When it comes to relocation for a new job, transferees say the two most important factors in choosing a new home are being in or near a specific school district and having a work commute of 30 minutes or less.
If negative equity in your home has kept you from selling it, now is the time to reassess whether selling your home makes sense. In 2013, 4 million homes returned to positive equity, bringing the total to 42.7 million, CoreLogic reports.
“The plight of the underwater borrower has improved dramatically since negative equity peaked in December 2009 when more than 12 million mortgaged home owners were underwater,” says one expert.
Below is a link to an interesting article in the West County Gazette.
In September a 19-month-old child sustained minor injuries in Chapelgate when a still-unidentified suspect sent several shotgun blasts through the family’s living room window. In December, Sharron Charles Mason, 19, was shot to death in the duplex he shared with his grandparents. No arrests have been made in either case.
According to new figures published by the National Association of Realtors, first-time homebuyers accounted for 26 percent of purchases in January, down from 30 percent a year earlier. It’s the lowest market share for first-time buyers that NAR has recorded since it began measuring it in 2008.
Ironically, this national trend is the complete opposite of my own experience — six of my last seven buyer-clients were first-time homebuyers.
According to the article, “underwriters generally treat student debt in a more positive light than credit card or auto loan debt.”
Wondering whether you qualify to purchase a new home? A government agency reports that the average credit score on FHA-backed loans fell to 680 in 2013, and the average debt-to-income ratio of borrowers rose to 40.3 percent — both indicators that credit requirements may be easing.
In comparison, the agency reported in January 2013 that the average credit score was 701 and the debt-to-income ratio was 38 percent.
If you’d like more information on whether you qualify for an FHA or other type of mortgage to buy a home, contact me today ((443) 924-7418). I’ll be happy to put you in touch with an excellent group of mortgage professionals.
Surprised! That’s how I felt after recently being named Keller Williams Flagship Agent of the month for the Odenton/Ft. Meade office. Many thanks to my buyer and seller clients who closed deals in January, among them Matt & Alison Pavan and John Murray. Thanks, also, to all of the agents in the Keller Williams Odenton office. All of you are great friends and you’re always there when I need help!