NAR Teams with Boys & Girls Clubs of America

NAR Teams with Boys & Girls Clubs of America

The National Association of REALTORS® has announced that it is partnering with the Boys & Girls Clubs of America to show support for the nation’s youth. Starting in 2016, NAR and BGCA will collaborate to find positive ways to impact communities across the country as local and state associations team with their neighborhood clubs and determine volunteer opportunities and resources that are needed.

NAR and BGCA have launched a co-branded web page at realtor.org/BGCA that will serve as a resource for associations and members and includes a club locator, tool kits for getting involved, and a list of sample volunteer activities.

“BGCA has been close to my heart for many years, and as I begin my NAR presidential term, I am very excited that REALTORS® will be partnering with their local clubs and offering their time and resources to make a difference in the lives of their communities’ children,” says NAR President Tom Salomone.

BGCA is a youth development organization that serves nearly 4 million kids and teens annually in the U.S. State and local REALTOR® associations will be offering their time and resources to aid their local groups, with activities ranging from clean-up days to holiday-themed parties to tutoring assistance and career days.

“We are proud to partner with NAR, state, and local REALTOR® associations and the more than 1 million REALTORS® nationwide,” says Jim Clark, president and CEO of BGCA. “This partnership will have an immediate and profound impact on clubs, communities, and most importantly, young people across the country. REALTORS® live and work in every ZIP code in the country and, like Boys & Girls Clubs, are woven into the fabric of the communities they serve. We look forward to this impactful partnership and working together, hand-in-hand, on volunteer projects, club improvements and mentoring, as well as fundraising and awareness initiatives to enable more young people to achieve great futures.”

Associations that participate in the BGCA partnership may be able to meet their “Community Involvement” or “Community Investment” requirement under NAR’s Organizational Alignment/Core Standards policy.

Source: National Association of REALTORS®

Repeat Buyers Plunge: Fannie Offers Help

Repeat Buyers Plunge: Fannie Offers Help

The percentage of repeat home buyers has fallen 40 percent between 2002 and 2014, according to mortgage financing giant Fannie Mae’s research.

Why the drastic drop? Jude Landis, vice president of single-family credit policy at Fannie Mae, speculates that for home owners who are credit eligible to buy another home it could be low equity in the existing home that may be preventing them from moving.

Landis urges lenders to promote several loan products offered by Fannie Mae that could help these creditworthy home owners who are “locked in” by insufficient equity to move.

For example, HomeStyle Renovation is a product that allows home owners to finance updates such as a kitchen renovation, a bedroom addition, or modifications for aging in place.

Also, Landis says that earlier this year Fannie Mae updated its Selling Guide policy to make it easier for borrowers to finance a new home while converting their previous home into a rental property. The update includes ways underwriters can include rental income in the debt-to-income calculation.

HomeReady is a new program, Landis says, that expands the eligibility to low and moderate-income creditworthy borrowers to finance homes in designated low-income, minority, and disaster-impacted areas. The product offers low down payment financing – up to 97 percent for the purchase of a one-unit property and up to 95 percent for a limited cash-out refinance. The program also includes a feature for extended family households that allows lenders to consider income from a non-borrower household member as a compensating factor in figuring the debt-to-income ratio. It also allows consideration of rental income from an accessory dwelling unit, such as a basement apartment.

Source: “Serving Creditworthy Borrowers in Today’s Market,” Fannie Mae Commentary (Dec. 3, 2015) and “Fannie Touts Benefits of Recent Guideline Changes,” Mortgage News Daily (Dec. 4, 2015)

Mortgage Rates Still Below 4%, For Now!!

Mortgage Rates Still Below 4%, For Now! Image courtesy of cooldesign / FreeDigitalPhotos.net

For the third consecutive week, the 30-year fixed-rate mortgage dropped, offering home buyers a chance to lock in lower mortgage rates ahead of the Federal Reserve’s largely predicted move to raise federal funds rate later this month.

Freddie Mac reports the following averages with national rates for the week ending Dec. 3:

• 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.6 point, dropping from last week’s 3.95 percent average. Last year at this time, 30-year rates averaged 3.89 percent.
• 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.5 point, falling from last week’s 3.18 percent average. A year ago, 15-year rates averaged 3.10 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, falling from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 2.94 percent.
• 1-year ARMs: averaged 2.61 percent, with an average 0.3 point, rising from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.41 percent.

Source: Freddie Mac

Broomall PA. Fire Company’s Santa Claus Tour 2015

Broomall PA. Fire Company’s Santa Claus Tour 2015

Dates, Times & Locations

Tuesday, December 15th, starting at 5:15 PM
All streets North of West Chester Pike, all streets in the borders of West Chester Pike, Lawrence Rd., Sprould Rd. & Springfield Rd.

Thursday, December 17th, starting at 5:15 PM
All streets in the borders Cedar Grove Rd., Rt. 252 & Sproul Rd., Lawrence Park, including
all Lawrence Rd. cul-de-sacs.

Sunday, December 19th starting at Noon
All streets in the borders of Media Line Rd., West Chester Pike, Springfield Rd. & Cedar
Grove Rd. & Rt. 252

Note: Dates & Times subject to change based on weather & emergency calls.