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Finance of America now offers renovation loans

Housing Wire

announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Per a study from Harvard University’s Joint Center for Housing Studies, renovation financing is expected to increase 3.3% billion in renovation loans — compared to $51.6

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Biden to call for first-time homebuyer tax credit, construction of 2 million homes

Housing Wire

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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Selling your home? Make sure you’re aware of hidden costs

Housing Wire

Home improvements and renovations are also important to buyers. A concession is when the seller agrees to pay part of a buyer’s closing costs. A seller concession could include putting money towards the inspection costs, appraisal fees, taxes or another expense. Sellers also have to pay closing costs.

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RenoFi targets homeowners who don’t qualify for HELOCs

Housing Wire

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).

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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I My renovated homes are] reducing the number of rental properties , which in our town has become a source of demise.”

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Busting VA mortgage loan myths

Housing Wire

Benefits can include: No down payment Competitive interest rates No private mortgage insurance (PMI) Limited or no closing costs Funding fee waived for service-connected disabled veterans More favorable credit criteria Loan types There are a number of VA loan options to meet the needs of today’s veteran buyers, including purchase and refinance.

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What is a 2-1 temporary rate buydown?

Housing Wire

That money can be used to furnish or renovate their new home, or go toward saving for other financial goals. In terms of cons, a 2-1 buydown does have a high upfront cost, and may only be worth it for the buyer if they can get the buydown via a seller concession.