According to the National Association of Realtors lack of inventory has once again caused home prices to accelerate in the third quarter. NAR chief economist stated that solid job creation and historically low mortgage rates were part of this winning formula for sustained home buying demand all summer long.
HOME PRICE INCREASES SPEED UP IN THIRD QUARTER HIT NEW PEAK
Due to demand and all the regulatory changes in the home appraisal process, appraisals are often holding up the loan approval and closing process
WHY IT TAKES SO LONG TO CLOSE A MORTGAGE
According to a recent LA Times article homebuyers who are unable to afford the traditional 20% down payment for traditional mortgages need not to worry as lenders have begun to fill this gap with new low down payment loan products. Apparently 3% is the new 20% and some lenders are requiring as little as 1% down.
LOW DOWN MORTGAGE PAYMENTS BECOMING MORE PREVALENT