Housing Wire

NOVEMBER 26, 2024

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2025 to $524,225 and $1,209,750, respectively, the agency announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

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FHA loan Loans Finance Lending 370

Housing Wire

DECEMBER 20, 2024

and Pete Sessions (R-Texas) on Thursday, the bipartisan bill allows borrowers to stop paying mortgage insurance once their loan-to-value (LTV) ratio reaches 78%, rather than paying it for the life of the loan. This is comparable to existing policies in the market for conventional loans backed by Fannie Mae and Freddie Mac.

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FHA loan Mortgages Equity Loans 418

Housing Wire

DECEMBER 6, 2023

CBC Mortgage Agency – a federally chartered housing finance agency – will offer two temporary rate buydown features for its down payment assistance (DPA) program for Federal Housing Administration (FHA) loans. The agency is the first to provide either a 2-1 rate buydown or a 1-0 rate buydown on a DPA program.

FHA loan 448

FHA loan Loans Mortgages Finance 448

Housing Wire

FEBRUARY 27, 2025

Higher payments across loan types Borrowers across different mortgage programs also saw their payments rise. FHA loan applicants faced a median monthly payment of $1,934, up from $1,866 in December. Conventional loan applicants saw their median payment increase to $2,225, up from $2,128. Nevada (254.3) Arizona (218.7)

Mortgages 410

Mortgages FHA loan Loans As-is 410

Housing Wire

FEBRUARY 13, 2025

Jumbo mortgage rates were up 2 bps, VA loan rates were up 4 bps and FHA loan rates remained unchanged. Optimal Blue reported that after hitting a multiyear low in December, the conforming loan share edged up slightly to 51% of total production but remained near record lows.

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VA loan FHA loan Mortgages Loans 335

Housing Wire

DECEMBER 17, 2024

“The FHA share of applications, at 28%, continues to show that first-time homebuyers account for a significant share of new home demand. Conventional loans accounted for 61.6% of applications, Federal Housing Administration (FHA) loans for 28% and U.S. Department of Veterans Affairs (VA) loans for 9.9%

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FHA loan VA loan Mortgages Loans 397

Housing Wire

MARCH 5, 2025

According to the MBA, rates for Federal Housing Administration (FHA) loans dipped to 6.42%, while refinance activity posted its fastest pace since October 2024. “Since government loans tend to have lower interest rates and easier qualifications than conventional loans, the increase is exacerbated with these programs.

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Loan Officer Loans VA loan FHA loan 339

Housing Wire

JANUARY 22, 2025

Federal Housing Administration (FHA) loan borrowers must maintain escrow accounts for the entire loan cycle, regardless of equity. After that, 70% had higher homeowners’ insurance and 57% had higher premiums. Escrow accounts are required for conventional borrowers with 20% or less equity in their homes.

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FHA loan Fixed-rate mortgage Equity Mortgages 397

Housing Wire

DECEMBER 9, 2024

Heres your game plan: Check your credit: A score of 640 opens the door to FHA loans and down payment assistance programs. If 2024 was a rollercoaster, 2025 is shaping up to be a championship gameand every buyer , seller and homeowner has a shot at winning big. Wrapping up 2024 Lets get one thing straight: 2024 kept us on our toes.

Mortgages 370

Mortgages FHA loan Closing costs Staging 370

Housing Wire

FEBRUARY 13, 2025

Critical defects were found on 1.51% of all loans in the third quarter, a 17% decline from the defect rate of 1.81% in the second quarter. Loan applicants also struggled as rising premiums made it difficult for them to qualify for mortgages due to higher debt-to-income ratios.

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Debt-to-income ratio Mortgages FHA loan Loans 322

Housing Wire

JANUARY 9, 2025

The column is likely referencing the Home Equity Conversion Mortgage ( HECM ) program insured by the Federal Housing Administration (FHA). Loan proceeds are dependent on the amount of equity in the home and current interest rates, the column noted, and there are multiple disbursement options available, the column noted.

