Should You Refinance?

Four things to ask yourself... 1.) How is your credit rating? 2.) What is your present home worth, what do you owe? 3.) Will you be selling your house in the near future? 4.) Will you make the best deal you can? Read more...

Have Less-Than-Perfect Credit?

This is a brand new and exciting offer for those with less-than-perfect credit seeking a new home mortgage or to refinance their existing home. Peak Home Loans specializes in bad & poor credit mortgage refinancing and home purchases. Since 2004 that has been our sole mission... getting approvals, great rates & favorable terms for those without perfect credit. And we’ve finally put the final pieces of the puzzle in place for you. That’s right, we just assembled the most exciting state-of-the-art lending solution in the United States. This guarantees you the lowest rate and best terms regardless of your credit history. Read more...

Jump For Joy With A New Mortgage!

At Peak Home Loans, we will tailor a home purchase loan just for you. Whether you are interested in the lowest rate home loan, lowest up-front loan cost or lowest APR we have a home purchase loan package to fit your needs. We even offer zero down loans for home buyers - up to 95% of your home’s value. Read more...

Mortgage Underwater? Use HARP Refinancing

The Home Affordable Refinance Program, or HARP loan, is a program that will allow you to get a new and more reasonable mortgage that fits your budget. This particular program is for situations where the home value has decreased quite a bit, and as such, it’s been hard for the home owner to get more traditional loans or financing options. Read more...

Save Big Money With A New Home Loan From Peak Home Loans

We provide home loans starting at 2.63% for home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan with Peak Home Loans is only $404/mo. Up to 4 in 5 can qualify. Rates are at an all-time low, you should consider applying today. Read more...

 

1- Down

1% DOWN WITH EQUITY BOOST

BORROWERS GET A LOW DOWN PAYMENT, A GREAT RATE AND CLOSE IN 15 DAYS OR LESS

Conventional 1% Down with Equity Boost makes it easier than ever to get your borrowers into their new home. Here’s how it works: Your borrower puts down 1%, UWM contributes 2% toward the down payment, giving them 3% equity at closing.* It’s a great way to offer a low down payment, a competitive rate and a good head start — and it’s still going strong at UWM.

KEY FEATURES

  • Minimum 720 FICO
  • Available with no monthly Mortgage Insurance
  • Close in 30 days or less

WHAT THEY’RE SAYING

“I love the 1% down payment program. Being able to show people that they can get into their dream home for less than a month’s rent is amazing. The 1% Down program makes that possible and the fact that it is not just for first time buyers is a big plus! I look at it for all of my clients who want to keep cash in their pocket. I look forward to helping more clients with this great program!”

NIck Mason

President
Home Loan Place, llc.

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FHA increases loan limits in nearly every area of U.S. for 2018 | 2017-12-07 | HousingWire

The Federal Housing Administration announced Thursday that nearly every area of the U.S. will see FHA loan limits increase in 2018. The new loan limits will take effect for FHA home loan case numbers assigned on or after Jan. 1, 2018.

FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.

Back in 2016, the FHA increased loan limits for just 188 counties. Then, in 2017, this number jumped to 2,948 counties that saw an increase. And now, the number of counties increased even further to 3,011 counties for 2018.

In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018. However, in 223 counties, the FHA loan limits will remain the same.

The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or reverse mortgages, will also increase, rising from $636,150 to $679,650. Currently, the FHA regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.

The FHA home loan’s minimum national loan limit, or floor, is currently set at 65% of the national conforming loan limit of $453,100. This floor applies to those areas where 115% of the median home price is less than the floor limit. Any areas where the loan limit exceeds this floor is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ceiling for high-cost areas at 150% of the national conforming limit.

Click here for a complete list of FHA loan limits.

The news follows Federal Housing Finance Agency’s recent announcement that it plans to increase the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.

Source: FHA increases loan limits in nearly every area of U.S. for 2018 | 2017-12-07 | HousingWire

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Survey Asks What Makes A House A Home

There are plenty of surveys asking prospective home buyers what features are most important to them when looking for a house to buy. Most of them find buyers naming storage space and energy efficiency among their top priorities. But extra closets and low energy bills aren’t things normally associated with making a new house feel like home. So what does make a house a home? A recently released survey from IKEA tries to answer that question by exploring how people feel in their house and what makes them feel most at home. For example, 63 percent of respondents said they cook to create the feeling of home and associate certain foods with being at home. Among younger respondents, playing music was an important part of achieving that feeling, with 65 percent of respondents between the ages of 18 and 29 saying they play music to get a homey feeling. Smells and sounds play a big role in what makes us feel safe and comfortable but social interaction and privacy are also important. Nearly 50 percent of respondents said home is where they have their most significant relationships while, at the same time, 25 percent said they’d choose to spend an hour alone if they had one to spare. Overall, survey respondents seemed to feel experiences were more important than things and wanted their homes to reflect their desires and give them a place to do what they most love. More here.

