Closing, Closing costs and Finance - Residential Realty Today

Rocket Mortgage to buyers: Use a partner agent, save big on closing costs

Housing Wire

APRIL 3, 2023

Rocket Mortgage is throwing a big incentive at spring homebuyers, offering them up to $10,000 in closing cost credits if they work with a real estate agent through its affiliate, Rocket Homes. of their loan amount to put toward closing costs, helping defray upfront costs. billion in the third quarter.

Closing costs

Closing costs Closing Agents Mortgages

Black Friday deals on a new home? Here you go

Housing Wire

NOVEMBER 15, 2024

Chicago’s offerings include doorbuster deals on Quick Move-In homes, which reduce pricing up to $93,850 if the home closes this year. In Charlotte , borrowers to lock in a lower rate on select Quick Move-In homes that can close by the end of the year. The home builder’s holiday incentives range by location.

Fixed-rate mortgage

Fixed-rate mortgage Closing costs Residential Finance

Closing costs are up, but there’s a catch

Housing Wire

OCTOBER 13, 2021

The average closing costs for a single-family home increased 12.3% According to ClosingCorp, the average closing costs nationally came in at $6,837 including taxes and $3,836 excluding taxes. According to ClosingCorp, the average closing costs nationally came in at $6,837 including taxes and $3,836 excluding taxes.

Closing costs

Closing costs Closing Mortgages Industrial

Fannie Mae title pilot could save homeowners up to $1,692 per refi

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

Title Land Loans Closing costs

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

Housing Wire

JANUARY 17, 2024

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. What is reverse purchase financing? 1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade.

Finance

Finance Seller concession Loan Officer Loans

Are Closing Costs Tax Deductible When Selling a House?

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.

Closing costs

Closing costs Closing Title search Title

Opinion: The myth of financing buyer agent commissions

Housing Wire

AUGUST 30, 2024

As a salve, a vocal minority of activists say that “simply” allowing the financing of buyer-agent commissions into mortgages will resolve all concerns. For reasons both practical and legal, buyer-agent commissions are not today explicitly financeable with a mortgage. To avoid this, you’d need additional rule changes.

Finance

Finance Agents FHA loan Closing costs

Bipartisan congressional caucus calls on FHFA to halt title waiver program

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

Title Title search Closing costs Loans

From consultation to closing: The definitive homebuying checklist

Housing Wire

FEBRUARY 19, 2025

Ill share everything you need to keep the homebuying process running smoothly from your first meeting to closing and beyond. From choosing a property to navigating the closing process, youll need to do a deep dive into their wants, needs, and deal breakers. Think of this as building a roadmap for their homebuying journey.

Closing

Closing Earnest money deposit Due diligence Pre-approval

Chase Home Lending increases its closing guarantee

Housing Wire

MAY 17, 2024

has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. It also offers a homebuyer grant that distributes up to $7,500 in eligible areas.

Lending

Lending Closing Banks Commercial

Finance of America now offers renovation loans

Housing Wire

MAY 10, 2021

Lending and services platform Finance of America Inc. announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Homeowners can also use it to access financing solutions through their contractor. in 2021 to $433 billion.

Renovation

Renovation Finance Loans Lending

Reverse mortgages could be ‘practical’ long-term care funding option

Housing Wire

FEBRUARY 13, 2025

Health care information and caregiving marketplace website Care.com published an article that examines several practical ways that someone could choose to finance their long-term care (LTC) goals. HECM proceeds also do not impact eligibility for Medicaid or Supplemental Security Income (SSI), which are measured based on income and assets.

Mortgages

Mortgages Equity Loans Closing costs

Can Closing Costs Be Rolled Into Your Mortgage?

Redfin

FEBRUARY 18, 2025

Can you roll closing costs into your mortgage? Basically, folding your closing costs into your loan means you’ll need less cash upfront at closing. Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage.

Closing costs

Closing costs Closing VA loan Seller concession

Freddie Mac to offer $2,500 credit through Home Possible, HFA Advantage mortgage products

Housing Wire

FEBRUARY 5, 2024

Freddie Mac will offer a $2,500 credit for very low-income purchase borrowers to help with down payment and closing costs amid elevated interest rates and low housing supply. The credit can be used for down payments, closing costs, escrow and mortgage insurance premiums.

Mortgages

Mortgages Closing costs Finance Loans

DataDigest: How and where homebuilders are closing deals

Housing Wire

NOVEMBER 22, 2023

Builders reported covering closing costs, offering discounted or free features, helping buyers sell their existing home and providing other incentives. The Western pessimism is also unsurprising given the year-over-year declines Western states have seen in home values. Price cuts are not the only way builders are fighting for sales.

Closing

Closing Closing costs Sales Mortgages

Equifax’s Work Number is too expensive and regulators should look into it: CHLA

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

Closing costs Loans Title Finance

FHFA releases fair lending final rule

Housing Wire

APRIL 30, 2024

The Federal Housing Finance Agency (FHFA) this week released its fair lending final rule, following up on a proposal made last year in alignment with plans first laid out in 2022 by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. FHFA explained some of the actions it has taken to address housing inequality.

Lending

Lending Finance Closing costs Closing

‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

Industrial

Industrial Seller concession Purchase and sale agreement Agents

Agent commission lawsuits cast long shadow over VA, FHA borrowers

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

VA loan Agents Seller concession FHA loan

FHFA annual report highlights GSE actions on affordable housing

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

Closing costs Loans Design Finance

GSEs will not count buyer agent commissions as IPCs

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

Agents Seller concession VA loan Finance

More FHA borrowers are using piggyback loans that bear watching: CoreLogic

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

Loans FHA loan Equity Closing costs

Newrez partners with Newzip to court more homebuyers

Housing Wire

FEBRUARY 28, 2024

They will also be offered closing cost credits of up to 0.5% The program is only eligible for loans that close through Newrez. The Newrez Home Rewards program is currently available in 40 states for buy-side credits that allow consumer rebates on the closing disclosure, Newrez said in an emailed response to HousingWire.

