The Department of Housing and Urban Development is increasing the amount of money that borrowers can roll into a Federal Housing Administration loan when paying for rehabbing homes located in opportunity zones.The FHA is allowing the extra funds through its Limited 203(k) Rehabilitation Mortgage Insurance Program for homes located in opportunity zones starting on Dec. 16.Buyers who purchase a home in a qualified opportunity zone can use the Limit
The final walkthrough is usually one of the last steps in purchasing a new home. This is also the time when buyers and their agents must have a watchful eye as they check on the condition of the property before they head to closing and make everything official.Check systems one last time.A home inspector may have already been in to assess the property. But the final walkthrough is also a time for buyers and agents to run the heating and air condi
Mortgage prepayments, a common gauge for housing and refinancing demand, jumped to its highest level since May 2013—a good sign for the market, according to a new analysis from data and analystics firm Black Knight. Mortgage prepayments were at 1.81% in October, more than double the figure a year ago. That represents a 134% year-over-year increase, Black Knight reports.What’s causing the improvement? Low mortgage rates are prompting more peop
Domestic migration in the nation hit an all-time low in 2019, according to new data from the U.S. Census Bureau. That means more Americans are choosing to stay where they are to plant roots.During the 1960s, 20% of the national population moved to new residences each year; that figure is at 9.8% this year. Economists blame millennials for the drop, primarily because young adults are delaying life events, such as getting married and having childre
Mortgage rates declined this week, with the 30-year fixed-rate mortgage averaging 3.66%, Freddie Mac reports. After several weeks of increases, the drop in mortgage rates is a welcome sign for home buyers.“The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment, and low mortgage rates,” says Sam Khater, Freddie Mac’s chief ec
The master bedroom is an important room to stage in oder to help potential buyers feel right at home. Apartment Therapy recently highlighted tips from designers on how to achieve a posh bedroom look without spending big bucks. A few of their ideas include:Add overstuffed pillows. Overstuffed decorative throw cushions can offer a luxurious touch. You can buy inserts that are slightly larger. For example, designers with an 18-inch square pillo
President Donald Trump signed a bill Thursday evening to extend the National Flood Insurance Program until Dec. 20, another short-term gap measure that came just hours before the program was set to expire. Congress had approved the extension bill earlier Thursday before it went to the president for his signature.This marks the 13th short-term extension of the NFIP since 2017. The National Association of REALTORS® has long called for a long-term
Low mortgage rates and a strengthening economy propelled home sales in October, the National Association of REALTORS® reported Thursday. Total existing-home sales, which include completed transactions of single-family homes, townhomes, condos, and co-ops, rose 1.9% month over month to a seasonally adjusted annual rate of 5.46 million, NAR’s latest existing-home sales report shows. Sales are up 4.6% from a year ago.“Historically low interest
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Double master bedrooms are proving to be a growing trend in new luxury developments, Forbes.com reports.As more homeowners want to live near their families and multigenerational households become more common, relatives and adult children move in together; as a result, more household members want to call dibs on the owners’ suite, which is often the largest bedroom in the house with an attached bathroom.Builders are responding by adding two mast
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