Housing Wire

MARCH 21, 2024

Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week. Borrowers are not generally aware of this cost, but the impact is clear,” said the CHLA.

Closing costs 482

Closing costs Loans Title Finance 482

Housing Wire

APRIL 30, 2024

The Federal Housing Finance Agency (FHFA) this week released its fair lending final rule, following up on a proposal made last year in alignment with plans first laid out in 2022 by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The rule itself goes into effect 60 days after its publication in the Federal Register.

Lending 454

Lending Finance Closing costs Closing 454

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. Meanwhile, trade groups representing lenders believe that more details on the settlement are needed to understand its coming impact on the housing market.

Industrial 514

Industrial Seller concession Purchase and sale agreement Agents 514

Housing Wire

APRIL 15, 2024

Based on the selling guides in use by the GSEs, property sellers are allowed to make financing concessions toward the borrower’s closing costs at a maximum amount of 2% to 9% of the property value. NAR has also reached out to the U.S.

Agents 532

Agents Seller concession VA loan Finance 532

Housing Wire

NOVEMBER 7, 2023

VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. “It These clients are typically low on funds, which is why they need this type of financing. “But agent commissions have never been a closing cost from a buyer perspective.

VA loan 482

VA loan Agents Seller concession FHA loan 482

Housing Wire

MARCH 7, 2024

Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% on a median-priced home for two years, and it is estimated to “help more than 3.5

Construction 535

Construction Closing costs Renovation Title 535

Housing Wire

SEPTEMBER 9, 2024

Better Home & Finance Holding Co. , With this launch, we are reducing the traditional barriers that exist for FHA borrowers and delivering flexible financing solutions at a timely moment for consumers across the country,” Vishal Garg , CEO and founder of Better.com, said in a statement.

FHA loan 448

FHA loan Loans Closing costs Finance 448

Housing Wire

NOVEMBER 15, 2024

The Ohio-based builder is offering discounts of up to $20,000 on select homes in Greater Houston , along with no-cost 2/1 rate buydowns , and slashing prices by as much as $93,850 in other markets like Chicago. That’s right, there are Black Friday home sales!

Fixed-rate mortgage 418

Fixed-rate mortgage Closing costs Residential Finance 418

Housing Wire

FEBRUARY 28, 2024

Top 10 mortgage lender and servicer Newrez is partnering with Newzip , a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs. They will also be offered closing cost credits of up to 0.5% They will also be offered closing cost credits of up to 0.5%

Closing costs 448

Closing costs Loan Officer Closing Loans 448

Housing Wire

MAY 1, 2024

First-generation homebuyers as a cohort are “less likely to receive financial assistance from parents to help with the down payment and other upfront costs when purchasing a home,” according to Freddie Mac. Identification of a loan under these conditions is currently optional, the bulletin explained.

Mortgages 459

Mortgages Finance Loans Closing costs 459

Housing Wire

AUGUST 12, 2024

They are usually used to finance the down payment or closing costs and typically work in an 80-10-10 structure with the first mortgage covering 80% of the total cost, the piggyback covering 10% and the borrower paying the remaining 10%. This is according to a CoreLogic report published on Monday.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

MARCH 28, 2023

Those looking to buy a home can earn 5% back by using the Rocket Visa Signature Card for up to $8,000 that can be used toward closing costs and down payments. In turn, homebuyers can use points to get discounts on their closing costs in the future.

Closing costs 435

Closing costs Finance Principal Mortgages 435

Housing Wire

JULY 26, 2024

Whether you’re a year away from selling or hoping to close in a few months, a timeline is important for all parties, especially if your family member needs to sell an existing home, secure financing, and arrange moving details. Discuss financing. Why is selling to a family member different? Establish a timeline.

Purchase and sale agreement 459

Purchase and sale agreement Finance Closing costs Closing 459

Housing Wire

NOVEMBER 9, 2023

For this reason, many programs now allow funds to be used for buydowns and other popular financing strategies that take the edge off of monthly mortgage payments,” Rob Chrane, founder and CEO of DPR, said in a statement. Buydowns have become a preferred financing strategy for borrowers as mortgage rates have surged.

FHA loan 482

FHA loan VA loan Finance Loans 482

Housing Wire

MARCH 8, 2024

Despite the protests of the title insurance industry, Fitch Ratings does not believe the lender title insurance waiver pilot program for certain refinance transactions announced by the Federal Housing Finance Agency (FHFA) on Thursday will have an impact on title insurer ratings. Soham Bhonsle, an analyst at BTIG, shares a similar outlook.

Title 458

Title Industrial Land Closing costs 458

Housing Wire

MAY 8, 2023

Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. “With BorrowSmart Access, we’re delivering on that mission by providing ways to reduce cost in the homebuying process.”

Debt-to-income ratio 435

Debt-to-income ratio Closing costs Finance Lending 435

Housing Wire

DECEMBER 14, 2023

The government sponsored entities is part of its Equitable Housing Finance Plans , which are required by their regulator Federal Housing Finance Agency (FHFA). The initial version of the GSE’s Equitable Housing Finance Plans were approved in the summer of 2022 by the FHFA.

Title 460

Title Land Finance Loans 460

Housing Wire

MARCH 25, 2021

Contrary to popular belief, not every millennial is struggling with their finances. With closing costs, insurance, furniture, etc. Moral of the story: Take a good look at your finances before packing your bags and buying your first-home. Do I need to pay off my student loans before buying my first home?

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

SEPTEMBER 9, 2024

“We really think closing costs can be a significant obstacle to refinancing,” Chopra said at an AI and technology conference jointly hosted by ICE Mortgage Technology and the National Housing Conference at the New York Stock Exchange on Monday. At least when it comes to redundancies with refinancings, that is.