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FHA loan Mortgages Equity Closing costs 370

Housing Wire

JANUARY 15, 2025

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances and 30-year fixed-rate mortgages backed by the FHA both saw increases for jumbo loans it was an increase to 7.05% from 6.99%, and for FHA loans the interest rate reached 6.76% from 6.65%. Bond yields in the U.S.

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Fixed-rate mortgage Mortgages FHA loan Loans 370

Housing Wire

SEPTEMBER 5, 2024

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

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FHA loan Debt-to-income ratio Inspection Finance 476

Housing Wire

JANUARY 5, 2021

For example, some loans require as little as 3% down. . These loans are some of the most common because prospective homebuyers can put down as little as 3%. They also provide more flexibility, with some conventional loans offering anywhere between a 10 to 30 year fixed mortgage rate. What type of loan: FHA loan.

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FHA loan VA loan Loans Mortgages 546

Housing Wire

OCTOBER 4, 2023

But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained. “So It was a similar story for Steve Miller, branch manager and senior loan officer at Embrace Home Loans.

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FHA loan Loans Loan Officer Mortgages 468

Housing Wire

SEPTEMBER 9, 2024

the parent of digital lender Better.com , rolled out its Federal Housing Administration (FHA) streamline refinance program on Monday. Better Home & Finance Holding Co. , In its second-quarter 2024 financial earnings, Better.com posted a net loss of $42.2 million, an improvement from the previous quarter’s loss of $51.5 million.

FHA loan 448

FHA loan Loans Closing costs Finance 448

Housing Wire

NOVEMBER 10, 2023

Redfin classified purchases as all-cash when transactions had no mortgage loan information on the deed. FHA loan usage increases in September As sellers field fewer offers, buyers with FHA loans may have greater luck to close on a home. In cities with a notable military presence, VA loans have high usage.

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FHA loan VA loan Mortgages Loans 468

Housing Wire

JULY 21, 2023

Before the 2008 housing crisis, home sellers would offer DPA to FHA borrowers and raise the sales price to cover the cost, creating exaggerated losses for the FHA program. As an alternative solution, Tozer floated the idea of making the FHA program a zero-down-payment program – a proposal first made by the George W.

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FHA loan Loans Mortgages Sales 370

Housing Wire

OCTOBER 30, 2023

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. The program is available nationwide through the retail channel for first-time and repeat homebuyers applying for FHA 30-year, fixed-rate purchase loans.

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FHA loan Loans Lending Finance 493

Housing Wire

DECEMBER 2, 2020

Given massive year-over-year gains in home prices , the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. LOs are only human — Tech is necessary to keep up with max loan volumes.

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Loans FHA loan Mortgages Construction 534

Housing Wire

DECEMBER 18, 2020

Conventional loans. A conventional loan is a smart way to finance an income-earning property. The differences between FHA, VA, and USDA mortgages. If you plan to use the property as an investment (you’ll have to indicate so on your loan application), then you could face more stringent qualifying requirements.

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FHA loan Hard money loan Loans Loan Officer 488

Housing Wire

APRIL 9, 2024

With the Federal Reserve gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10-basis point tax on Fannie Mae and Freddie Mac loans for another decade — not based on loan risk, but to pay for non-housing spending.

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FHA loan Loans Title Mortgages 476

Housing Wire

OCTOBER 16, 2024

Appraisal management software company Reggora is adding a repurchase and loan-level price adjustment (LLPA) warranty to its appraisal review solution. “Eliminating the need to manually underwrite the vast majority of appraisals goes well beyond a technology improvement and truly allows lenders to close loans faster at a lower cost.”

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FHA loan Mortgages Loans Technology 435

Housing Wire

NOVEMBER 9, 2023

A total of 224 programs will fund certain upfront loan fees including the upfront mortgage insurance premium on FHA loans , the funding fee on VA loans and the guarantee fees on USDA loans. Of the 295 programs, 253 will fund permanent buydowns and 66 will subsidize temporary buydowns.

