Michael D Doughty, Florida Lic Real Estate Broker Associate

07/04/2023

07/03/2023

We have inventory and great incentives! Welcome Home!
https://www.drhorton.com/Florida/East-Florida

09/26/2017

https://youtu.be/nUoervuKlEY

Your dream home is out there, and Realtors handle 100s of details during the process. Here are the top-10 reasons to call a Realtor today.

02/17/2017

New mortgage-backed securities (MBSs) could benefit communities, but also may raise concerns

01/29/2016

"SPEC" tabular weekend at Adams Homes in Port St Lucie Torino !!!
Brand new homes available for express move in . Call me for details! 772-528-3340

09/05/2014

Does anyone make less than 65,000 dollars a year, does not have a lot of money to spend (3 or 4,000 dollars), and would like to buy a home in the Treasure Coast area this year? If so please reply.

10/25/2013

Severe labor shortages are hampering the homebuilding industry, but builders may be purposely keeping their payrolls tight.

10/25/2013

ATTENTION SNOWBIRDS
Anybody wanting to send there bathing suits down to Florida for the winter let me know. I will take a weekly picture and E-mail to you

10/25/2013

More home loans require smaller downpayments

WASHINGTON – Oct. 24, 2013 – More people are getting home loans with lower credit scores and smaller downpayments.

Last month, the average FICO score for a closed home loan was 732, down from 750 a year ago, shows data from mortgage tracker Ellie Mae.

The average downpayment was 19 percent, vs. 22 percent a year ago. What’s more, almost one-third of closed loans had FICO scores under 700, vs. 17 percent a year ago. The top FICO score is 850.

“We continue to see things open up ever so slightly month by month,” says Jonathan Corr, Ellie Mae president.

The standards to get a home loan remain tight, mortgage experts say. But lenders are reducing some restrictions as housing prices recover and as higher interest rates curtail their refinance business.

“We’re starting to see some of the banks … get more creative … to drive more volume to the door,” says Jeff Taylor, managing partner at mortgage analytics firm Digital Risk.

Earlier this month, Bank of America dropped its minimum downpayment requirement for non-conforming loans under $1 million to 15 percent from 20 percent. Non-conforming loans, which can’t be sold to Fannie Mae or Freddie Mac, are over $417,000 in most parts of the country.

Wells Fargo also reduced non-conforming loan minimum downpayments to 15 percent from 20 percent in July.

JPMorgan Chase, meanwhile, reduced downpayment requirements in Arizona, Florida, Nevada and Michigan – states that were especially hard hit by foreclosures. The bank’s minimum downpayment is now 5 percent, down from 10 percent, for primary homes and 10 percent, instead of 20 percent for second homes in those states. The change brings downpayment requirements in those states in line with others, says JPMorgan spokeswoman Amy Bonitatibus.

“These markets have shown strong signs of improvement,” Bonitatibus says. Improving home values lessen risk for lenders.

JPMorgan and Wells made their changes in July after a sharp interest rate spike in May cut into the refinance business.

While banks are easing some loan requirements, home lending standards remain tight and will likely stay there, says Cameron Findlay, economist at Discover Home Loans.

New lending rules expected to take hold in January require lenders to make home loans that meet federal standards or face greater liability from borrower lawsuits should the loans go sour. Findlay doesn’t expect lenders to do many loans that fall outside of those standards.

“We’re seeing tweaking of the underwriting standards, but it’s not a wholesale loosening,” says Guy Cecala, publisher of Inside Mortgage Finance. “The pendulum is still too far toward restrictive.”

Copyright © 2013 USA TODAY, Julie Schmit

10/25/2013

Insights from Carrington Mortgage Holdings executive

10/22/2013

10/20/2013

HomePath by Fannie Mae – NO PMI!

Are you in the market for a new home? Maybe the HomePath Mortgage by Fannie Mae is for right for you.

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

Benefits to the Borrower:

Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
No lender-requested appraisal.
No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
Expanded seller contributions for closing costs allowed.
Available for primary residences, second homes and investment properties.
Many condo project requirements are waived; ask your lender for details
Ask your realtor about HomePath properties available in your area or visit the HomePath website at www.homepath.com. You can search thousands of move-in ready foreclosed properties, learn about financing options, access handy tools and resources, and get help with the buying process.

HomePath offers owner occupants (homebuyers who will live in the home as their primary residence) an exclusive “first look” at newly listed foreclosed properties. During the First LookTM marketing period, you can make an offer and purchase a HomePath home without competition from investors. Look for the First LookTM logo to see which properties are still in the First LookTM marketing period.

Information on HomePath by FannieMae recovered from www.homepath.com.

HomePath.com is the Official foreclosure website owned by Fannie Mae. Find Fannie Mae foreclosures exclusively on HomePath.com.