Housing Wire

FEBRUARY 5, 2024

Refinance Incentive Lower interest rates have also begun to slowly increase refinance incentives for existing homeowners, particularly among the 4.3 Under such a scenario, more than half would be homeowners who financed in 2023, with less than 10% coming from 2022-vintage loans. million mortgages originated in 2023. million to 3.8

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Housing Wire

SEPTEMBER 17, 2024

. “There’s been an explosion in high-DTI lending since I left FHFA,” he said, pointing to the fact that some Federal Housing Administration (FHA) borrowers have a 57% debt-to-income ratio. DTIs on Fannie- and Freddie-backed loans have also risen, he said. “What we saw during COVID was the No.

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Housing Wire

MARCH 14, 2023

Latinos added a net total of 349,000 homeowner households last year, which is one of the largest single year gains over the last decade, the National Association of Hispanic Real Estate Professionals ( NAHREP ) said in its 2022 state of Hispanic homeownership report on Tuesday. million Hispanic homeowner households. Today, there are 9.2

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Housing Wire

APRIL 7, 2021

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. 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.

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Housing Wire

SEPTEMBER 16, 2021

Over half of non-homeowning millennials (60%) say student loan debt is delaying them from purchasing a home, making them the population most affected by student debt , according to the National Association of Realtors’ 2021 impact of student loan debt report.

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Housing Wire

APRIL 12, 2024

Between 2018 and 2023, homeowners insurance rates in Louisiana jumped 24.9%, according to an analysis by S&P Global. For most, this means bringing a homeowners insurance agent into the transaction much sooner than they used to. “We have an insurance problem,” said Charlotte Johnson , a Keller Williams agent based in Mandeville.

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Housing Wire

AUGUST 22, 2020

The FHFA has been widely criticized both for the reasoning given for the fee and the short three-week notice to lenders and homeowners already in the middle of a refinance process. However, when this policy was announced, no further explanation was provided to justify the additional cost to homeowners.

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Housing Wire

MARCH 20, 2024

While lower home prices might appear advantageous to buyers who navigate the market without professional guidance, they pose a considerable risk to current homeowners. A drop in demand not only slows the market but can erode home equity, leaving homeowners with diminished assets. For these buyers, every dollar matters.

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Housing Wire

JANUARY 13, 2021

and how much a potential homeowner would need to earn to live comfortably. They look at your credit score, debt-to-income ratio, which is the percentage of your monthly gross income that goes toward paying debts and your projected down payment. New York City, New York. Affording a home in the U.S.

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Housing Wire

MAY 4, 2022

Household balance sheets have improved: Since the Great Recession, mortgage rates have generally declined helping homeowners refinance into lower mortgage payments, while steadily rising home prices have significantly boosted homeowner equity.

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Realty Biz

APRIL 5, 2022

Homebuyers and/or homeowners can qualify for an FHA and/or VA loan during Chapter 13 Bankruptcy one year into the Chapter 13 repayment plan. Manual underwriting is similar to automated underwriting system approval except there is lower debt to income ratio cap. Debt to Income Ratio on Manual Underwriting.

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Broke Agent Media

FEBRUARY 13, 2023

BAM Key Details: Fannie Mae’s National Housing Survey shows homeowners are increasingly worried about the ability to save money and afford necessities, including mortgage payments. With inflation outpacing wage growth, many have had to resort to using their previously built-up savings while also taking on more consumer debt to cover expenses.

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Keeping Current Matters

AUGUST 20, 2020

As reported by Odeta Kushi, Deputy Chief Economist for First American : “Despite the federal foreclosure moratorium, there were fears that up to 30% of homeowners would require forbearance, ultimately leading to a foreclosure tsunami. Today, the options available to homeowners will prevent a large spike in foreclosures.

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Housing Wire

JULY 25, 2023

HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. Additionally, for homeowners that stay with the same carrier and policy, renewal rates have experienced an even steeper incline.

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Housing Wire

AUGUST 23, 2023

” Better is partnering with other businesses to offer services such as homeowner’s insurance and to provide access to a network of real estate agents, rather than offering these products and services directly to borrowers. is expected to begin trading on the Nasdaq Stock Exchange on Thursday under the ticker symbol “BETR.”

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Housing Wire

MARCH 4, 2021

In proposing to extend the date by which lenders must comply with the CFPB’s new General QM definition, we are working to provide needed options for both homeowners and lenders during a time of uncertainty and hardship.”. Amending the QM Rule has been a long process.

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RIS Media

JUNE 5, 2021

Homeowners who haven’t capitalized on historically low mortgage rates are getting another chance to lower their monthly payments under Fannie Mae’s new RefiNow option. The program offers low-income homeowners with Fannie Mae-backed mortgages an opportunity to refinance and save money on their loan payments.

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HomeLight

JANUARY 29, 2024

When a homeowner needs fast access to cash for a life change or opportunity, their first thought may be to tap into their equity. homeowners. It’s a creative option to battle high interest rates, monthly income limitations, or hurdles like low credit scores and stringent lending criteria.

