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

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

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.

Loans 418

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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 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

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

NOVEMBER 1, 2024

According to Davis, rising home prices have led homeowners to tap into their equity for purposes such as debt consolidation , home renovation and student loan repayment. On average, its borrowers’ FICO scores are 740 and debt-to-income ratios are 30%.

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Housing Wire

OCTOBER 30, 2024

Our goal is, how do we allow the lenders to focus on the borrower or serving the needs of the borrowers or homeowners, while also having them not deal with the dynamics of the scratch-and-dent market, in which the cost could be much higher for the lenders?”

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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

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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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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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

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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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

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

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.

Mortgages 448

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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 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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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. The physical damage and financial strain caused by recent hurricanes have affected homeowners’ abilities to meet their mortgage obligations.

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Housing Wire

AUGUST 27, 2021

In the research piece they acknowledged that “many other factors affect interest rates including wealth, debt, credit score, downpayment, mortgage amount, and duration.” This rule remains in effect today.

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Housing Wire

JANUARY 21, 2022

Over time, these energy efficiencies save the homeowner money, and it basically lowers the borrower’s debt-to-income ratio,” McDonough explained. He explained that Angel Oak’s planned EEM loan will allow a borrower to finance energy-efficient improvements through a single mortgage.

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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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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.

Bankruptcy 120

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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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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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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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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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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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Imagine Your House

JANUARY 2, 2020

If you’re financing a home, you’ll find that your debt to income ratio is most important and your ability to get approved for a mortgage will be dependent upon how many bills you have in relationship to your income and how much credit that you’re using day in and day out. Do you want to be maxed out?!

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GeekEstate

JUNE 21, 2022

Homeowners can use the funds for anything — paying off high-interest credit card debt, paying off a large, unexpected expense, starting a business, or even buying a second home. As things change globally, our product is here to help homeowners across North America save. What are you most excited about right now?

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HomeLight

JULY 7, 2022

Typically, your lender will require you to purchase homeowners insurance that covers your mortgage just in case anything happens — but it’s a good idea even if you’re paying cash for your home. The average annual homeowners insurance premium was $1,249, or $104.08 If you don’t have any current outstanding debts — congratulations!

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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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Realty Biz

NOVEMBER 14, 2020

Combine that with the fact that as a homeowner you are building equity, and increasing your net worth, and you realize buying a home can be a great choice. Having a low debt to income ratio and a solid credit score allows you to qualify for a mortgage with the best possible interest rate.

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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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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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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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