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Lenders say 3 percent mortgages key for first-time buyers

Nov 17, 2017
Mortgage lenders believe first-time home buyers will make up a larger portion of their business in the new year, and they believe 3 percent mortgages are key to getting more into homeownership. The majority of the 200 lenders surveyed by Genworth Mortgage Insurance believe that the demand for 97 percent loan-to-value products will surge in 2018.

Industry professionals were divided on what they viewed as the most likely source of credit expansion in 2018. Forty-five percent of lenders said a higher mix of above-80 LTV loans, while 38 percent said a higher mix of borrowers with below-700 FICO scores. Seventeen percent of respondents said that a higher mix of borrowers with above-41 debt-to-income would be the most likely source of credit expansion.

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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.