Real Estate Home Loans in Boise Idaho, Waterstone Mortgage - Prime Equity Group: Idaho: Boise: North End Boise

First-time home buyers should take note, the most recent quarterly index of national home prices showed improvement for both its first quarter and the year-ago figures. This is according to the latest Standard & Poor's Case-Shiller National Home Price Indices report that was released today.

The U.S National Home Price Index rose 3.6 percent year-over-year in the second quarter to 138.03, and rose 4.4 percent from the first quarter of this year.

First-time Homebuyers really need to be taking advantage of record low interest rates and home values. Mortgage Interest deductibility has not changed and, if anything, tax rates will go up, which makes the present buying situation extremely attractive for the first-time buyer and one of many compelling reasons to buy a home now.

So why aren't more people buying homes now? Sure, job insecurity and concern over property appreciation are factors here, but there are still plenty of renters who do qualify for a mortgage, except they are paralyzed by indecision and misinformation.

The bottleneck that I am seeing is that we as real estate professionals (Realtors^®, Builders and Mortgage Lenders) are not effectively communicating the value of owning versus renting, regardless of the economy. We need to paint a better picture of what the future will look like for people who continue to rent. They're not seeing any immediate pain. And understandably, they're sitting back, feeling thankful that they don't have an investment that is losing equity or a mortgage they can't afford.

These are legitimate feelings, however they are very short-sighted. This economy will not remain in a downturn. It will bounce back. When it does, home prices and interest rates will rise. If renters buy now, they can get great value, plus the benefit of a very low fixed rate, 30-year mortgage that is an investment toward their future. Renters should be thinking about what that investment will be worth in 30 years. At the very least, they will recoup their total investment, and probably much more. How much equity does a rent payment provide year after year?

What will social security look like after those 30 years? Will it even exist? If someone is counting on that income for support, think again. In your retirement years, if you have a house to sell, you can use the profits to help support yourself, not to mention the fantastic sense of well being of owning a home free and clear. Home ownership will allow you to have a better lifestyle when you're 60 or older.

We have to educate and connect current renters with their future pain if they choose not to buy. Promoting home ownership should be a proactive, not reactive, effort. We as real estate professionals need to reach out to renters and put to rest their fears about the risk of home ownership. What renters should fear is not buying a home!  Even if now is not the right time for them personally; let's make sure we put them on the path to buy, and a secure financial future.

Idaho First Time Homebuyers do have access to 100% financing! The property must be a single family residence and stick built construction - no multi-units or manufactured housing. Buyers have at least $1,000 of their own funds into the transaction which can go towards down payment or closing costs.

Home prices are fantastic right now and mortgage rates are at historical lows. Call and get prequalified, you could be living in your very own home this year, (208) 287-1717.

A new survey by Trulia.com found that 72% of all renters wish to own their own home. Of those that want to own their own home, one third are ready to buy now and two thirds say that they will wait two years or more. 

One-third is a very sizable number and combined with consistently low mortgage rates at or near their historic lows, the stage is set for entry-level home sales to continue to surge.  As the entry-level market continues to improve, that provides demand for those that are moving up to the next price level. 

While renters are eager to own, they are concerned about the unemployment picture, the economy, and down payment options.

Please see my upcoming posting, 100% Financing available for Idaho First Time Homebuyers

In today's challenging real estate market, more buyers are looking at REO properties. Foreclosures are presenting both realtors and lenders new challenges. To help, Fannie Mae's HomePath® program is designed to move Fannie Mae REO properties.

For the homebuyer, HomePath could be just what you or your client needs to move into a new home:

• Low down payment and flexible mortgage terms (fixed-rate and adjustable)

• No Mortgage Insurance

• No Appraisal Fee

• Borrowers may qualify even if their credit is less than perfect

• Available for owner-occupied, second and investments

• Single-family, condo, duplex, 4-plex all eligible

• Low down payment can be funded by:

- Borrower's own savings

- A gift or grant

- A loan from a non-profit organization, state or local government or employer

Give me a call today at (208) 287-1717. I know HomePath and REO properties. I can help you or your customers make the most of this unique program designed to help revitalize and stabilize neighborhoods.

Borrowers who walk away from mortgages they can afford to pay - making "strategic defaults" - are running increasing risks that they'll be penalized for doing so.

Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default.

Under a bill that's passed the House and awaits Senate action, the Federal Housing Administration would be barred from insuring mortgages for those who previously ditched a mortgage they had the ability to pay.

Get-tough policies are forming at the same time that about a quarter of mortgage borrowers owe more than their homes are worth.

Fannie Mae buys about 40% of all mortgages and packages them for resale to investors. The FHA insures about 30% of home mortgages.

Once the tax credit expired (new contracts had to signed by April 30th) everyone expected that listings would go down.  But they haven't...they have gone up.  With all of the negative media attention on housing it would be easy to consider that it is because the sellers are distressed in some way.  Maybe they lost their job or they are trying to sell the home before it goes into foreclosure.

But here is the real reason why listings are up:  Interest rates are at an all-time low.  Despite the constant bombardment of negative media coverage, the vast majority of existing homeowners are very credit worthy, live within their means and have stable income.  Experienced homeowners have seen interest rates in the 5's, 6's, and 7's in the last several years.  And those that have owned homes for longer have seen double-digit interest rates.  So, they know that when interest rates are at an all time low - it is time to make a move.

The idea is that if they were ever going to move to a different school district, move up or down in size, etc. now is the time to do it.  Sure, they might get a little less for their house this year compared to what they might sell it for a couple of years down the road but that is more than offset by the huge savings in mortgage and interest payments.

This means that homebuyers also have attractive interest rates which are another good time to sell, because more people buy when interest rates are low.  Buyers are a little slower to "pull the trigger" on a sales contract because there is moderate amount of inventory around.  But many of these potential homebuyers already missed out on the tax credit window because they thought the government would keep extending it or maybe they just weren't ready to enter the market yet.  Regardless that window of opportunity has shut.  Don't miss this even bigger window of opportunity!

Mortgage rates can make a right turn at any second.  Mortgage rates are not low because of anything that the Federal Reserve, Treasury, or Obama administration is currently doing.  Mortgage rates are low because of global fear about the economy and financial system.  This causes banks and investors to hoard their cash and park it into nice, safe and boring mortgage backed securities.  You earn a very low interest rate in return for safety.  But the financial markets and the global economy will turn around, and when it does it will move mortgage rates up with it.

Home sales rose slightly in June in the Treasure Valley, according to sales data released Monday. The Intermountain Multiple Listing Service said 940 homes were sold in June in Ada and Canyon counties, compared with 933 in May, a less than 1 percent increase.

Ada County logged 630 sales last month, compared with 625 in May. Canyon County reported 310 sales in June, up from 308. The median sales price in Ada County in June was $157,000, up 2.3 percent from May. Canyon County saw a slight dip in the median price to $99,900, compared with $100,000 the previous month.

On Friday, President Obama signed a law giving home buyers three extra months of the wildly popular tax credit that gives first-time home buyers $8,000 and previous owners $6,500.  These only apply to primary residences.

The catch?  This still only applies to purchase contracts that were executed prior to the April 30th deadline.  This just gives those individuals extra time to close.  It does not enable today's signed contracts to qualify.

The Senate by unanimous consent passed a House-passed measure that would extend the deadline for closing loans that qualify for the homebuyer tax credit until September 30, 2010.  The extension affects the closing deadline only; contracts still have to have been executed by April 30, 2010 to be eligible.  The measure now goes to the President for signature, who is expected to sign it upon receipt.