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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

VA loan 482
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Fannie Mae to accept lender-funded down payment assistance

Housing Wire

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The government-sponsored enterprise will start accepting such loans immediately. The loan must be secured by a principal residence.

Loans 508
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Reverse purchase financing: The financing option no one is talking about

Housing Wire

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. They own the home with their name on the title, as with any mortgage, traditional or reverse.

Finance 482
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Rocket launches program to lower first-year mortgage payments

Housing Wire

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. Rocket said that a homebuyer with a $400,000, 30-year fixed rate mortgage with 5.75% interest would generally pay about $2,334 in principal and interest.

Mortgages 418
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Why Montana is more heavily promoting its state-run reverse mortgage program

Housing Wire

A spokesperson for the state explained that the RAM program could have more flexibility in terms of qualifications, lower closing costs and commensurately lower loan limits when compared to the national limit attached to the HECM program. But RAM loans have fundamentally different distribution pipelines, Cohen explained. “I

Mortgages 433
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Rocket reports another big financial loss, but says there’s light at the end of the tunnel

Housing Wire

billion in sold loans through its direct-to-consumer channel and $6.6 of their loan amount to put toward closing costs, helping defray upfront costs, the company said in April. The unpaid principal balance in its servicing book declined to $524.8 decline from $19 billion in Q4 2022. Rocket reported $8.1

Principal 418
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Closing Costs in Colorado: A Guide for Sellers

HomeLight

When selling a home in Colorado, understanding closing costs is important. Closing costs refer to the various fees and expenses that sellers typically incur to finalize the sale of their property. These costs include things like loan payoff amounts, real estate agent commissions, and more.