Housing Wire

JULY 21, 2023

Lifting a ban on mortgage lenders providing down payment assistance (DPA) to Federal Housing Administration (FHA) borrowers would help underserved borrowers become homeowners, according to a paper published by the Urban Institute.

FHA loan 370

FHA loan Loans Mortgages Sales 370

Housing Wire

NOVEMBER 10, 2023

FHA loan usage increases in September As sellers field fewer offers, buyers with FHA loans may have greater luck to close on a home. In September, government-insured FHA loans represented a little over 15% of U.S. Conventional loans remain the most common type of mortgage, making up over 75% of all loans.

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FHA loan VA loan Mortgages Loans 468

Housing Wire

OCTOBER 4, 2023

But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained. “So It was a similar story for Steve Miller, branch manager and senior loan officer at Embrace Home Loans.

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FHA loan Loans Loan Officer Mortgages 468

Housing Wire

SEPTEMBER 9, 2024

the parent of digital lender Better.com , rolled out its Federal Housing Administration (FHA) streamline refinance program on Monday. Better Home & Finance Holding Co. , In its second-quarter 2024 financial earnings, Better.com posted a net loss of $42.2 million, an improvement from the previous quarter’s loss of $51.5 million.

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FHA loan Loans Closing costs Finance 448

Housing Wire

JANUARY 5, 2021

What type of loan: FHA loan. FHA loans are backed by the Federal Housing Administration. These insured loans are a type of federal assistance and require as little as a 3.5% If your credit score is between 500-579, FHA loans require 10% of the purchase price. 0% down payments.

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FHA loan VA loan Loans Mortgages 546

Housing Wire

OCTOBER 30, 2023

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. FHA loans also come with mandatory upfront and annual mortgage insurance premiums — usually for the life of the loan.

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FHA loan Loans Lending Finance 493

Housing Wire

MARCH 14, 2024

The proposed class-action lawsuit brought by Florida resident Tricia Sarmiento claims that HUD has failed to issue refunds tied to MIP payments on mortgages backed by the Federal Housing Administration (FHA), and it has made the process of requesting a refund slow and complicated. million in unclaimed refunds.

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FHA loan Mortgages Loans Development 497

Housing Wire

OCTOBER 31, 2024

This was also reflected in median payments for Federal Housing Administration (FHA) loans, which stood at $1,753 in September. By comparison, the median payments an FHA loan applicant was $1,817 a month earlier and $1,920 one year ago.

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FHA loan Mortgages Loans As-is 447

Housing Wire

OCTOBER 16, 2024

Last week, mortgage tech firm Candor released an expansion of its Loan Engineering System to include Federal Housing Administration (FHA) loans. The company now fully automates underwriting decisions for FHA loans — minus collateral — and offers a warranty on income calculations and cleared conditions for funded FHA loans.

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FHA loan Mortgages Loans Technology 435

Housing Wire

DECEMBER 2, 2020

In those areas, the 2020 FHA loan limit is $1,233,550. Unlike 2020’s report, the FHA said there are no counties where the loan limits will be decreasing. Back in 2016, the FHA increased loan limits for just 188 counties ; in 2017, this number jumped to 2,948 counties ; then to 3,011 counties for 2018.

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Loans FHA loan Mortgages Construction 534

Housing Wire

NOVEMBER 9, 2023

A total of 224 programs will fund certain upfront loan fees including the upfront mortgage insurance premium on FHA loans , the funding fee on VA loans and the guarantee fees on USDA loans. About 74% of the 2,256 homebuyer assistance programs are down payment and closing cost assistance programs.

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FHA loan VA loan Finance Loans 482

Housing Wire

DECEMBER 18, 2020

You may also be able to use an FHA loan to buy your home, but there are caveats. Since FHA loans are designed for primary residences only, you’ll need to live in the home for at least a year before renting it out. You will also need to move into the home within 60 days of closing on your loan). Hard money loans.

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FHA loan Hard money loan Loans Loan Officer 488

Housing Wire

DECEMBER 17, 2024

Conventional loans accounted for 61.6% of applications, Federal Housing Administration (FHA) loans for 28% and U.S. Department of Veterans Affairs (VA) loans for 9.9% The average loan size for new homes decreased to $402,873, down from $409,942 in October. from the 56,000 sales in October. in November.

