Remove Banks Remove Closing costs Remove Loans
article thumbnail

Wells Fargo extends $5,000 closing cost credit

Housing Wire

Wells Fargo ’s program that provides up to $5,000 in closing costs for low- and moderate-income families to purchase a home has been extended to an additional 16 metro areas, the bank announced on Monday. It can be used to pay nonrecurring closing costs, such as appraisal, processing, title and recording fees.

article thumbnail

Rocket launches loyalty program, gives discount for closing costs

Housing Wire

In the first phase of the program, customers can use points to get discounts on their closing costs when purchase a home through the subsidiary Rocket Mortgage. To start, customers will receive a 7,500-point welcome bonus on their first reward activity – or $75 in savings on closing costs. billion in the first quarter.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wells Fargo expands $10K down payment grant program

Housing Wire

The funds can only be used toward the down payment on a primary residence with the use of a fixed-rate conventional loan through Wells Fargo. In August 2023 , the bank announced the launch of the program in eight major U.S. In August 2023 , the bank announced the launch of the program in eight major U.S. The bank’s Dream.

Lending 397
article thumbnail

The risk of zero-down loans while the Fed talks recession

Housing Wire

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. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 544
article thumbnail

Legacy Home Loans launches SPCP for Black borrowers

Housing Wire

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

Loans 448
article thumbnail

Are Closing Costs Tax Deductible When Selling a House?

HomeLight

In this post, we explore the question: Are closing costs tax deductible? What are examples of seller closing costs? When selling a home, you’ll encounter various closing costs as part of the process. On average, sellers pay between 2% and 5% of a home’s sale price in closing costs.

article thumbnail

Guaranteed Rate rolls out program to approve loans within 24 hours

Housing Wire

Chicago-headquartered lender Guaranteed Rate has expanded its program to approve loans within 24 hours nationwide. billion in closed loan volume, according to the lender. billion in closed loan volume, according to the lender. The program first rolled out to a select group of customers in 2022, resulting in $1.1

Loans 397