Closing costs

Closing costs Loan Officer Closing Loans

Rocket launches its first credit card to attract buyers, homeowners

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

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Better rolls out FHA streamline refi product

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.

FHA loan

FHA loan Loans Closing costs Finance

CFPB director open to changing mortgage regs to fix refi process

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

Mortgages Closing costs Title Technology

Selling your home to a family member in 5 easy steps

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.

Purchase and sale agreement

Purchase and sale agreement Finance Closing costs Closing

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

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.

Construction

Construction Closing costs Renovation Title

Agencies aim to standardize ‘first-generation homebuyer mortgage’ definition

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

Mortgages Finance Loans Closing costs

NewRez now offers Freddie Mac’s revamped downpayment assistance program

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

Debt-to-income ratio Closing costs Finance Lending

UWM offers two SPCP for first-time homebuyers

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

Closing costs Finance Lending Development

Housing authorities and lenders added 54 homebuyer assistance programs in Q3: report

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

FHA loan VA loan Finance Loans

Legacy Home Loans launches SPCP for Black borrowers

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

Loans Closing costs Development Finance

Fannie Mae scraps title waiver pilot program

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.

Title

Title Closing costs Finance Land

Fannie Mae expands use of AOLs in selling guide update

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.

Title

Title Land Finance Loans

Montana aims to remind seniors about its ‘reverse annuity mortgage’

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

Mortgages Equity Finance Closing costs

Optimal Blue PPE adds investor content from 54 state-based HFAs

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.

Investor

Investor Finance MLS Closing costs

Title insurers reckon with attorney opinion letters

Housing Wire

OCTOBER 13, 2022

Now, thanks to United Wholesale Mortgage (UWM) CEO Mat Ishbia’s recent announcement that his company is hiring attorneys to review title and closing documents, AOLs and the risks associated with them, have been a hot topic at this year’s ALTA One conference. This is a top priority for ALTA.”.

Title

Title Closing costs Title search Closing

Title waiver pilot program will have little impact on the industry: Fitch Ratings

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.

Title

Title Industrial Land Closing costs

Can I Roll Closing Costs Into My Conventional Mortgage?

Bigger Pockets

SEPTEMBER 10, 2023

Some investors may benefit from rolling closing costs into their mortgage payments. We'll break down this strategy and explain if it makes sense for you.

Closing costs

Closing costs Closing Mortgages Investor

Busting VA mortgage loan myths

Housing Wire

DECEMBER 21, 2023

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.

VA loan

VA loan Loans Mortgages Lending

NAR, MBA ask for clarification on underwriting rules

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

VA loan Closing costs MLS Loans

Fannie Mae housing equity plan won’t expand credit box

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

Equity Lending Closing costs Development

Should I pay off student loans before buying my first home?

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

Debt-to-income ratio Loans FHA loan Finance

Rocket Mortgage to buyers: Use a partner agent, save big on closing costs

Black Friday deals on a new home? Here you go

Trending Sources

Closing costs are up, but there’s a catch

Fannie Mae title pilot could save homeowners up to $1,692 per refi

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

Are Closing Costs Tax Deductible When Selling a House?

Opinion: The myth of financing buyer agent commissions

Bipartisan congressional caucus calls on FHFA to halt title waiver program

From consultation to closing: The definitive homebuying checklist

Chase Home Lending increases its closing guarantee

Finance of America now offers renovation loans

Reverse mortgages could be ‘practical’ long-term care funding option

Can Closing Costs Be Rolled Into Your Mortgage?

Freddie Mac to offer $2,500 credit through Home Possible, HFA Advantage mortgage products

DataDigest: How and where homebuilders are closing deals

Equifax’s Work Number is too expensive and regulators should look into it: CHLA

FHFA releases fair lending final rule

‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Agent commission lawsuits cast long shadow over VA, FHA borrowers

FHFA annual report highlights GSE actions on affordable housing

GSEs will not count buyer agent commissions as IPCs

More FHA borrowers are using piggyback loans that bear watching: CoreLogic

Newrez partners with Newzip to court more homebuyers

Rocket launches its first credit card to attract buyers, homeowners

Better rolls out FHA streamline refi product

CFPB director open to changing mortgage regs to fix refi process

Selling your home to a family member in 5 easy steps

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

Agencies aim to standardize ‘first-generation homebuyer mortgage’ definition

NewRez now offers Freddie Mac’s revamped downpayment assistance program

UWM offers two SPCP for first-time homebuyers

Housing authorities and lenders added 54 homebuyer assistance programs in Q3: report

Legacy Home Loans launches SPCP for Black borrowers

Fannie Mae scraps title waiver pilot program

Fannie Mae expands use of AOLs in selling guide update

Montana aims to remind seniors about its ‘reverse annuity mortgage’

Optimal Blue PPE adds investor content from 54 state-based HFAs

Title insurers reckon with attorney opinion letters

Title waiver pilot program will have little impact on the industry: Fitch Ratings

Can I Roll Closing Costs Into My Conventional Mortgage?

Busting VA mortgage loan myths

NAR, MBA ask for clarification on underwriting rules

Fannie Mae housing equity plan won’t expand credit box

Should I pay off student loans before buying my first home?

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