Housing Wire

MAY 24, 2024

Student loan debt may affect your home-buying goals in a few key ways. Debt-to-income ratio (DTI) Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage.

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Debt-to-income ratio Loans Pre-approval VA loan 468

Housing Wire

SEPTEMBER 27, 2023

Higher costs and rates meant customers taking out mortgages in 2022 devoted a higher share of their income towards paying home loans. The average debt-to-income ratio for Hispanic White and Black borrowers reached over 40% in 2022, about 39% among Asian applicants and 37% for non-Hispanic whites. in 2022, up from 8.3%

Debt-to-income ratio 458

Debt-to-income ratio Mortgages Fixed-rate mortgage Equity 458

Housing Wire

APRIL 7, 2021

Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high. If your DTI is in good standing and you’re consciously working to manage and pay down your debt, you might be ready to buy a house!

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

Housing Wire

SEPTEMBER 17, 2024

Eligible borrowers must have a FICO score of 680 or higher and a debt-to-income ratio of 40% or less. The maximum combined loan-to-value ratio on the property cannot exceed 70%. In June, the company closed a $215 million securitization backed by home equity investments. homeowners have a collective $11.5

Equity 458

Equity Loans Debt-to-income ratio Renovation 458

Housing Wire

AUGUST 7, 2023

Fannie Mae and Freddie Mac have had affordable lending goals for years, but the impact of closing the minority homeownership gap has not been that significant. Income and credit information are inputted into the AUS. 1 answer has been, “They understand my borrowers and know how to close my loans.”

Closing 370

Closing Fixed-rate mortgage Debt-to-income ratio Lending 370

Housing Wire

SEPTEMBER 11, 2023

Founded in 2022 by Eric Meadow, Home Sale Assured produces a “Guaranteed Backup” options contract, which enables existing homeowners to buy their next home before closing the sale of their current home. The consumer has 90 days to then close of the sale of their prior home. The terms of the deal were not disclosed.

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Debt-to-income ratio Purchase and sale agreement Sales Loans 434

Housing Wire

FEBRUARY 28, 2024

Tom Davis, chief sales officer, Deephaven Mortgage Today’s market means that more borrowers have higher debt-to-income ratios, limited access to credit and are looking for alternative ways to get qualified for a mortgage. This is because they don’t require employment or income documentation and close quickly.

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Debt-to-income ratio Mortgages Banks Equity 456

Housing Wire

AUGUST 22, 2020

“On the contrary, homeowners saving hundreds of dollars per month on their mortgages are reducing their debt-to-income ratio, which reduces risk to investors. Furthermore, lenders report reverifying employment within 24 hours of closing, further reducing credit risk,” the letter continues.

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Debt-to-income ratio Finance Mortgages Industrial 545

Housing Wire

MARCH 3, 2024

“The market in which these folks purchased their first home was one of record house prices, ballooning down payments , rising rates and elevated debt-to-income ratios (DTIs). Mortgage rates have averaged close to the 7% mark as of Feb. is more than 4 percentage points higher than for repeat buyers in recent months.

Loans 514

Loans Debt-to-income ratio Lending Banks 514

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. “With BorrowSmart Access, we’re delivering on that mission by providing ways to reduce cost in the homebuying process.”

Debt-to-income ratio 435

Debt-to-income ratio Closing costs Finance Lending 435

Housing Wire

DECEMBER 13, 2024

Despite rising rates that fueled this increase, debt-to-income ratios did not see a significant change in the same period. In 2023, independent mortgage companies originated nearly 62% of all closed-end home purchase loans and over 64% of refinance loans, the report noted.

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Debt-to-income ratio Mortgages Fixed-rate mortgage Loans 370

Housing Wire

NOVEMBER 12, 2020

These not only result in hard credit inquiries (hurting your score), but they’ll increase your debt-to-income ratio, too, making it harder to qualify for a mortgage. Another quick tip regarding your credit cards and debts?

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Debt-to-income ratio Banks Loans Mortgages 508

Housing Wire

MARCH 30, 2021

Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for. So, you focus on being a loan expert, and the qualification team can focus on closing those loans.”. Improving the Customer Experience.

