INDIANA HOUSING DOWN PAYMENT ASSISTANCE PROGRAM
If you are a first time homebuyer in Indianapolis, you should know your financing options. The Indiana Housing Program for first time homebuyers who are creditworthy, but may not have the initial upfront costs for downpayment and closing costs is a great option.
I received this information from one of my [...]
First Time Home Buyers Down Payment Assistance
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Brownsburg Real Estate Report – December 2009
Brownsburg Indiana Home Sales
Home Sales in Brownsburg for December 2009 were fairly equal to the number of homes sold in Brownsburg in November, however, the price point was a bit higher.
Last month there were 41 sales for an average of $163,012, compared to November’s 45 sales and an average prive point of $151,783. Averages don’t [...]
Danville Indiana Real Estate Market – December 2009
Home Sales in Danville for the month of December were above last years sales. There were 11 sales last month, compared to 7 sales in December 2008.
The averages for December 2009:
The highest home sale was $217,900 for a four bedroom, 3 bath home with 2433 square feet.
The lowest priced home sold was a two bedroom, [...]
New FHA Guidelines Will Make Loans More Costly
Securing an FHA mortgage is about to get more expensive.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials.
FHA has announced new guidelines for financing to be in effect this spring. [...]
Avon Indiana Home Sales – December 2009
The Avon Indiana real estate market actually improved year over year for the month of December. More homes sold, although only by a few, the price increase is very positive, especially for homeowners who are tracking the market and want to sell their home this Spring.
I was interested to see how the numbers would pan [...]
As mortgage lenders tighten approval standards in Indiana and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.
In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident. Some of the highlighted mistakes include:
- Closing open credit cards
- Making appliance buys on credit prior to closing
- Asking creditors to lower credit balances prior to closing
In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores. Below 740, though, every 20 points adds to the damage. Watch the video and apply what you can to your own situation. The more you know, the more you can save.
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The Pending Home Sales Index rose slightly in December, climbing 1 percent from November.
A Pending Home Sale is a home that is under contract to sell, but not yet sold. It’s a figure compiled by the National Association of Realtors® using sales data from over 100 regional listing services and more than 60 large brokerages around the country.
Because each pending sale is a true measure of sales activity, the Pending Home Sales Index is purported to be the most reliable forward-looking indicator for housing.
Recent data supports this hypothesis.
After Pending Home Sales plunged 16 percent in November, Existing Home Sales fell by 17 percent in December. Based on the most recent Pending Sales Index, therefore, we can expect January’s closed sales to be similarly level.
For home buyers in Indianapolis , this is all a bit of good news. Home prices are based on the supply-and-demand balance that exists between buyers and sellers. When buyers outnumber sellers, like they did through most of 2009, home supplies dip and, in fact, the national home inventory nearly halved during the 12 months ending November 2009.
With fewer homes for sale, multiple-offer situations were almost commonplace and home values rose as result.
Activity has since slowed, however, and fewer buyers are in today’s market. The supply-and-demand equation has shifted back some. In December, home supplies rose for the first time in 7 months and January will likely show the same.
The net result: Home buyers have more homes from which to choose and that can create negotiation leverage for better prices and better concessions.
With mortgage rates still low and a looming deadline on the homebuyer’s tax credit, market activity should be strong between now and April. Take your time and bid right. And when you’re ready, be ready. The best deals likely won’t last.
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