Ep. 56 - May Lending Update: April Showers Bring May Price Adjustments

Big news on the lending front and excellent opportunities to invest in real estate! In this episode, we discuss the latest updates. LPAs, interest rates, 40-year mortgages, FHA loans—we tackle that and more. You’ll discover why inventory remains tight, why home prices are rising, and changes within the mortgage industry. We also delve deep into the impact of the Federal Reserve's policy increases on the financial system in America and how it affects buying a house today. You’ll also be armed with data from CoreLogic on what home prices are doing and forecasts of what they will do in the near future.

So, tune in to get all the details on the latest lending updates and what they mean for homebuyers and investors!

[00:01 - 06:44] Home prices continue to rise despite rising interest rates: CoreLogic data shows twice the average increase

[06:45 - 11:15] FHA’s 40-year mortgages misconception and a look at the reality of trigger lead calls

[11:16 - 20:40] Trigger leads: deceptive practices in mortgage and the proposed bill to stop them

[20:41 - 26:54] Rate update with a twist: financial crisis looms as Federal Reserve tightens and banks collapse

[26:55 - 40:02] Fannie Mae adjusts loan level pricing to promote affordable housing and its impact on credit scores

[40:03 - 45:42] Mortgage industry reactions to policy changes

Quotes:
"Too good to be true. So, If you see the headlines, ‘FHA allowing for 40-year mortgages,’ understand that is for loan modifications." - David Halverson

"If you're listening to this, call your congressman and tell them to vote HR 2656 cause is in proposal and goes into session in June. So tell them to vote that." - Quinton Harris

"The Federal Reserve will tighten as much as they can until a financial crisis steps in and says, Hey, no more tightening." - Quinton Harris

"Fannie Mae's mission is to facilitate equitable and sustainable access to home ownership and quality, affordable renting house rental housing across America." - Daniel Halverson

"There are situations where people with higher credit scores get better interest rates now." - Daniel Halverson

Resources Mentioned:
CoreLogic: Home Prices May 2023
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Federal Trade Commission - Do Not Call

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