RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Forecast: Mortgage Credit Standards Ease Further in 2016

December 22, 2015 12:09 am

Lenders expect credit standards for government and GSE-eligible mortgages to continue easing in 2016, and many report they have already loosened strictures that prevented prospective homebuyers from obtaining a loan, according to a recent Fannie Mae survey.

“Several factors point to constrained housing affordability in 2016, particularly for first-time home buyers, including slow single-family supply response and limited inventory of starter homes on the market, strong inflation-adjusted house price appreciation outpacing household income growth, and an upward bias in mortgage rates,” explains Fannie Mae Senior Vice President and Chief Economist Doug Duncan. “However, on net, lenders told us in our fourth-quarter Mortgage Lender Sentiment Survey that they have eased and expect to continue to ease credit standards, which was a consistent trend throughout 2015."

The share of lenders expected to ease standards for GSE-eligible loans climbed to 16 percent, while the share expecting to tighten standards dropped to 2 percent, per the survey. Housing affordability stands to increase if these findings bear out in the coming year.

Source: Fannie Mae

Published with permission from RISMedia.


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A Winter Survival Kit for Your Home

December 21, 2015 2:09 am

(Family Features)—Year after year, winter proves to be a challenging season, especially when it takes its toll on your home and surrounding property. This year, prepare for the inevitable with these tips:

• Clear gutters and repair roof leaks to avoid clogging from snow. Don't put cleaning your gutters off until the weather conditions are too unbearable. It is important to clear out your gutters and repair your roof to help avoid major damage from snow and ice.

• Check out your heating system and replace furnace filters as the temperature drops. You don't want to realize your heater doesn't work and that you're without a warm living space as colder weather sets in.

• Check your windows and doors for cracks, leaks or drafts and repair them as soon as possible. This improves efficiency within your home and keeps you warm from the cold air and wind. Install a door draft insulator to help prevent air leakage.

• Drain and turn off your sprinkler system. This may seem like a no brainer, but many people don't remember to complete this task. Drain and turn off your sprinkler system, as well as your hoses, to prevent freezing and other problems.

• Insulate your pipes by wrapping them in insulation or newspapers and plastic. Doing so will lower the chance of frozen pipes later on. Keep the faucets dripping water so that water is always flowing through the pipes, rather than standing still.

• Invest in a carbon monoxide detector. Carbon monoxide-related deaths are at their peak during the winter months, so protect yourself from this harmful gas by installing carbon monoxide detectors in every sleeping area and on every level within your home.

• Keep a winter emergency kit in your home. Include water, blankets, a battery-powered flashlight, a battery-powered radio, emergency flares, energy bars, a pocket knife, rope, jumper cables, a lighter, rock salt and sand in the kit.

• Rock salt or sand your walkways, driveways and other pathways to improve traction and melt snow and ice. Rock salt melts ice when the temperature is about 12 degrees Fahrenheit. Sand does not melt ice, but improves traction during dangerous conditions. You may consider adding both to your driveway and walkways to ensure optimal safety. 

Source: Snow Joe

Published with permission from RISMedia.


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