Some jurisdictions have programs of their own, which are subject to qualification that will allow the person to borrow or obtain a grant worth up to $500.
(PRWEB) March 26, 2013
Over the past few years, the U.S. mortgage situation has moved toward improvement. As a result, many first-time home buyers are beginning to ask questions to get more informed regarding the possibility of obtaining a mortgage. The Federal Savings Bank and other institutions offers answers to prospective homebuyer questions.
One of the questions a person asked was whether or not it was possible to take out a loan to cover the down payment of a home if he or she was unable to cover the liquid assets. The answer is unless he or she qualified for a VA home loan, the options would be limited. However, some jurisdictions have programs of their own, which are subject to qualification that will allow the person to borrow or obtain a grant worth up to $500.
Another question that was was whether it is possible to refinance or eliminate insurance in order to afford a home in Washington, DC. The person was mainly concerned whether or not it was possible to do so without having to wait 10 years of paying a mortgage.
How investors are affecting the housing market
Apart from first-time homebuyers another group of the population that is looking into buying homes are investors. According to the National Association of Realtors, the median price for homes increased by 11.6 percent in February, which is most likely why so many investors are gaining interest in obtaining new property. Most investors are choosing to purchase homes in major cities such as Las Vegas, Los Angeles and Phoenix. According to Business 2 Community contributor Michael Lombardi, Phoenix currently has one of the most "robust" housing markets, which is largely due to the fact that institutional investors purchased about 26 percent of all the homes sold last year.
While the future of the housing market remains uncertain, positive news has been getting released. While less foreclosers less inventory covers the housing market allowing buyers to bid up the price of current listings. For more information on applying for a home loan, or VA home loan, viist: TheFederalSavingsBank.com