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.

Closing costs 482

Closing costs Loans Title Finance 482

Housing Wire

MARCH 15, 2024

At this early stage, it’s unclear how such commissions would be paid since buyers could pay their agents out of their pockets or negotiate commissions as a seller concession in the closing costs. Caccia, the LO at CCM, expects homebuyers to request a closing cost credit to cover their agents’ commissions.

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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.

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. These clients are typically low on funds, which is why they need this type of financing. Adding this cost to their side of the transactions would throw the vast majority of them out of the market entirely.”

VA loan 482

VA loan Agents Seller concession FHA loan 482

Housing Wire

JANUARY 23, 2025

The Federal Housing Finance Agency had previously estimated that the pilot could save consumers between $500 and $1,500 per transaction. In their analysis, Nigrinis and Zywicki found that borrowers refinancing their mortgage could save an estimated $2.19 billion in total or as much as $1,692 per loan.

Title 459

Title Land Loans Closing costs 459

Housing Wire

APRIL 18, 2024

The Federal Housing Finance Agency (FHFA) this week released its annual Housing Mission Report , offering insights into the actions the agency took in 2023 on a host of issues. Through the HomeReady First SPCP, Fannie Mae acquired 921 loans with a total of more than $5 million in down payment or closing cost assistance, the report stated.

Closing costs 447

Closing costs Loans Design Finance 447

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.

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FHA loan Loans Closing costs Finance 448

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

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% The program is only eligible for loans that close through Newrez.

Closing costs 448

Closing costs Loan Officer Closing Loans 448

Housing Wire

NOVEMBER 15, 2024

Per M/I’s website, the lower rate includes a 2/1 rate buydown on a 30-year FHA fixed-rate mortgage, a 2/1 Rate Buydown on a 30-year conventional fixed-rate mortgage, and paid closing costs. The discounts come as homebuilders’ confidence in the market remains muted.

Fixed-rate mortgage 418

Fixed-rate mortgage Closing costs Residential Finance 418

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%.

Loans 476

Loans FHA loan Equity Closing costs 476

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. It is also wary of some of the proposals.

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Construction Closing costs Renovation Title 535

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. Intergenerational wealth refers to the financial assets passed by one generation of a family to another.

Mortgages 459

Mortgages Finance Loans Closing costs 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

JULY 12, 2023

The lender said qualified buyers will receive up to $10,000 toward their downpayment/closing costs with BorrowSmart Geo-Target, or $5,000 toward their downpayment/closing costs and up to $1,000 toward home warranty and appraisal costs with the HomeReady SPCP.

Closing costs 370

Closing costs Finance Lending Development 370

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. The special purpose credit program is an extension of the government sponsored enterprise’s equitable housing finance plan.

Debt-to-income ratio 435

Debt-to-income ratio Closing costs Finance Lending 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. Closing costs are typically 3% to 6% of the purchase price.

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Purchase and sale agreement Finance Closing costs Closing 459

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.

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Title Closing costs Finance Land 370

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.

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Title Industrial Land Closing costs 459

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.

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Title Land Finance Loans 466

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.

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Investor Finance MLS Closing costs 397

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

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

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. You Make Enough Money To Have It All! buying a home is expensive.

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

JUNE 21, 2024

Board staff and participating counselors work closely with the borrowers helping to set up the reverse mortgage with closing costs often several hundreds to thousands of dollars less than similar programs.” Once they’ve completed the session, housing staff work with the participant to determine needs and financing availability.

Mortgages 397

Mortgages Equity Finance Closing costs 397

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.

VA loan 476

VA loan Closing costs MLS Loans 476

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

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). and even a portion of closing costs, depending on the program.

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

NOVEMBER 19, 2024

The Bipartisan Congressional Real Estate Caucus is calling on the Federal Housing Finance Agency (FHFA) to cease its pilot program for title insurance waivers until the program is vetted and the agency seeks public input on it. The caucus expressed this view in a letter written by Reps. Lou Correa (D-Calif.), Mark Alford (R-Mo.),

Title 418

Title Title search Closing costs Loans 418

Housing Wire

JULY 7, 2022

Top brass at Fannie Mae, in a Thursday webinar discussing its new equitable housing finance plans, argued it can. Can Fannie Mae ’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing?

Equity 448

Equity Lending Closing costs Development 448

Housing Wire

AUGUST 19, 2024

The groups criticizing CFA, and by extension, DOJ, argue that uncoupling commissions will harm first-time home buyers, especially Black and Hispanic homebuyers who may have limited resources to pay down payment and closing costs. Financed commissions would truly uncouple rates, making it possible for buyers to negotiate them.

Purchase and sale agreement 459

Purchase and sale agreement Finance Industrial Agents 459

Housing Wire

MAY 17, 2024

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. It also offers a homebuyer grant that distributes up to $7,500 in eligible areas.

Lending 481

Lending Closing Banks Closing costs 481

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. Besides a down payment, you have closing costs which on average run between 2% and 5% of your loan amount. Your Income Is Stable. You Have Savings. Buying and owning a house is expensive.

Debt-to-income ratio 476

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

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. Change is constant, and as professionals, we must adapt.

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Pre-qualification Pre-approval Seller concession Finance 476

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.

Loan Officer 418

Loan Officer Finance Loans Banks 418

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