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FHA loan VA loan Mortgages Loans 394

Housing Wire

APRIL 9, 2024

This is significant, because as noted in CHLA’s Annual IMB Report , “84% of FHA loans were for first-time homebuyers, and FHA’s share of Black and Hispanic borrowers was twice the percentage of all other mortgage loans.” But now a new threat is emerging on this front.

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FHA loan Loans Title Mortgages 476

Housing Wire

MARCH 29, 2022

Origination volume for FHA -insured loans increased by 3% in 2021, growing from $324 billion in 2020 to $332.24 billion worth of FHA loans, while wholesale lenders originated $57.64 The top FHA mortgage originator by volume was Freedom Mortgage Corp. billion worth of loans, a 16% decline from 2020.

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FHA loan Loans Mortgages Residential 397

Housing Wire

NOVEMBER 16, 2020

Mortgage insurance is required on all FHA loans, and it’s sometimes required on conventional mortgages, too. On conventional loans, you’ll only need private mortgage insurance (called PMI) if you make a down payment under 20% — and even then, not always. Types of mortgage insurance. The cost of this insurance varies.

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FHA loan Mortgages Loan Officer Loans 468

Housing Wire

AUGUST 12, 2024

CoreLogic data shows that homes purchased with piggybacked loans are typically much lower in value, and the borrowers for these properties are usually underwater. In June 2024, the median property value for homes bought with a piggybacked FHA loan was $255,000, compared to $319,000 for homes with FHA loans that did not use a second lien.

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Loans FHA loan Equity Closing costs 476

Housing Wire

FEBRUARY 23, 2024

Mortgage servicers, regulators and economists are closely watching the delinquency rates for Federal Housing Administration (FHA) loans following a spike in the fourth quarter of 2023.

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Industrial Closing FHA loan Loans 482

Housing Wire

SEPTEMBER 14, 2023

Demand for FHA loans have risen over the past year to comprise 23.8% We are really happy about this change because it’s going to provide more opportunity for loan officers and is going to provide more opportunity for buyers to get a second chance,” Michael Borodinsky, VP and branch manager at Caliber Home Loans , said.

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Loan Officer FHA loan Loans Mortgages 418

Housing Wire

JANUARY 10, 2024

The share of Federal Housing Administration (FHA) loan activity decreased to 14.4% The share of Department of Veterans Affairs (VA) loan activity was 16.3%, up from 14.6% Purchase applications rose by 6% week over week on an adjusted basis. Meanwhile, refinance applications were 19% higher than a year ago. from 14.5%

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Mortgages VA loan FHA loan Loans 511

Housing Wire

DECEMBER 28, 2023

Targeting first-time homebuyers Those who catered to first-time homebuyers’ needs – offering Federal Housing Administration (FHA) loans and down payment assistance loans – fared relatively well compared to other colleagues who didn’t expand their target clients.

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Loans FHA loan Mortgages Loan Officer 459

Housing Wire

JUNE 18, 2024

Servicers of Federal Housing Administration (FHA) loans are required to conduct inspections in a timely fashion, and any deficiencies are corrected per the Real Estate Assessment Center protocol,” Broeksmit said in the letter.

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Inspection FHA loan Loans Mortgages 468

Housing Wire

MARCH 25, 2021

Mortgage insurance is required on all FHA loans, but the cost varies. With FHA loans , the premium depends on the loan balance and down payment size. In some cases, home owners can cancel an FHA mortgage insurance after 11 years. “Private MI is a great fit for them.”.

Industrial 544

Industrial Mortgages FHA loan Finance 544

Housing Wire

MAY 14, 2024

This is significant, because as noted in CHLA’s annual IMB Report , “84% of FHA loans were for first-time homebuyers, and FHA’s share of Black and Hispanic borrowers was twice the percentage of all other mortgage loans.” But now a new threat is emerging on this front.

FHA loan 439

FHA loan Loans Title Banks 439

Housing Wire

MARCH 22, 2023

The less competitive market has also resulted in more buyers using FHA and VA loans. In January, 16% of mortgaged home sales used an FHA loan , up from 13.3% a year ago, while the share of mortgaged sales using VA loans rose to 7.5% Detroit saw the highest share of FHA loans at 29.5% a year prior.

