HomeLight

OCTOBER 31, 2024

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.

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Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

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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. But not every manufactured home owner owns the land. billion in the second quarter from $53.8 billion in the first quarter.

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Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

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Housing Wire

JUNE 8, 2022

In its plan, Freddie Mac said it would purchase loans made with special purpose credit programs by lenders. It will also develop a special purpose credit program of its own, which may include down payment assistance, improved pricing or reduced fees, expanded underwriting, reserve funds for borrower hardship and expanded loan servicing.

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Housing Wire

MAY 20, 2024

“There are no monthly payments, but interest and fees are added to the loan balance each month,” she said. “So, So, in contrast to a forward mortgage, the loan balance with a reverse mortgage goes up, not down, over time. So, as the loan balance increases, your home equity decreases.” You can sell your home.

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Housing Wire

DECEMBER 14, 2023

Part of the equitable housing plans’ approach to achieving more equity includes reducing the costs and fees associated with buying a home that are often cited as a homeownership barrier for low- and moderate-income and non-white households. In fact, neither is true. The authors say these are “not economically meaningful” differences.

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Housing Wire

APRIL 18, 2024

They also added “enhancements” to the programs themselves, including the addition of “a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs,” the report stated. The GSE also purchased 6,828 loans originated through lender-sponsored SPCPs.

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Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). Presented by: Auction.com.

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Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’”

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Housing Wire

JANUARY 17, 2024

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ).

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HomeLight

APRIL 10, 2025

A bridge loan could be the solution youre looking for. Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. Buy Before You Sell What is a bridge loan, in simple words? The lender handling your new mortgage will often also offer a bridge loan option.

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Housing Wire

MARCH 1, 2021

After all, in January 2021, 30-year loans accounted for a whopping three-quarters of all mortgage originations in the country. In fact, they could actually cost you more (often significantly more) if used incorrectly. USDA loans. If you can find a home in a USDA-eligible area, you’ll definitely want to give these loans a look.

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HomeLight

APRIL 9, 2025

A bridge loan might be the solution youre looking for. Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. Buy Before You Sell What is a bridge loan, in simple words? What are the benefits of a bridge loan in Las Vegas? Why Move Twice?

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Housing Wire

JANUARY 25, 2023

Among some of the benefits the initiative claims to offer are a minimum of $5,000 for down payment and closing cost assistance and up to an additional 1% of the sales price — or $3,000 — for a maximum of $8,000 in homebuyer assistance. Its total loan volume amounted to $116 billion in 2021.

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Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

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Housing Wire

JUNE 21, 2024

The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. This is where the RAM program can come into play.

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Housing Wire

SEPTEMBER 16, 2022

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. in the first year of their loan, Rocket said. A day after Rocket’s announcement, UWM said it too would raise limits on conforming loans to $715,000.

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Housing Wire

AUGUST 6, 2021

Refinancing means taking out a new mortgage loan and replacing it with your current one. With a lower interest rate, homeowners pay less in interest and can even shorten the length of their loan. So while you might eventually save money from refinancing, you’ll also spend money on closing costs.

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HomeLight

APRIL 18, 2025

You might be curious if theres a way to access your homes equity for a down payment before it sells or if your only option is to move out and crash somewhere temporary while you house hunt. A bridge loan could be the piece that helps everything come together. Buy Before You Sell What is a bridge loan, in simple words?

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Housing Wire

APRIL 26, 2023

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list.

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Housing Wire

JULY 2, 2024

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% to its endorsement tally to finish at 534 loans, after lagging behind Mutual of Omaha Mortgage in recent months. to 56 loans, while South River Mortgage and HighTechLending also managed positive growth in June. to 594 loans for the month.

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HomeLight

APRIL 10, 2025

A bridge loan can help you buy a new home before selling your current one. In this post, well break down how bridge loans work in Charleston and share other creative solutions to help you buy before you sell. Buy Before You Sell What is a bridge loan, in simple words? How does a bridge loan work in Charleston?

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Housing Wire

AUGUST 19, 2024

Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.

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Housing Wire

JANUARY 10, 2023

With the rise in mortgage rates and inflation, concessions regained popularity, reducing the overall cost for homebuyers through money toward repairs, closing costs and mortgage-rate buydowns. ” It aimed to reduce a homebuyers’ monthly mortgage payments by a percentage point for the first year of their loan.

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Housing Wire

MARCH 2, 2021

HousingWire: What are some due diligence and underwriting challenges loan originators face today? Historically low interest rates in 2020 led to an all-time high in mortgage lending for new loans, but with forbearance moratorium deadlines being extended, some lenders are getting nervous. That’s why we offer our HomeVal hybrid solution.

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Housing Wire

AUGUST 10, 2023

The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primary residence. Mortgage , and/or Closing Cost Credit. Eligible buyers can combine the bank’s grant with other programs including — Wells Fargo’s Dream.

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Housing Wire

MARCH 7, 2024

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. The White House estimates that this “will raise an additional $3.79

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Housing Wire

NOVEMBER 30, 2023

DPAs can take various forms, such as grants, loans or second mortgages, and they are typically tailored to meet the specific needs of the target demographic. Loans: Second mortgages that are paid monthly along with your primary mortgage. With an FHA loan , borrowers can put down as little as 3.5% Many states in the U.S.

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Housing Wire

OCTOBER 21, 2021

The nation’s network of Federal Home Loan Banks (FHLBanks ) expects to be required to increase its share of investments in affordable housing. The resources help families with 80% or less of the area median income for down payments or closing costs, for example. In May, Sen. Catherine Cortez Masto (D-NV) and Rep.

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Housing Wire

MAY 25, 2023

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. These homeowners are seeking different retirement solutions to help allocate their home equity and make it more durable over the next 20 to 30 years.

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Housing Wire

FEBRUARY 10, 2022

The government-sponsored enterprise saw a 20% growth in its single-family mortgage portfolio from 2020 to 2021, driven by soaring home prices and an increase in the average size of loans it acquired. trillion in single-family loans in 2021, about two-thirds of which were refinances. It reported $2.7 Overall, Freddie Mac purchased $1.22

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Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. HW: How has the proptech space evolved in the last 5-10 years?

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Housing Wire

NOVEMBER 13, 2020

Later, you may have taken out a personal or small business loan. Eventually, you purchased your first house, maybe got a home equity line of credit. Making a loan is all about understanding who a person is and what risk they represent. Perhaps your list starts with renting your first apartment or buying your first car.

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Marco Santarelli

APRIL 19, 2025

Maybe you're dreaming of lower monthly payments, paying off your home faster, or even tapping into your home equity for some much-needed renovations. The interest rate is simply the cost you pay to borrow the money. When comparing loan offers, focus on the APR to get a true picture of the overall cost. Shorter loan term?

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Housing Wire

FEBRUARY 12, 2024

Furthermore, the average consumer is likely unaware of the variety of loan options available to them through the wholesale channel. Do they need to tap into their equity to pay off other debts? Are they interested in buying, but worried about down payment and closing costs? Do they want to pay off their mortgage faster?

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Keeping Current Matters

OCTOBER 21, 2020

During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater ). Today, the vast majority of homeowners have significant equity in their homes. Most homeowners have substantial equity in their homes.

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