While standards for FHA loans have stayed about the same as they were in 2006, borrowers with credit scores lower than 660 are facing a tougher time in getting approved these days.
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“As inventory has tightened, homes have been selling more quickly,” says Lawrence Yun, NAR’s chief economist.
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Another sign of economic recovery: The home ownership rate is no longer falling, and some housing analysts expect it to soon start rising.
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With signs of a growing economy and low inflation, fixed-rate mortgages inched down this week and are hovering near record lows, Freddie Mac reports.
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The Federal Housing Finance Agency and Consumer Financial Protection Bureau are teaming up to create a National Mortgage Database, filled with detailed mortgage information.
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The downgrade of Hurricane Sandy to a “post-tropical cyclone” by the time it struck the East Coast could potentially save home owners thousands of dollars in home insurance deductibles.
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