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VA loan FHA loan Loans Mortgages 435

Housing Wire

JUNE 11, 2024

Following the decision, FHA loans already underwritten and approved by a Direct Endorsement underwriter, as well as cases with a firm commitment issued by HUD, may be submitted for insurance endorsement. Cases in the early stages may be transferred to other lenders with an FHA approval.

FHA loan 476

FHA loan Mortgages Loan Officer Loans 476

Housing Wire

JUNE 1, 2023

Are low-FICO, first-time homebuyers better off with a conventional mortgage and reduced LLPA fees, or an FHA loan with none at all? We spoke to multiple loan officers and Washington, D.C.-based based think tank Urban Institute to hear their takes. So it’s kind of a mixed message,” he explained.

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FHA loan Loan Officer Loans Mortgages 370

Housing Wire

NOVEMBER 20, 2020

FHA loans remained the same, holding steady at 3.01% in October. From September to October, the average time to close all loans increased from 51 to 54 days, with the average time to close a refinance increasing from 54 to 57 days and average time for a purchase climbing one day to 48 days. Overall loan applications are down 9.3%

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Closing FHA loan Mortgages VA loan 468

Housing Wire

NOVEMBER 4, 2020

percent last week, but rates for 15-year fixed-rate loans, FHA loans and jumbo loans all fell to new MBA survey lows.”. “Mortgage rates continue to hover at record lows this fall. The 30-year fixed mortgage rate remained essentially unchanged at 3.01 of total applications.

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Fixed-rate mortgage Mortgages FHA loan Loans 516

Housing Wire

DECEMBER 20, 2024

According to the bill’s authors, FHAs mortgage insurance premium policies impact first-time homeowners the most as they make up more than 82% of FHA purchase borrowers. Mortgage insurance exists as protection from foreclosure on low equity loans.

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FHA loan Mortgages Equity Loans 360

Housing Wire

JULY 3, 2024

The average rate for jumbo loans (balances above $766,550) rose 7 basis points to 7.11%. Federal Housing Administration (FHA) loans accounted for 13.1% Department of Veterans Affairs (VA) loans saw their share decline from 13.8% Department of Agriculture (USDA) loans receded to a share of 0.3%.

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VA loan FHA loan Mortgages Loans 435

Housing Wire

OCTOBER 16, 2024

The locations of households that have received FHA-backed mortgages have been studied far less, HUD explained. If federal homeownership assistance programs follow national trends, we would expect FHA loans to be associated with whiter and lower-poverty census tracts.”

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FHA loan Equity Loans Mortgages 488

Housing Wire

JUNE 1, 2022

The Community Home Lenders Association (CHLA), backed by 41 IMBs, sent a letter urging the FHA to streamline its servicing guidelines, increase permissible lender fees for executing an assumption of an FHA loan, and make changes to FHA’s condo rules.

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FHA loan Loans Mortgages Banks 397

Housing Wire

DECEMBER 3, 2023

for FHA loans and 44.5% for VA loans. Lenders have responded by tightening credit requirements and the average credit score among conventional, FHA and VA loans. Average credit scores for FHA loans rose 14 points in October over the past 12 months while VA loans climbed 13 points.

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Equity VA loan FHA loan Mortgages 468

Housing Wire

DECEMBER 8, 2021

VA loans comprised 10.7%, increasing seven basis points. Meanwhile, FHA loans went from 8.9% The post Mortgage applications are up, on the strength of FHA refis appeared first on HousingWire. Refinance apps fell 36.5% year over year, and purchase apps decreased 9.4% in the same period. Refinances represented 63.9%

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FHA loan Mortgages VA loan Fixed-rate mortgage 468

Housing Wire

MAY 25, 2021

Mortgages would be subject to FHA loan limits. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill , dubbed the Homes for Every Local Protector Educator and Responder Act, on May 13. Homebuyers would pay an up-front mortgage insurance premium of 3.6

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FHA loan VA loan Loans Loan Officer 493

Housing Wire

DECEMBER 27, 2022

That doesn’t mean, however, that all FHA borrowers will survive the downturn unscathed. But if you were to look out over the horizon and ask where there is an area of risk, this [FHA loans] would be one of them. A strong backstop for FHA loans. FHA’s recent annual report to Congress indicates that as of Sep.

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FHA loan Loans Mortgages Equity 497