Yes, you can achieve the American dream of home ownership

We can help

At freedom mortgage, we believe everyone should have the opportunity to own their own home.  If you feel you may not be able to qualify for a mortgage, we have good news.  We can provide you with flexible loan options that can help you achieve your home buying goal.  That includes the Freddie Mac Possible and home possible advantage mortgage programs.

Take advantage of lower down payments and more flexibility.

Yes, you can achieve the American dream of home ownership

Freddie Mac possible offers:

• Lower down payment of 5%
• Borrowers with no credit score may be permitted
• 1 – 4 unit properties
• Fixed rate and adjustable rate mortgages
• Flexible source of funds can be used to qualify
• Lower mortgage insurance requirements

Home Possible advantages:

• Low down payment of 3%
• 1 –unit properties
• Fixed rate mortgages
• Flexible source funds can be used to qualify
• Lower insurance premiums

Contact us to find out if Home Possible mortgage can help you achieve your home ownership goals.

Baby Boomers Plan to Delay Retirement

Baby Boomers Plan to Delay Retirement

The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.

Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to their preference (22 percent), according to the survey. Eighty-five percent of respondents say they would prefer to stay in their current home, but many may be forced to consider renting a room or seeking out more affordable housing options.

Older homeowners are carrying nearly double the mortgage debt than people their age a decade ago, according to data from the Consumer Financial Protection Bureau. The NHP Foundation speculates that this may be why a growing number of baby boomers plan to delay retirement. “With one in four in desperate need of affordable housing—equating to 2,500 new retirees every day—there needs to be a priority to create an adequate supply of affordable rental housing for boomers now and in the future,” says Richard Burns, president and CEO of The NHP Foundation.

Thirty-one percent of survey respondents say they have not prepared a retirement budget, and the majority have not budgeted for unforeseen health-related expenses. “There is a disconnect between baby boomers’ current financial status and where they perceive themselves in retirement,” Burns says. “This wishful thinking carries potential consequences that will likely have a large impact throughout all areas of the economy.”

Of an estimated 78 million baby boomers, about 10,000 reach retirement age each day, according to The NHP Foundation.

Source: The NHP Foundation

Mortgage Rates Retreat

Mortgage Rates Retreat

After climbing to their highest level in more than seven years, mortgage rates eased a bit this week. It was the first time they declined in four weeks, says Sam Khater, Freddie Mac’s chief economist. The 30-year fixed-rate mortgage fell 10 basis points to a 4.56 percent average this week.

“The decline was driven by recent trade and geopolitical issues, which led to a sudden decrease in long-term Treasury yields,” Khater says. “Meanwhile, confident American consumers shrugged off the market volatility, as purchase mortgage applications continue to trend higher from a year ago.”

But even with higher rates this year, Khater believes demand from home buyers will stay elevated as long as job growth and other economic fundamentals stay strong.

“Extremely low inventory conditions in most markets are preventing sales from breaking out while also keeping price growth elevated,” Khater says. “Even if rates climb closer to 5 percent, sales have room to grow more—but only if current supply levels start increasing more meaningfully.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 31:

• 30-year fixed-rate mortgages: averaged 4.56 percent, with an average 0.4 point, down from last week’s 4.66 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
• 15-year fixed-rate mortgages: averaged 4.06 percent, with an average 0.4 point, dropping from last week’s 4.15 percent average. A year ago, 15-year rates averaged 3.19 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.80 percent, with an average 0.3 point, dropping from last week’s 3.87 percent average. A year ago, 5-year ARMs averaged 3.11 percent.

Source: Freddie Mac

Buying a fixer-upper? Purchase and renovate all in one loan! Get a Renovation loan!

For the house that’s almost perfect, we have the perfect solution: A Renovation loan.

Renovation loan

Renovation Financing allows you to buy a house and fix it up using one loan with one monthly payment.  You pick the contractor and finance improvement costs.

You just love the house.  Except for the leaky pipes.  Or maybe the kitchen is too small?

Here are just a few ideas of what you can do with renovation loans:

1 – Remodel a kitchen or bath

2 –  Add a new addition

3 – Paint a house or add siding

4 – Add a porch, deck and or patio

5 – replace a leaky roof

6 – Install new flooring, carpeting or tile

7 – Update electrical wiring, plumbing and or heating system

8 – Conserve energy with new windows

And so much more… Call me today about a Renovation loan.

The Top Landscaping Trends for 2018

The Top Landscaping Trends for 2018

Native plants, outdoor yoga spaces, and charging stations are among the hottest landscaping trends growing in consumer demand for 2018, according to a new report released by the American Society of Landscape Architects. Landscape architects were asked to rate the popularity of several residential outdoor design elements. Landscape architects noted a growth in the use of native plants, low-maintenance landscapes, and flexible-use spaces, for yoga classes or movie night.

Overall, landscape architects ranked the following outdoor design elements as the overall most popular in 2018:

1. Fire pits/fireplaces
2. Lighting
3. Seating/dining areas
4. Outdoor furniture
5. Outdoor kitchens
6. Decking (i.e. rooftop decking)
7. Grills
8. Movie/TV/video theaters, wireless/internet, stereo systems
9. Outdoor heaters
10. Stereo systems
11. Pools and spa features (hot tubs, Jacuzzis, whirlpools, indoor/outdoor saunas)
12. Utility storage
13. Hammocks
14. Outdoor cooling systems (including fans)
15. Showers/baths

Source: American Society of Landscape Architects

Single-Family Rental Giant Hit With Class-Action Suit

Single-Family Rental Giant Hit With Class-Action Suit

Invitation Homes is being accused of excessive and illegal late fees charged to tenants who fall behind on their rent, according to a class-action lawsuit. In the suit, plaintiffs claim the single-family rental giant charges a late fee of $95 even when rent is only an hour late. The lawsuit also alleges that Invitation Homes adds extra late fees of $95 or more on any accrued balance of late fees, even if tenants pay their most recent rent on time.

The lawsuit was filed in California, but claims Invitation Home’s late fees violate the law in all 12 of the states in which the company operates. Invitation Homes owns 82,570 single-family homes across the country and is the largest single-family rental company in the nation.

The lawsuit alleges: “The penalty is illegal, and thus, void, because it is excessive and bears no relation to any actual damages incurred by [Invitation Homes] when rent or other fees are paid late. Some people have been evicted purely as a result of this late rent penalty, and in particular this penalty stacking practice.”

Invitation Homes has yet to comment publicly on the pending lawsuit.

Source: “Invitation Homes Hit With Class-Action Lawsuit Over Late Fees,” Curbed.com (May 29, 2018)