CA could pay homeowners $40k to build a tiny home in their backyards Business Insider
California is planning to pay homeowners to build housing in their own backyards, thanks to $50 million in the state budget to incentivize more people to build accessory dwelling units, also called ADU.
It's a revival of a previous program that distributed funds through 2022, aiming to increase ADU construction amid a housing shortage in the state. Through that previous program, homeowners received grants of up to $40,000 to develop at least one additional housing unit on their property. Read more.
Migration from Bay Area to Sacramento creates “megaregion” SF Gate
More people moving to Sacramento from the Bay Area than anywhere else in the country, according to Redfin data. People moving from the Bay Area to Sacramento isn’t a new phenomenon, but COVID-19 sped up a process that experts say was inevitable, and it could have long-lasting effects on the state.
In 2020 alone, migration between San Francisco County and Sacramento County grew 70% from the previous year, a CBRE report concluded. The Sacramento region is projected to grow another 4% in the next 5 years, largely buoyed by this continued migration. Read more.
What not to do before closing on a home Bankrate
If you’re about to close on a home, making major changes to your finances could derail the closing process, and even prevent you from getting a mortgage. For example, don’t make a big purchase including furniture or appliances because it can affect your credit score. Opening a new credit card or closing an existing one can affect your standing, too.
Another major mistake to make is changing jobs when you’re about to close on a home purchase. Mortgage lenders examine your employment history for consistency, and providing additional documentation on employment to a lender can delay the closing. Read more.
Mortgage myths busted CBS News
If you’re in the market to buy a home, getting a mortgage can be intimidating because of mortgage myths that can cause confusion. By knowing these myths, you can make a more informed decision and find the right mortgage for you.
Don't fall prey to the common mortgage myths that you must make a 20 percent down payment. While it’s a general rule of thumb, that doesn't mean you can't buy one with a smaller down payment. Another myth is that you need a perfect credit score. Having good credit is important when applying for a mortgage, but it's not the only factor lenders consider. Read more.
Interest rates rise as mortgage demand drops for third straight week CNBC
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased last week to 6.93% from 6.87%, with points rising to 0.68 from 0.65 for loans with a 20% down payment, the Mortgage Bankers Association reported. The rate was 5.43% the same week one year ago. Rates have held above 6.5% since the end of May.
Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA’s seasonally adjusted index. Applications were 26% lower than the same week one year ago. Read more.