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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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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.