The Federal Housing Administration announced that it is increasing its loan limit for most of the country in 2020. The 2020 FHA loan limit will be $331,760—a $17,000 increase from 2019’s loan limit.In about 70 designated high-cost counties, the FHA’s 2020 loan limit will climb to $765,600—a $40,000 increase from 2019. Alaska, Hawaii, Guam, and the U.S. Virgin Islands will have higher limit ceilings than the rest of the country because of
Home shoppers—particularly millennials—are ranking specialty rooms high on their priority list during their search. These rooms include laundry rooms, home offices, mud rooms, sun rooms, and more. The National Association of Home Builders surveyed buyers to find which of these rooms rank highest on their lists. The NAHB considers specialty rooms anything except bedrooms, bathrooms, or the kitchen—or what’s considered the essentials in a h
After studying a possible owner’s financial statements, tax returns, recommendation letters, and more, now condo and co-op boards are making an added request: They want to interview the buyer’s pets.Some boards are requiring headshots, resumes, and even recommendation letters for pets.Heidi DeCoo and Carl Norton told The Wall Street Journal they fielded such an unusual request when trying to buy a co-op apartment in Manhattan for ju
Veterans may be eligible to buy larger homes in pricier communities—still without a down payment—starting next year. Those taking out Veteran Affairs–backed mortgages will find caps removed on what they can spend in 2020.The Blue Water Navy Veterans Act of 2019 removed the caps for the new year. But military members on active duty and veterans will still need to qualify for the mortgage and verify they can afford the monthly payments.“It
Over the past year, mortgage interest rates have dropped more than 1 percentage point, creating a rush to refinance. But homeowners in some states are having better luck at refinancing their mortgage and locking in a lower monthly payment on their mortgage.Overall, about 75% of mortgage refinance applications are approved nationally.Home value appreciation and credit scores matter most when it comes to refinance approvals, researchers at LendingT
More home appreciation is likely to come in the new year. In a new report released by CoreLogic, economists predict home prices will spike by 5.4% from October 2019 to October 2020. That is even higher than the 3.5% annual appreciation in national home prices posted this October, the real estate data firm notes.Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October, says Frank Mart
Neighbors matter: More than half—52%--of Americans say they’ve lived next door to what they consider a “nightmare neighbor.” And because of that, more than three-quarters say the potential neighbors would be a factor into their decision when choosing a new home to buy, according to a new survey from Ally Financial of more than 2,000 consumers.Distance may be key to feeling the most neighborly. More than half—54%--say they prefer to live
The share of American adults who live with an unmarried partner has more than doubled since 1993. The percentage still remains small—3% in 1993, compared to 7% now—but the growing numbers are significant because demographers say it represents a shift in living arrangements. These unmarried couples are increasingly venturing into homeownership together too, researchers say.The National Association of REALTORS®’ 2019 Profile of Home Buy
Winter is the best time of year to buy a home, offering the biggest bargains to home buyers, a study released last week by ATTOM Data Solutions showed. But in which markets are buyers snagging the best deals this winter? And don’t worry, sellers, the study showed some prime markets for premiums for you, too.ATTOM researchers analyzed more than 23 million single-family home and condo sales over the past six years. Buyers who are willing to close
You can expect the housing market to continue gathering strength in the new year. Freddie Mac predicts 2019 to wrap up with 6 million home sales for the year and 6.1 million in 2020, according to the mortgage giant's November forecast.Freddie Mac Chief Economist Sam Khater acknowledges that the economy saw increased volatility in November from ongoing trade disputes. “However, given low interest rates, modest inflation, and a strong labor marke
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