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FHA loan VA loan Finance Loans 482

Housing Wire

MAY 14, 2024

With the Fed gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10 basis point tax on Fannie Mae and Freddie Mac loans for another decade – not based on loan risk, but to pay for non-housing spending.

FHA loan 449

FHA loan Loans Title Mortgages 449

Housing Wire

JUNE 18, 2024

Servicers of Federal Housing Administration (FHA) loans are required to conduct inspections in a timely fashion, and any deficiencies are corrected per the Real Estate Assessment Center protocol,” Broeksmit said in the letter. A final rule was published in May 2023 that requires inspectors to use NSPIRE protocols.

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Housing Wire

NOVEMBER 16, 2020

If you’re using a home loan to buy a house, then you could have two types of insurance in your future, home insurance and mortgage insurance. Mortgage insurance is required on all FHA loans, and it’s sometimes required on conventional mortgages, too. For many borrowers, this insurance will be required for the entire loan term.

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FHA loan Mortgages Loan Officer Loans 468

Housing Wire

MARCH 25, 2021

Mortgage insurance is required on all FHA loans, but the cost varies. With FHA loans , the premium depends on the loan balance and down payment size. In some cases, home owners can cancel an FHA mortgage insurance after 11 years. By 2020’s end, USMI members held more than $6.3

Industrial 544

Industrial Mortgages FHA loan Finance 544

Housing Wire

AUGUST 12, 2024

The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% for conventional purchase loans backed by Fannie Mae and Freddie Mac. The calculations were based on the number of purchase loans in CoreLogic public records.

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Loans FHA loan Equity Closing costs 476

Housing Wire

JUNE 11, 2024

In practice, the direct endorsement authority allows lenders to underwrite single-family mortgages and submit them to FHA for insurance endorsement. Open Mortgage’s termination is based on the “poor performance” of these loans, HUD stated. Cases in the early stages may be transferred to other lenders with an FHA approval.

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FHA loan Mortgages Loan Officer Loans 476

Housing Wire

SEPTEMBER 14, 2023

FHA guidelines require a two-year work history and allow for a gap of one month or longer in employment with a letter of explanation. Department of Housing and Urban Development ( HUD ) called FHA Connection, a database used to insure and generate FHA case numbers associated with the borrower’s home loan application.

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Loan Officer FHA loan Loans Mortgages 418

Housing Wire

MARCH 25, 2021

Do I need to pay off my student loans before buying my first home? What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. For example, a conventional loan lets you put as little as 3% down.

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

MARCH 5, 2025

Kan added that the FHA rate dipped to 6.42% and refinance activity saw its fastest pace since October 2024. The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months, he shared. Mortgage applications increased 20.4% of total applications from 38.9%

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Fixed-rate mortgage VA loan Mortgages Loans 505

Housing Wire

FEBRUARY 23, 2024

Mortgage servicers, regulators and economists are closely watching the delinquency rates for Federal Housing Administration (FHA) loans following a spike in the fourth quarter of 2023. But experts also say the situation is not as bad as the one experienced during the COVID-19 pandemic.

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Industrial Closing FHA loan Loans 482

Housing Wire

MARCH 22, 2023

The less competitive market has also resulted in more buyers using FHA and VA loans. In January, 16% of mortgaged home sales used an FHA loan , up from 13.3% a year ago, while the share of mortgaged sales using VA loans rose to 7.5% Detroit saw the highest share of FHA loans at 29.5% a year prior.

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VA loan FHA loan Loans Mortgages 435

Housing Wire

JUNE 1, 2023

The Federal Housing Finance Agency (FHFA) officially implemented an updated pricing framework for Loan-Level Price Adjustments (LLPAs) in May to improve homeownership prospects for first-time homebuyers with lower income and weaker credit scores. We spoke to multiple loan officers and Washington, D.C.-based

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FHA loan Loan Officer Loans Mortgages 370

Housing Wire

DECEMBER 27, 2022

The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in the coal mine by several industry experts who track the sector and are seeing early warning signs of distress. Those forces are now shaking the timbers of the federal loan-guarantee program. .

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FHA loan Loans Mortgages Equity 497