAILY REAL ESTATE NEWS | FRIDAY, MAY 30, 2014

These days, the backyard has become an extension of a home’s living space. Staging a home’s backyard is a great way to set your listing apart and help buyers imagine the possibilities.

From the traditional grill and picnic table to lavishly landscaped patios and decks with lounge areas, buyers’ love affair with the backyard continues to hold true. Here are five ideas from PLANET, a professional landscape network and trade association for the landscape industry, for helping your sellers transform their yard into the ultimate retreat or entertaining space this summer.

1. Add an Outdoor Kitchen. Outdoor kitchens have been growing in popularity for years and are often the center of family life in the summer. They can be as extensive as a complete kitchen made of stone, brick, or concrete pavers with a stove, stone or brick oven, counters, and even a sink or refrigerator, or they can be as compact as a patio with a grill and table. There are a wide variety of options for every space, purpose, and price range. 

2. Add Outdoor Lighting. Outdoor lighting highlights a home’s landscape, special trees, as well as walkways and porches, providing both curb appeal and safety. “Nightscaping” makes gathering spaces usable and enjoyable for entertaining after dark. Landscape professionals can design lighting to complement or highlight important areas of the yard, or there are a variety of basic do-it-yourself options, such as adding a set of solar walkway lights.

3. Add a Fire Feature. A portable fire pit or chiminea, or building a stone fireplace into the deck or patio extends the time people can spend in their backyards, making a cozy entertaining space on summer nights or well into the fall and winter.

4. Add a Water Feature. Water features, ranging from small fountains to ponds, streams, or water walls, create a sense of peace and calm, helping people connect with nature, and may attract wildlife.

5. Create a Wildflower or Herb Garden. Wildflowers or herbs make great container gardens or ground cover. They are beautiful and smell great. Many home chefs grow their own herbs and many landscape companies now create edible gardens for clients. These gardens are also a benefit for the environment and for wildlife, providing food and safe cover for small animals.

Source: "Tips From the Pros: Ultimate Backyard," PLANET

Read More

Transform a Yard Into an Outdoor Sanctuary

http://realtormag.realtor.org/daily-news/2014/05/30/5-tips-for-ultimate-backyard

www.rebeccasellsaz.com 

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Survey: 70% Say Housing Crisis Isn't Over

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 05, 2014

Seven in 10 Americans say they believe the nation is still in the middle of the housing crisis or are concerned that the worst is yet to come, according to the MacArthur Foundation's How Housing Matters Survey of more than 1,300 Americans. However, the public is slightly more optimistic than last year, when 77 percent said they feared the same thing.

About a quarter of Americans surveyed say they think the housing crisis is "pretty much over."

Many of Americans' concerns stem from a lack of affordable quality housing in their communities. Six in 10 survey respondents say they believe the government should be doing more to ensure that there is sufficient affordable quality housing both to rent and buy. Respondents noted that affordable housing is particularly problematic for families pulling in average income, young people just starting out in the labor force, and families with children trying to find housing near quality schools. 

"The housing crisis that began more than five years ago has left an indelible mark on the attitudes and experiences of Americans," says Geoffrey Garin, president of Hart Research Associates, which conducted the survey. "Housing affordability has driven a large share of the American people to make significant financial adjustments. Concern and insecurity about the ability of middle-class Americans to maintain their footing and for people to rise up into the middle class is a central theme in America today, and this research shows that housing is front and center in these concerns."

Source: MacArthur Foundation

Read more:

Mortgage Rates: Middle Class Pays as Much as Wealthy
6 Cities With Highest Income Inequality
Consumers' Caution Could Spell Danger for Housing

http://realtormag.realtor.org/daily-news/2014/06/05/survey-70-say-housing-crisis-isnt-over

www.rebeccasellsaz.com 

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