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More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

Chris Porter, a senior vice president at the firm and the author of the latest outlook, said this correlates with buyers dedicating more of their income to housing and seeking accessible financing options. It also ties into architects and builders creating smaller, denser homes to help close the affordable housing supply gap.

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Stepping up the fight against fraud in mortgage lending

Housing Wire

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. The post Stepping up the fight against fraud in mortgage lending appeared first on HousingWire.

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

Housing Wire

While student loan debt isn’t the biggest factor in determining a credit score, it’s still something lenders look at. If your credit isn’t good, lenders are less likely to lend you money. Your Debt-To-Income Ratio Is High. How much of that money do you use to pay off debt? buying a home is expensive.

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First-time homebuyers made up a record share of agency purchase loans in 2023

Housing Wire

Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations. 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).

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Opinion: how to close the minority homeownership gap

Housing Wire

The financial incentives are simply not there for mortgage companies that want to do more minority lending; therefore, it shouldn’t be a surprise that most banks and mortgage lenders do just enough minority lending to stay out of regulatory trouble but secretly have no desire to do much beyond that.

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NewRez now offers Freddie Mac’s revamped downpayment assistance program

Housing Wire

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.”

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3 unique mortgage products to get today’s homebuyer qualified

Housing Wire

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.