Tim Lucas

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Homeowners at 23: How This Couple Overcame Housing Market Challenges

1 month ago | mortgageresearch.com | Mary Beth Eastman |Tim Lucas

A couple in their early 20s leveraged every advantage to become ultra-young homeowners. Other buyers can do the same. How old is the average homebuyer? Not 30. Not 40. Not even 50. The average age of a homebuyer in 2024 was 56, according to research from the National Association of Realtors. Seems high, right? It is. The previous year, the average age was 49.
Are New Construction Homes Even Worth Buying Anymore? How To Protect Yourself

2 months ago | mortgageresearch.com | Mary Beth Eastman |Tim Lucas

Not all new construction homes are trouble-free. You have to remain diligent despite buying a brand-new home. Paper-thin drywall. Crooked moldings. Cracked grout and tiles. Framing gaps so wide you could drive a truck through them. There are plenty of new-home horror stories on social media these days. Are today’s new construction homes really crafted with such shoddy workmanship? And if so, is the only solution to grit your teeth and buy a Victorian-era money pit?
Buying a House As a Single Person in a Market Geared for Two

2 months ago | mortgageresearch.com | Mary Beth Eastman |Tim Lucas

Single homebuyers have an uphill battle as home affordability deteriorates. But single-income buyers can still afford to buy if they plan ahead and get creative. More than two-thirds of people who buy a home these days are married, according to a report from the National Association of Realtors. In a housing market that feels more unaffordable by the day, that figure makes sense. After all, it should be easier to buy a home when you have two incomes to work with instead of just one.
USDA Streamline Refinance Options: What to Know in 2025

2 months ago | mortgageresearch.com | Deborah Kearns |Tim Lucas

FeatureUSDA StreamlinedUSDA Streamlined-AssistCredit CheckRequiredNot requiredIncome VerificationRequiredNot requiredAppraisalNot usually requiredNot requiredPayment ReductionNot requiredMust save $50/monthEligible Property TypesPrimary residence onlyPrimary residence onlyMax Loan-to-Value Ratio100%100% and guarantee feeWhat Is a USDA Streamlined Refinance? The USDA’s streamlined refinance programs make refinancing your current USDA loan simpler.
Can You Get a Barndominium for Zero Down With a USDA Loan?

2 months ago | mortgageresearch.com | Deborah Kearns |Tim Lucas

It's possible to buy or build a barndominium with a zero-down USDA loan. But expect some serious legwork to find a lender and builder. If living in the country is on your vision board, you might be able to make that dream a reality with a government-backed USDA loan to buy or build a barndominium. This 0% down mortgage option can help you build or buy a barndominium, as long as you meet borrowing guidelines and the property and location qualify for USDA financing.
More Buyers Getting Down Payment Gifts from the Bank of Mom and Dad

2 months ago | mortgageresearch.com | Mary Beth Eastman |Tim Lucas

Real estate professionals are seeing many younger buyers receive large financial gifts from parents to help with them afford a house. But down payment assistance from other sources can help buyers without this luxury. Wondering how the 25-year-old down the street could possibly afford their new home? It could be because they had significant help.
What Is a Mortgage Credit Certificate (MCC)?

Jan 27, 2025 | mortgageresearch.com | Craig Berry |Tim Lucas

A Mortgage Credit Certificate (MCC) is a federal tax credit program that allows eligible first-time homebuyers to claim a portion of their annual mortgage interest as a dollar-for-dollar reduction on their federal taxes. Issued by state or local governments, MCCs help make homeownership more affordable but are not loans or direct payments.
2025 Mortgage Rates Forecast: The Case for 5% Rates

Jan 17, 2025 | mortgageresearch.com | Tim Lucas

History has proven that high rates don't last long, just two years and nine months on average. Here's how that trend could affect 2025 mortgage rates. One thing you can count on in life is that forecasts are off in one way or another. So why not swing for the fences and make a bold prediction for 2025? Here’s mine: 5% mortgage rates in 2025. Keep in mind that this is just my opinion. And by 5%, I’m thinking perhaps low 5s, but perhaps closer to 5.5%.
Second Mortgage vs. Home Equity Loan

Jan 13, 2025 | mortgageresearch.com | Craig Berry |Tim Lucas

For homeowners looking to access the equity in their home, second mortgages and home equity loans are two popular options. When referring to a second mortgage vs. a home equity loan, you’re really talking about the same thing. A home equity loan is a type of second mortgage on a home that’s secured by the underlying property. But, it’s not the only type of second mortgage available.
FHA Loan Income Requirements - Updated for 2025

Dec 9, 2024 | mortgageresearch.com | Jonathan Davis |Tim Lucas

Do FHA Loans Have Income Limits? Many homebuyers wonder if they make too much to qualify for an FHA loan. Fortunately, FHA does not have income limits. You could make $1 million per year and still be eligible. This sets FHA apart from other loans like USDA, and from various down payment assistance programs which do have limits. FHA loans do not have minimum income limits, either. You just need to make enough to qualify for the house payment and service all other debts.