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More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. Department of Veterans Affairs (VA) loans, which made up 10%, according to purchase loan lock data from Optimal Blue.

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Southern states had the highest mortgage denial rates in 2023: NAR

Housing Wire

These include insufficient credit or income, changes in credit scores and high debt-to-income ratios. “A loan-to-value ratio that is too high, either because of a limited down payment or an appraisal of the home that resets the value used to calculate this ratio, can also be a factor,” she said.

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Homebuyers are taking more risks in an obstacle-filled market

Housing Wire

Findings include 71% of loan officers reporting an increase in buyers who are willing to purchase fixer-uppers, explore unconventional financing or accept high mortgage rates despite long-term financial concerns. Many first-time homebuyers are stretching their finances to the limit.

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How will first-time buyers fare if sellers can’t offer buyer agent compensation?

Housing Wire

But for first-time and other cash-strapped buyers—those who are not relying on the proceeds of a home sale, who may be using a 100% financed VA loan, whose agents may be layering forms of assistance to put together enough cash for closing—knowing in advance about the seller’s contribution to their agent costs may be essential.

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

Housing Wire

Do I need to pay off my student loans before buying my first home? What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. For example, a conventional loan lets you put as little as 3% down.

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The impact of student loans on buying a home

Housing Wire

Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loans. How student loans impact your ability to buy a home Adding a mortgage on top of monthly student loan payments can create a significant financial strain.

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Unison unveils ‘hybrid’ home equity sharing loan

Housing Wire

Home equity solutions provider Unison launched a new product on Tuesday that combines the features of traditional mortgage financing and emerging home equity investment (HEI) options. The San Francisco -based Unison calls its new offering the Equity Sharing Home Loan. Borrowers can repay the loan early without penalty.

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