Tuesday, June 28, 2016

Making Home Affordable - Programs Made To Help You Solve Your Mortgage Problems


MAKING HOME AFFORDABLE:
PROGRAMS THAT MAY SOLVE YOUR CURRENT MORTGAGE PROBLEMS

*** Click On The Blue Title To Visit Each Program ***
Home Affordable Modification Program (HAMP) 
HAMP® is designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term.
If you're current on your mortgage, but have had difficulty refinancing, HARP could provide a solution. Even if you owe more than your home is worth, if your mortgage is owned by Fannie Mae or Freddie Mac, you could save with HARP.
HAFA® provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL).  It also provides homeowners with $10,000 in relocation assistance.
UPSM reduces or suspends your monthly mortgage payment, giving you some much needed breathing room while you search for your next job. 
Federal Housing Administration Short Refinance for Borrowers with Negative Equity (FHA Short Refinance) 
If you're up-to-date on your mortgage payments, but owe more than your home is worth, a FHA
HHFSM programs in 18 states and the District of Columbia were designed to provide assistance to struggling homeowners through modification, mortgage payment assistance, and transition assistance programs.
 

HIGH RENT Rate and HOME OWNERSHIP

MORE American's Are Struggling To Pay Rent -The number of renters dedicating at least half of their income toward housing hit a record high of 11 million people in 2014 ***CLICK to READ Article***
Home ownership is becoming more affordable
While renters are paying more, affordability is improving for those who own their homes. The number of cost-burdened homeowners declined in 2014 for the fourth consecutive year, according to the report, thanks to low mortgage rates.

The good news is if you are a property owner and wanted to turn it into an income producing rental... NOW is the time!


Monday, June 13, 2016

Rent vs. Buy? This Index Says Definitely ‘Buy’

 

A nationwide buy versus rent index is moving deeper into the “buy” territory, indicating that housing markets across the country are strong. This study by Florida Atlantic University and Florida International University also shows that home prices rose 5.4 percent in the first quarter.
The index looked at the relationship between buying a property and building wealth through a buildup of equity versus renting a comparable property and investing in a portfolio of stocks and bonds, and concluded that “In terms of wealth creation, the U.S. housing market, when considered as a whole, has swung marginally more in favor of home ownership over renting a comparable property and investing monthly rent savings in a portfolio of stocks and bonds."
“This appears to be driven by a steady but strengthening job market, rising rents relative to rising ownership costs and recent slower growth in traditional financial portfolios consisting of stocks and bonds,” says Ken Johnson, a real estate economist and one of the index’s authors. 
The index also revealed that 16 of the 23 metro markets examined moved in the “buy” territory direction.
The metro areas remaining solidly in the “buy” territory include Boston, Chicago, Cincinnati, Cleveland, Detroit, Milwaukee, Minneapolis, New York, Philadelphia, and St. Louis.
“These cities should have room for price growth without much worry of overheating,” says Eli Beracha, co-author of the index and assistant professor in the T&S Hollo School of Real Estate at FIU. “This is especially true for Chicago, Cincinnati, Cleveland and Detroit.”
On the other hand, index authors say cities like Honolulu, Kansas City, Los Angeles, Miami, Pittsburgh, Portland, San Diego, San Francisco, and Seattle are near an “indifference point” between buying versus renting.  In nearly all of these metro markets, the index score for the quarter moved in the direction of ownership.
“This movement suggests that most consumers in these markets appear to have learned from the real estate crash and now understand that residential property prices can get too high,” Beracha says. “This is a good sign for future housing price stability in these markets.”
Houston, meanwhile, is deep in the “rent” territory. Also, two other housing markets – Dallas and Denver – moved deeper into the “rent” territory, but at a slower rate than previous quarters, the authors note.
“Strong economic support within these two markets should make for a soft landing in terms of slowing property price growth, increased marketing time for properties and lower probabilities that sellers will actually transact and close during a given marketing effort of their property,” Johnson says.