Mortgages 476

Mortgages Closing costs Title Technology 476

Housing Wire

MAY 5, 2023

announced on Thursday that the Optimal Blue product, pricing and eligibility engine (PPE) has added investor content from 54 state-based housing finance agencies (HFAs). HFAs provide affordable homeownership options to low- and moderate-income borrowers through down payment and closing cost assistance, as well as reduced mortgage payments.

Investor 396

Investor Finance MLS Closing costs 396

Housing Wire

MARCH 28, 2024

At the moment, IPCs “include concessions from the seller to the buyer for items that are traditionally paid by the buyer such as loan closing costs or rate buy-downs,” but as buyer agents are customarily paid by the listing agent, their fees are excluded from caps on the IPCs. Sellers or buyers can pay the buyer’s agent’s fees.

VA loan 476

VA loan Closing costs MLS Loans 476

Housing Wire

AUGUST 14, 2023

The pilot program was said to have been a component of the government sponsored entities’ (GSEs) Equitable Housing Finance Plans , which are required by their regulator Federal Housing Finance Agency (FHFA). The initial version of the GSE’s Equitable Housing Finance Plans were approved in the summer of 2022 by the FHFA.

Title 370

Title Closing costs Finance Land 370

Housing Wire

JULY 4, 2024

Current market challenges The real estate market is currently characterized by a complex interplay of factors: Interest Rate Volatility: Fluctuating interest rates have made it difficult for potential buyers to predict the cost of financing a home. This dream, however, seems to be facing challenges.

Pre-qualification 476

Pre-qualification Pre-approval Seller concession Finance 476

Housing Wire

FEBRUARY 15, 2024

And that’s how Saller’s clients — siblings in their early 20s — can close on a $335,000, three-bedroom condominium in Jackson, New Jersey, early in March. They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). said Michael Ullmann, a producing branch leader at Movement Mortgage.

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

JUNE 21, 2024

These closing costs are limited to the “actual charges from the appraisals and title companies with no administrative costs added by the Board,” and the administration of the reverse mortgage itself is handled by state housing staff “who can easily be personally contacted for any questions or assistance.

Mortgages 396

Mortgages Equity Finance Closing costs 396

Housing Wire

MAY 17, 2024

Increasing our Closing Guarantee to $20,000 is a reflection of our confidence in getting customers into their new home without delay.” The grant can be combined with state and local homebuyer assistance to lower the interest rate and/or reduce the closing costs and down payment. Dimon wrote.

Lending 476

Lending Closing Banks Closing costs 476

Housing Wire

SEPTEMBER 10, 2022

The SPCP, called “closing the gap,” permits a 1% down payment with a free appraisal, free home warranty program, free homebuying counseling and financial assistance with closing costs. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

Loans 448

Loans Closing costs Development Finance 448

Housing Wire

NOVEMBER 2, 2022

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. Once the home arrives on site and is placed on a permanent foundation, it becomes a real property and is able to be financed through a mortgage.

Loans 418

Loans Mortgages Land Finance 418

Housing Wire

APRIL 7, 2021

How are your finances? Not to mention, if your finances are solid, you’ll be able to afford all those extra housing expenses. Whether it’s a sibling, friend, or co-worker, you’ve seen someone go through the first-time home buying process – and it probably looked really complicated. Not to mention, expensive. Yes, seriously.).

Debt-to-income ratio 476

Debt-to-income ratio Fixed-rate mortgage Finance Loans 476

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. This is a plus of homeownership, a fixed long-term debt cost while their wages rise every year. It’s not an investment.”.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

NOVEMBER 3, 2021

The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. That puts the 44 million households who rent at a significant disadvantage when they seek financing for a home, a car or even an education.

Finance 468

Finance Closing costs Property Management Equity 468

Housing Wire

DECEMBER 21, 2023

Benefits can include: No down payment Competitive interest rates No private mortgage insurance (PMI) Limited or no closing costs Funding fee waived for service-connected disabled veterans More favorable credit criteria Loan types There are a number of VA loan options to meet the needs of today’s veteran buyers, including purchase and refinance.

VA loan 468

VA loan Loans Mortgages Lending 468

Housing Wire

OCTOBER 13, 2022

Now, thanks to United Wholesale Mortgage (UWM) CEO Mat Ishbia’s recent announcement that his company is hiring attorneys to review title and closing documents, AOLs and the risks associated with them, have been a hot topic at this year’s ALTA One conference. In some ways it could cost them more. This is a top priority for ALTA.”.

Title 410

Title Closing costs Title search Closing 410

Housing Wire

AUGUST 5, 2022

Even if home prices experience modest declines in the coming months, many homeowners will still have adequate equity to make a HELOC an attractive alternative for their financing needs. Not only would the homeowner incur closing costs, but in most cases, the borrower would also have to stomach a higher rate on the existing mortgage balance.

Equity 448

Equity Lending Closing costs Mortgages 448

Housing Wire

FEBRUARY 10, 2022

The Federal Housing Finance Agency has prioritized expanding access to credit while prioritizing safety and soundness. In November, Freddie Mac announced it would encourage landlords to provide access to rental payment data, by recouping a portion of closing costs for properties it finances. It reported $2.7

Loan Officer 418

Loan Officer Finance Loans Banks 418

Housing Wire

AUGUST 4, 2022

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. Why any lender would create a downpayment assistance fund with its own money — rather than that of a state housing finance agency or other source — is not clear from Fannie Mae’s guidance.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

JULY 1, 2024

The long-term logic of stock cannot beat the immediate crisis of rising housing costs and stagnant wages emptying American bank accounts. The Federal Housing Finance Agency recently launched its first round of shared equity programs through Fannie Mae and Freddie Mac.

Equity 530

Equity Banks Investor Finance 530