“If you think that changes in mortgage lending restrictions and improving home values will entice people to buy homes, think again. According to a recent Zillow Home Price Expectations survey, many experts believe renters are content to stay where they are — at least in the near term,” writes Amy Swinderman at Inman.
How long before we get looser lending restrictions? Or to put it a different way, how long will it take for politicians to instruct lenders to go back to no-doc loans? Clearly, the nation needs renters to buy houses.
If you are looking to buy a house, skip the banks, credit unions are making great mortgage deals. In the Los Angeles Times, Kenneth R. Harney writes “Consider joining a credit union that is aggressively expanding its mortgage business. Credit unions have been increasing their presence in housing — more than quadrupling their share of total mortgage market volume in the last nine years, according to the National Assn. of Federal Credit Unions — by offering deals you simply can’t find at most banks.”
- For instance, Navy Federal Credit Union – zero-down payments, no private mortgage insurance premiums, plus the standard low-down payment menus of the Federal Housing Administration (3.5% minimum) and the Department of Veterans Affairs (zero minimum) loans.
- First Financial of Maryland Federal Credit Union as low as 5%
Soon, I suspect, Banks and other lending organizations will be competing for the business
Seems odd that these mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.
If you want to look at credit unions in Maryland, go to CreditUnionLookup.com.
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