![]() ![]() (I am moving from another state so a lot of online looking from afar). She has yet to inquire, but is sending me additional properties to look at and wants to send me referrals for a local lender. I had asked if she could contact the selling agent on one property that they told her they would would not accept FHA offers, if they were looking for conventional or cash only since the listing does not say. ![]() I have already had several credit checks, and I worry the more inquiries it could impact my score. Trying to get me to go through different lenders. 25K higher and estimated monthly mortgage is the same as the lower amt from the previous lender. So I shopped around and ended up getting a higher approval from Rocket Mortgage for a conventional. Which could mean it takes even longer before renters can become homeowners.I originally had a FHA approval but it felt like every house in my budget was asking conventional only. “Which kind of is a self-perpetuating system, because when rents go up, it’s harder for younger people to save up that down payment, because they’re spending so much money on their rent,” McCue said. He said the longer people have to wait to become homeowners, the less time they have to build equity and wealth.Īnd, the more pressure there is on the rental market, too. “This surge over the past two years has just been such a shock to the affordability levels of potential homebuyers,” said Daniel McCue, senior research associate at Harvard’s Joint Center for Housing Studies. That’s well over the national median income, which is about $75,000 dollars. The median household income for first-time homebuyers is now nearly $96,000 dollars. “Just between 20, for first time homebuyers, household incomes rose nearly $25,000, just from that previous year,” she said. Then came the pandemic and the huge run-up in home prices and mortgage rates.īrandi Snowden, director of member and consumer survey research at the National Association of Realtors, said to get into the market now, you need to make a lot more money than you did even just a couple of years ago. “This is really important because in addition to the income needed to qualify for a mortgage and having the savings for down payment, lenders also look at your debt to income ratio,” she said.Īnd the more you’re spending on student loans, the less you have for a down payment or a mortgage.Īll of that has been true for a while. So people have to work and save often for many more years.Īnd more young people are going to college now than a few decades ago, which means they’re starting their working lives later and, Schuetz said, taking on more debt. “That means both that you have to have higher income to be able to afford the monthly mortgage payments, but also that it’s going to take a bigger down payment to get into homeownership.” “Housing prices have gone up much more than incomes have over the last 40 years,” said Jenny Schuetz, a senior fellow at the Brookings Institution. And there are a bunch of reasons it’s taking people longer to buy homes now than it used to. And the median age of all homebuyers is now 49, up from 31 in 1981. The median age of first-time homebuyers is now 35 - up from 29 in 1981. Is it any wonder then that it’s taking people longer to buy a home? Nationally the median home price is now almost $392,000 dollars. They’re down 4% from September, and almost 15% from a year earlier. Sales of existing homes fell last month, according to data out today from the National Association of Realtors. ![]()
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