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Household Growth Is On The Rise

Following the housing crash, the homeownership rate fell from its peak and the number of Americans forming new households slowed. But according to a new report from Harvard University’s Joint Center for Housing Studies, household growth is once again on the rise. In fact, the report shows that the pace of household growth increased from 653,000 in 2013 to 1.0 million in 2014 and1.3 million in 2015. That’s good news for the health of the housing market, especially since young Americans are expected to form 2 million households per year over the next 10 years. Chris Herbert, managing director of Harvard’s Joint Center for Housing Studies, says there are still some lingering challenges holding buyers back, however. “Tight mortgage credit, the decade-long falloff in incomes that is only now ending, and a limited supply of homes for sale are all keeping households – especially first-time buyers – on the sidelines,” Herbert said. “And even though a rebound in home prices has helped to reduce the number of underwater owners, the large backlog of foreclosures is still a serious drag on homeownership.” Still, evidence shows buyer demand is high and homeownership continues to be a goal for most Americans. As Herbert says, “The question is not so much whether families will want to buy homes in the future, but whether they will be able to do so.” More here.

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Money Matters Hold Back Housing Sentiment

The number of Americans who say it’s a good time to sell a house rose 5 percent in June, according to Fannie Mae’s monthly Home Purchase Sentiment Index. That represents an all-time survey high. Combined with a 3 percent bump in the number of survey respondents who said it was a good time to buy a house, the results seem to show an increasing optimism about the real estate market. But though participants may see opportunity, concerns about their personal income and the direction of the overall economy may be holding them back. In fact, money worries led to a 2.1 percent drop in overall sentiment from the previous month’s highs. “The HPSI’s pullback in June from last month’s survey-high reading suggests a slight weakening in the 12-month outlook for housing activity,” Doug Duncan, Fannie Mae’s senior vice president and chief economist, said. “Pending home sales have pulled back in the face of continued home price growth, and we’re seeing some softening in the higher priced components of the market. Growing pessimism about the overall direction of the economy gives us further pause as it now stands at the highest level we’ve seen in our National Housing Survey in the last two years.” According to Duncan, real improvement will require more affordable homes available for sale and a significant boost in Americans’ income growth perceptions. More here.

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Mortgage Rates Drop To Near Record Lows

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell to their lowest level in more than three years last week. And, in the case of jumbo loans, rates fell to lows not seen since 2011. Michael Fratantoni, MBA’s chief economist, told CNBC that financial market volatility is behind the rate drop. “Mortgage rates have been low for years, but the impact of Brexit has brought us close to record lows once again, with jumbo rates already at their lowest levels, giving more borrowers a larger incentive to refinance,” Fratantoni said in reference to Britain’s exit from the European Union. In fact, refinance activity – which is more sensitive to rate fluctuations – surged last week, climbing 21 percent from the week before. With rates down across all loan categories, including FHA loans and 15-year fixed-rate mortgages, that’s no surprise. Purchase activity also benefited from falling mortgage rates. The seasonally adjusted purchase index was up 4 percent and is now 23 percent higher than the same week one year ago. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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Low Inventory Presents Challenge For Buyers

Home buyers looking to buy a house this year have been met with a more challenging housing market than in years past. Following the housing crash, supply outweighed demand and the market favored buyers. With more homes than buyers, prices were low and buyers had all the negotiating power. This year, on the other hand, higher home prices, fewer choices, and more competition from other buyers have led to increasing concerns about affordability and the likelihood of finding the right house. According to a recent gathering of housing economists at the annual convention of the National Association of Real Estate Editors, low inventory is at the root of all of these issues. That’s because, when there are more buyers than there are homes for sale, home prices increase and sellers have the upper hand. Speakers at the convention, including the National Association of Realtors’ chief economist, Lawrence Yun, and Realtor.com’s, Jonathan Smoke, pointed to inventory as key to balancing the market and helping moderate home price increases. “One thing holding back the market is supply,” Smoke said. “Inventory continues to be constrained despite demand.” Yun agreed, calling inventory, “grossly inadequate.” Fortunately, high buyer demand and still-low mortgage rates have helped affordability levels and kept home sales numbers up despite low inventory in many markets. More here.

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