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

What 3% Down Payments Mean for Millennials

December 19, 2014 2:36 am

Following a move by mortgage lenders to loosen standards for homeowners, Freddie Mac and Fannie Mae will begin backing home loans with down payments as low as three percent. This could bode well for the millennial generation, many of whom have yet to own their first home.

“This is exactly what our industry needed to propel millennials into homeownership for the first time and to keep Main Street growing and thriving,” said Don Frommeyer, CEO of NAMB – The Association of Mortgage Professionals.

Under the new programs, first-time homebuyers and low- and moderate-income individuals who finance a fixed-rate mortgage can expect a less stringent lending process as opportunities for loan approvals without the required five percent down payment become readily available.

Applicants seeking the lower down payment must demonstrate an ability to repay the loan, secure mortgage insurance and attend pre-purchase counseling.

Source: NAMB

Published with permission from RISMedia.


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Financial Habits You Should Adopt Today

December 18, 2014 12:36 am

There’s no better time than the present to alter your financial situation, and consumers can cement their futures financially by adopting smart habits.

“Being mindful of your financial goals and knowing how credit works are important tools to effectively managing personal finances,” says ACA International CEO Pat Morris. “Good financial habits can help ensure a sound financial future, and being armed with knowledge can help you maintain that all-important good credit score.”

To practice better money management, ACA International recommends the following:
  • Protect personal information. Be cautious when giving out credit card, bank account or Social Security information over the phone or online. Require a certain level of authenticity from the third party. Monitor accounts and immediately report any suspicious or unauthorized purchases to your bank or credit card provider. If you believe your identity has been stolen, check your credit report for activity and contact your local police department.
  • Understand credit and use it wisely. When used properly, credit can be helpful when determining eligibility for things like home mortgages and auto loans. Too often, it becomes a difficult burden for households struggling to make payments. Know the terms and conditions of your credit cards, shop for low interest rates, make payments on time and understand the ramifications of making a late payment or missing a payment. Learn the ins and outs of credit reporting and its impacts on building a good credit score.
  • Communicate with creditors. Don’t ignore calls or letters from creditors or debt collectors. If you are having trouble making payments, contact the creditor to discuss alternative payment arrangement options to make things more manageable. After confirming with the debt collector that the debt is indeed yours, discuss applicable repayment options. Don’t be intimidated – legitimate debt collectors want to help you.
  • Know your rights. Consumers have important rights when contacted by a creditor or debt collector. Visit www.askdoctordebt.org, a free and anonymous resource for more information about credit.
Source: ACA International

Published with permission from RISMedia.


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