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Housing Wire

AUGUST 8, 2024

That gets rolled into their debt-to-income ratio, which means they look like a riskier buyer, which means their mortgage loan gets priced higher, which means they have an additional disadvantage because the cost of lending goes up for them. In a normal market, homes sell and list for really close to the same dollar amount.

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Debt-to-income ratio Marketing Mortgages Days on market 488

Housing Wire

NOVEMBER 2, 2023

The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Exchange.

Debt-to-income ratio 434

Debt-to-income ratio Loans Mortgages Technology 434

Housing Wire

MARCH 16, 2022

Some lenders, however, are closely eyeing regulatory changes that could dampen the non-QM market by expanding the pool of loans able to get QM status.

Banks 397

Banks Loans Debt-to-income ratio Lending 397

Housing Wire

JUNE 4, 2021

To determine what kind of house you can afford, you need to analyze your debt-to-income ratio (DTI). Your DTI shows how much money you put towards debt each month, and it’s relatively simple to calculate. . First, figure out our total monthly debts. Step 3: Figure Out What You Can Afford. each month?

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Debt-to-income ratio FHA loan Loans Land 476

Housing Wire

MARCH 14, 2023

The increase in Special Purpose Credit Programs (SPCPs) could play a promising role in closing the non-Hispanic White and Latino homeownership gap, NAHREP said. SPCP mortgage types include refinance, purchase, construction, home equity lines of credit ( HELOC ) and down payment or closing cost assistance.

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Debt-to-income ratio Mortgages Closing costs Equity 418

Housing Wire

APRIL 12, 2024

Although Sterbcow is relatively close to the coast in the New Orleans metro area, increasing his property’s risk for hurricane damage, the challenge of rising insurance costs is a statewide issue. I’ve seen buyers ask for and get between $8,000 and $10,000 in closing costs covered.

Debt-to-income ratio 459

Debt-to-income ratio Marketing Closing costs Agents 459

Housing Wire

NOVEMBER 7, 2023

Media stories about home affordability rarely cover how the GSEs allow for low down payments and higher debt-to-income ratios. And when lenders — not headlines — explain cash-to-close and monthly all-in costs relative to incomes, the lights go on for borrowers.

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Debt-to-income ratio Mortgages VA loan Loans 434

Keeping Current Matters

DECEMBER 21, 2020

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. New debt comes with new monthly obligations. People with new debt have higher debt-to-income ratios. Don’t Close Any Credit Accounts. New obligations create new qualifications.

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Debt-to-income ratio Mortgages Loan Officer Banks 338

Housing Wire

FEBRUARY 1, 2022

Fitch Ratings also notes that the reference loan-pool borrowers “have a strong credit profile,” with an average FICO credit rating of 748 and a debt-to-income ratio of 36%. Prior to restarting CRT offerings last year, Fannie Mae had backed away from the CRT market for a time — with its prior transaction closing in March 2020.

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Debt-to-income ratio Investor Loans Principal 370

Housing Wire

AUGUST 22, 2024

Adding an additional debt burden to lower-income consumers would leave them in a worse position under the present system, increasing their debt-to-income ratio, making it harder to qualify for a mortgage , and making borrowing more expensive.

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Debt-to-income ratio Finance Mortgages Banks 351

Housing Wire

JUNE 29, 2022

The report found that while the majority (75%) feel confident about eventually securing a mortgage, a large percentage of millennial and Gen Z future homebuyers see an insufficient down payment or closing funds (46%), their high debt-to-income ratio (45%) and bad or no credit (38%) as barriers to approval.

Debt-to-income ratio 459

Debt-to-income ratio Loan Officer Loans Mortgages 459

Housing Wire

JANUARY 14, 2022

Some market participants are also closely eyeing regulatory changes that could dampen the non-QM market by expanding the pool of loans able to get QM status. .” Non-QM loans, Naumovych noted, are more time-intensive to originate, because they do not go through an automated underwriting approval process, as loans backed by the GSEs do.

