Mortgage Roundup (4/1/20) – Loan Flexibility, Safe Mortgages & Spending

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Good morning! Today is Wednesday, April 1. Stock futures sank after President Trump warned Americans that it’s “going to be a painful two weeks.” A 6.5 magnitude earthquake hits Idaho. Private sector employment and construction spending numbers are due out today. 

And in mortgage and housing news …

FLEXIBILITY: The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will be more flexible on several loan processing steps to help ease the homebuying and borrowing process during the coronavirus pandemic.

FLOOD INSURANCE: FEMA announced that it is extending the grace period to renew flood insurance policies from 30 to 120 days as homeowners across the nation cope with the coronavirus pandemic. 

PATCHWORK AID: Many banks, large and small, are working on a case by case basis to address the problems stemming from the coronavirus pandemic. Getting mortgage help largely depends on which bank you use. 

SAFETY: In the coronavirus economy, the only safe mortgage is a government-backed one. 

RECESSION RISK: The 10 U.S. cities most vulnerable to a housing downturn in a coronavirus-led recession.

NOT AGAIN: The coronavirus is not likely to lead to another great recession for housing, because the housing market is stronger than it was during the 2008 crash, according to First American Financial. 

SPENDING SURVEY: A majority of Americans have cut spending in the wake of the coronavirus. 

OPTIMISM: American homebuyers report they are still optimistic about real estate, with those who are actively searching stating that they will focus more on online pictures and virtual tours as a safety precaution.

I-BUYER RESCUE: In a time of declining commissions, iBuyers could save traditional real estate brokerage

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