Presidential Team - NOVA Home Loans

07/08/2024

Art Nava, are we going to see you this Saturday night at Whiskey Roads for Bike & Brewski??

01/04/2024

Big News for Reverse Mortgages!
Home loan rates have significantly improved. What does this mean for you? More dollars in your pocket! If you were short 20-40K to close due to higher rates, it's time to revisit your options. And if you were undecided, this rate drop could be the deciding factor. Just the other day, I helped a client get the cash out they needed – you could be next! Let's talk and make your financial goals a reality.

05/10/2023

The FHFA on Wednesday announced that it would rescind a controversial upfront fee for conventional borrowers with DTI levels at or above 40%.

12/01/2022

Jobless Claims
Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, decreased 16,000 to 225,000. It’s important to note that this is still a new crop of people filing for unemployment benefits from last week. Additionally, last week was Thanksgiving, and if it were not for the holiday, initial claims would have likely been higher. And once they are let go, they are having a hard time finding a new job. This is evidenced in Continuing Claims, or those that continue to receive benefits after their initial claims, which rose 57,000 to 1.61M. This is a good figure as it is measuring two weeks ago. They have now risen by more than 260,000 over the last 8 weeks and are at the highest level in 9 months.

Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, decreased 16,000 to 225,000. It’s important to note that this is still a new crop of people filing for unemployment benefits from last week. Additionally, last week was Thanksgiving, and if it w...

11/18/2022

NAHB Housing Market Index
The November NAHB home builder survey fell from 38 to 33, which was three points beneath estimates. -Present conditions - fell 6 pts to 39 -Future outlook fell 4 pts to 31 -Prospective Buyers Traffic dropped another 5 pts to just 20 vs the Covid low of 13 The NAHB said “To bring more buyers into the marketplace, 59% of the builders report using incentives, with a big increase in usage from September to November. For example, in November, 25% of builders say they are paying points for buyers, up from 13% in September. Mortgage rate buy-downs rose from 19% to 27% over the same time frame. And 37% of builders cut prices in November, up from 26% in September, with an average price of reduction of 6%.” This compares with the 10-12% price cuts in 2008. Part of the reason for such pessimism from builders - A squeeze on profit margins, “Even as home prices moderate, building costs, labor and materials – particularly for concrete – have yet to follow.”

The November NAHB home builder survey fell from 38 to 33, which was three points beneath estimates. -Present conditions - fell 6 pts to 39 -Future outlook fell 4 pts to 31 -Prospective Buyers Traffic dropped another 5 pts to just 20 vs the Covid low of 13 The NAHB said “To bring more buyers into t...