Fannie Mae: Mortgage lenders unnecessarily restrict credit

Fannie Mae: Mortgage lenders unnecessarily restrict credit

Higher credit scores, additional documentation most common

Homeownership rate drops to 48-year low

Despite record sales, fewer Americans own homes

Case-Shiller: Home prices continue rising in May but stall on monthly basis

First-time buyers still weak; Growth to slow over next 2 years
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3 reasons right now is the best time to buy a home

The advantage is on the buyer side

young buyer
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There has never been a better time to buy a home this year.

And yet despite three major advantages for homebuyers, sales so far have been slow.

Buying is cheaper than renting in most markets. And with mortgage activity down, originators, one would think, would be bending over backwards for applicants.

More people want to be homeowners, even younger buyers. A recent Fannie Mae survey of younger renters and buyers finds that though most younger renters prefer owning, many of them may stay renters longer due to insufficient financial capability and/or preparation. They don't want to be renters – 90% would prefer to be homeowners.

Additionally, according to the latest quarterly report from the Federal Housing Finance Agency, both Fannie Mae and Freddie Mac are reducing the money set aside to cushion any blow to their business, making it fair to say this is the result of the government-sponsored enterprises betting on a continued housing recovery.

There are three reasons this may be the best time to buy a home. (Click the next page below to see the list)

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