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RIS Media

JUNE 3, 2021

Those who could not get refinanced were declined for many of the same reasons, from a high debt-to-income ratio to poor or no credit history. High Debt-to-Income Ratio . Your debt-to-income ratio is the percentage of your monthly gross income used to pay off your debts.

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Housing Wire

MAY 3, 2023

. “The home purchase market is more sensitive to a reduction in mortgage rates at current rate levels, with the refinance option still out of the money for a vast majority of homeowners (…). Additionally, higher rates create higher debt-to-income ratio calculation, resulting in qualifying for lower mortgage amounts,” Mendenhall said.

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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.

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Housing Wire

MARCH 30, 2021

When the Bureau announced its proposal to delay the rule, it cited concern for homeowners affected by the pandemic. “At In proposing to extend the date by which lenders must comply with the CFPB’s new General QM definition, we are working to provide needed options for both homeowners and lenders during a time of uncertainty and hardship.”.

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HomeLight

SEPTEMBER 25, 2024

With real estate prices rising, many homeowners are taking advantage of the value they’ve built in their current homes to acquire additional properties. In some cases, homeowners look to buy a new home before selling their current one, hoping to avoid the hassle of temporary housing and moving twice.

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Housing Wire

AUGUST 5, 2022

Their letter cites findings from the Urban Institute, that for nonbank originations, median credit scores are consistently lower, and median debt-to-income ratios are consistently higher than those of banks. of mortgages and 5.9% of bank loans. “In

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Housing Wire

MARCH 10, 2023

Though “it’s not cheap money,” Toohig said it’s on “smaller balances of $50,000 to $100,000, not a $400,000 mortgage,” so that makes it more attractive to homeowners, especially those not interested in giving up their low 3% mortgages by refinancing to pull out equity at new rate that is twice as high today.

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HomeLight

JULY 23, 2024

In today’s high-interest-rate environment, homeowners like you are seeking out more affordable financing options. Stable income: Demonstrating a reliable source of income reassures lenders of your ability to repay the loan. Good credit score: A strong credit history can improve your chances of approval.

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HomeLight

NOVEMBER 17, 2023

A critical aspect your lender will assess is your debt-to-income ratio (DTI). They usually require that your current home is already on the market and offer the bridge loan for a period ranging from six months to a year.

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Realtor.com

APRIL 20, 2021

For many Hispanic buyers, COVID-19 cemented their desire and accelerated their plans to become homeowners. They’re expected to make up 70% of new homeowners over the next 20 years. However, there are challenges that are holding back more Hispanic buyers from becoming homeowners. of Latino wealth. . down payments.

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HomeLight

DECEMBER 5, 2023

Are you a Connecticut homeowner caught in the challenging dance of selling your old home and buying your new one? It’s a common situation that many homeowners face, and that’s where a bridge loan comes into play. Your lender might need to crunch the numbers and calculate your debt-to-income ratio (DTI).

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Housing Wire

JULY 25, 2023

According to Sandy Williams, an eXp Realty agent in Sarasota, homeowners’ insurance costs have doubled for many in her metro area ( flood insurance costs have also risen dramatically). “I I do a lot with new construction and homeowners’ insurance is cheaper on new builds because they are brand new,” Williams said.

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HomeLight

JUNE 30, 2024

More flexibility: With fewer regulations, hard money lenders can set flexible criteria, including credit scores and debt-to-income ratios, and can help homeowners avoid foreclosure. Might require larger down payments: Borrowers might need to provide larger down payments , sometimes up to 20%–30% of the property’s value.

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GeekEstate

JUNE 26, 2022

Landis leverages data to create customized financial plans for our clients so that they can save more money, improve their debt-to-income ratio, increase their credit score, and build a stronger financial foundation. We want to make the journey to owning a home more accessible, transparent and empowering. What’s next for you?

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HomeLight

FEBRUARY 28, 2024

Here are some of the most common reasons homeowners decide to invest in a second property: Vacation getaway: A personal retreat in your favorite vacation spot, where you can relax and unwind any time you wish. Rental income: A source of passive income through short-term rentals or long-term leases.

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Realty Biz

AUGUST 20, 2023

Going from renter to homeowner is exciting, but you must follow these essential steps. It involves assessing your credit score, managing your debt-to-income ratio, gathering the necessary financial information and documents, and reviewing and improving your credit history. Most will approve shortly after you apply.

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HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

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HomeLight

NOVEMBER 3, 2023

Think of it as a temporary financial bridge that assists homeowners during the transition between properties. Still, for many Utah homeowners, this tool proves invaluable in their property journey. A bridge loan can be your lifeline when you’re eager to secure your new home but are still awaiting the sale of your current one.

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Realtor.com

FEBRUARY 3, 2022

While most homeowners will make a sizable down payment on a house (typically 3.5% What is debt-to-income ratio? While up to 28% of your income can go toward housing, this is likely not the full picture, since you might have other debts such as credit cards or college loans.

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