Last Week in Review: Americans favor owning
Americans Favor Owning Versus Renting a Home
The Census Bureau recently reported a homeownership rate of 64.2% in the first quarter of 2019, up from the 10-year low of 63.7% in the first quarter of 2015.
A recent study by LendingTree shows that 67% of homeowners surveyed aged 22 and older believe that owning a home is a better option that renting. In addition, the longer you remain in a home, the stronger you believe that owning is better than renting. The survey revealed that 72% of homeowners who have resided in their home for seven to nine years agree with the statement.
The survey also showed that about 15% of homeowners believe renting is easier than owning a home, and another 18% are neutral on the topic. “Just 13% of homeowners across all ages wish they could go back to renting, but when broken down by age, 1 out of every 5 homeowners ages 22 to 37 say they miss renting.”
In conclusion, the US “Goldilocks” economy includes:
- Slowing home price gains
- Rising wages
- Uptick in homes for sale
- Strong job market
- High Consumer Confidence
- Historically low rates
The above points will continue to be a tailwind for new home buyers on their way to the American Dream of owning a home.
Want to know what’s in store for the real estate and mortgage industries in 2018? Will low inventory, rising rates, and falling affordability derail the housing recovery? Get the answers to these and other questions in an informative webinar hosted by Rick Sharga, Executive Vice President, Carrington Mortgage Holdings, on the State of the U.S. Housing Market. Rick will share insights on US Economic Performance, Home Sales Trends, Mortgage Industry Trends and what the outlook is for the real estate market for the rest of 2018. We’ll also cover current events such as immigration policy and tax reforms, and their potential impact on the market. Don’t miss this great opportunity to get informed. Register now to save your spot!
The Carrington Mortgage Services, LLC (CMS) Lock Desk will close early at 11:00 AM Pacific Time on Friday, March 30, 2018 for Good Friday. Normal lock hours will resume on Monday, April 2, 2018.
Executive Vice President Rick Sharga discuss the impact of rising interest rates on the housing market.
View on FoxBusiness.com.
Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans.
PURCHASE & REFINANCELOAN DETAILS
UP TO $1.5 MILLION
FICO DOWN TO 500 | 70% LTV
UP TO $500K CASH-OUT
FICO DOWN TO 500 | 70% LTV
UP TO $1 MILLION
FICO DOWN TO 620 | 75% LTV
UP TO $1.5 MILLION
FICO DOWN TO 640 | 70% LTV
UP TO $500K INVESTMENT
PROPERTIES WITH CASH-OUT
FICO DOWN TO 640 | 70% LTV
This is a great opportunity to re-energize your pipeline with self-employed borrowers who you may have previously had to turn away. Not only are we now offering Non-Prime* loan products for those with recent credit events to help you expand your pipeline, but we are now “accepting bank statements to verify income in place of IRS tax documents for self-employed borrowers.
NON-PRIME LOAN PROGRAM HIGHLIGHTS FOR SELF-EMPLOYED BORROWERS
- 24 months of bank statements are required Multiple bank accounts may be used, but a combination of business and personal accounts is prohibited
- Exclusively for self-employed borrowers
- Primary, second, and investment homes
- Purchase and refinance loans
*Non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3 to 6 months. Ask your Account Executive for additional details and requirements. Not available with our On-Time Closing Promise Offer and in AK, MA, NY, ND, and WV.
Expand Your Pipeline with Non-Prime Loan Products
Purchase, refinance and cash-out available
Give your business the boost it needs by adding Non-Agency loans to your product offerings.
NON-PRIME LOAN PROGRAM HIGHLIGHTS*
- Primary and second homes
- Purchase, refinance and cash-out loans available
- Loan amounts up to $1.5 million
- Minimum credit score of 500 (75% LTV)
- Maximum 85% LTV with no MI
- Recent credit events Ok
- Non-warrantable condos Ok
- Investment properties Ok
- 30 year fixed, 5/1, 7/1 ARMS available
*The non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3-6 months. Ask your Account Executive for additional details. Note: Not available in AK, MA, NY, WV & ND.
We close purchase loans on time backed by our $1,500 Promise
Give peace of mind to your clients with Carrington’s On-Time Closing Promise for qualifying home purchase loans.
Carrington will process any qualifying purchase loan—from the time a loan file is submitted to underwriting—meeting the on-time closing date identified as the Close of Escrow date, or we will apply a closing cost credit of $1,500 to the loan at closing.
Carrington is your go-to lender for serving the underserved borrower by offering government loan programs down to 550. Our expertise and our On-Time Closing Promise may help you close more loans when others can’t.
Offer applies to qualifying purchase loans submitted on or after March 20, 2017.
Qualifying loans close on time or we’ll apply $1,500 in closing cost credit, and that’s a promise. Contact us to learn more about this great offer!
Carrington will process any qualifying purchase loan from the time a loan file is submitted to underwriting and meets the on-time closing date identified as the Close of Escrow date or the company will apply a closing cost credit of $1,500 to the loan at closing. Lender Credit may be restricted based on specific product guidelines. In order to receive the closing cost credit, any delay that causes a purchase loan to not meet the on-time closing date identified as the Close of Escrow date must be due to Carrington’s independent processes. If the delay is due to the broker, borrower, seller’s or any third party’s action or inaction or any other circumstances outside of Carrington’s control, the closing cost offer will be void. This offer excludes some purchase loan programs and property types including USDA loans, 203K Loans, REO Properties, Short Sales, New Construction loans, manufactured homes, loans requiring property repairs, engineers inspection, or re-inspection prior to closing, loans requiring condo approvals and flips. The minimum allowable time from a complete purchase loan file at loan approval to the Close of Escrow date is 25 calendar days and all “prior to docs conditions” must be submitted at least 7 business days prior to consummation. The Close of Escrow date is recorded in Pipeline Manager (aka BrokeriQ) for all qualifying purchase loans. Exclusions apply; contact your Account Executive for details. Offer is subject to revision or cancellation at any time. Applies to qualifying purchase loans submitted on or after March 20, 2017.
We want to send a big thank you to everyone who participated in the Road to Houston sweepstakes and helped make it a great success.
And a special congratulations to Joseph G. of Hesperia California! Joseph and a guest have won tickets and travel to Super Bowl LI at NRG Stadium in Houston Texas.
We hope you have a great time at that game Joseph!