Debt-to-income ratio 431

Debt-to-income ratio Lending Loans Loan Officer 431

Housing Wire

MARCH 23, 2021

With e-signatures enabled for virtual closings, it has become more difficult for lenders to authenticate income and asset information, while the incentive to cheat is boosted by desperation or perceived opportunity. Underwriters with hidden agendas.

Lending 476

Lending Mortgages Due diligence Debt-to-income ratio 476

Housing Wire

MAY 3, 2023

“Additionally, higher rates create higher debt-to-income ratio calculation, resulting in qualifying for lower mortgage amounts,” Mendenhall said. However, a higher interest rate environment can provide more opportunity for cash buyers.

Mortgages 448

Mortgages Debt-to-income ratio Banks Fixed-rate mortgage 448

Housing Wire

MAY 14, 2021

Incurring new debt could impact the likelihood of approval. Don’t close out your credit sources – such as canceling a credit card – just to prove you don’t need them. This will maintain your available credit amount and reduce the risk of an account being closed due to inactivity. Improve your DTI Ratio.

Debt-to-income ratio 459

Debt-to-income ratio Loans Mortgages Lending 459

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Interest rates typically impact FHA borrowers more directly because these borrowers likely have a maximum debt-to-income ratio,” said Naumovych.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

MARCH 20, 2024

Many buyers struggled with the financial burden of covering closing costs , making it difficult or impossible to also cover the compensation for agent representation. Many are already shouldering the burdens of high debt-to-income ratios, mortgage insurance premiums, and elevated interest rates to secure a foothold in homeownership.

Debt-to-income ratio 497

Debt-to-income ratio Agents Equity Closing costs 497

Housing Wire

AUGUST 23, 2023

The business combination closing, announced Wednesday, unlocks approximately $565 million of fresh capital, including a $528 million convertible note previously committed from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital). Are we close to a market turn?

Debt-to-income ratio 370

Debt-to-income ratio Technology Mortgages Pre-approval 370

Housing Wire

NOVEMBER 10, 2020

“I told my client, my friends, ‘Look, I know you’re supposed to close in 10 days but we’re closing Friday and you let everybody know it or you may not close,’” Dodson said. “And damn if we didn’t close Friday and they shut it down Monday.”

Debt-to-income ratio 459

Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

JULY 25, 2023

BM: Lenders need to be aware of the insurance landscape as it can have a significant impact on their ability to efficiently close a loan due to availability and pricing. Accurately calculating a customer’s front-end debt-to-income ratio (DTI) requires accounting for all housing expenses, including homeowners insurance premium.

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Marketing Debt-to-income ratio Mortgages Loan Officer 370

Housing Wire

NOVEMBER 8, 2021

There remains a belief among listing agents and their clients that the VA appraisal and closing process will be a hassle. A lot of the misconceptions about working with VA loans center on the VA appraisal process – which differs from conventional mortgage appraisals – as well as the time it will take for a transaction to close.

VA loan 418

VA loan Agents Pre-approval Debt-to-income ratio 418

Housing Wire

MAY 25, 2022

These borrowers may have already experienced rejection when applying for more traditional loans due to factors like having less than perfect credit, high debt-to-income ratios, low reportable income and a number of other increasingly common reasons such as being self-employed or freelance workers. Why partner with Newrez?

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Debt-to-income ratio Lending Pre-qualification Loans 418

Housing Wire

AUGUST 26, 2024

trillion once the Flagstar deal closes. Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. Cooper had become the largest U.S. trillion unpaid principal balance (UPB).

Mortgages 456

Mortgages Banks Debt-to-income ratio Loans 456

Housing Wire

DECEMBER 4, 2024

Certain borrower groups are especially vulnerable, including those with lower credit scores , higher debt-to-income ratios and those who opted for more affordable loan products. Still, further deterioration could pose challenges for some investors and servicers and will warrant close attention, according to industry experts.

VA loan 305

VA loan Mortgages Debt-to-income ratio FHA loan 305