Housing Wire

AUGUST 12, 2024

The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% for conventional purchase loans backed by Fannie Mae and Freddie Mac. The calculations were based on the number of purchase loans in CoreLogic public records.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

MARCH 25, 2021

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.

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

AUGUST 30, 2024

As a salve, a vocal minority of activists say that “simply” allowing the financing of buyer-agent commissions into mortgages will resolve all concerns. For reasons both practical and legal, buyer-agent commissions are not today explicitly financeable with a mortgage. But this is much easier said than done.

Finance 448

Finance Agents FHA loan Closing costs 448

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

Loans 459

Loans FHA loan Mortgages Loan Officer 459

Housing Wire

MAY 12, 2021

Since the client began the search for her dream home earlier this year, her Veterans Affairs mortgage loan offers have been rejected over a dozen times. Williams, the broker-owner of We Save Loans , said her client has all but given up on buying an existing home with VA financing. The rest of this content is for HW+ members.

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Loans FHA loan Mortgages Construction 459

Housing Wire

SEPTEMBER 5, 2024

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

FHA loan 476

FHA loan Debt-to-income ratio Inspection Finance 476

Housing Wire

NOVEMBER 29, 2023

Government-owned corporation Ginnie Mae announced on Wednesday that it has revised its definition for high-balance loans, conforming to new limits announced earlier this week by the Federal Housing Finance Agency (FHFA), according to All Participants Memorandum (APM) 23-13. Virgin Islands, the one-unit property limit is ​$1,149,825​​.

Loans 446

Loans FHA loan Principal Finance 446

Housing Wire

SEPTEMBER 14, 2023

Adrian Gastelum, a vice president and branch manager at Nova Home Loans, recently had a prospective borrower apply for a Federal Housing Administration (FHA) mortgage. FHA guidelines require a two-year work history and allow for a gap of one month or longer in employment with a letter of explanation.

Loan Officer 418

Loan Officer FHA loan Loans Mortgages 418

Housing Wire

SEPTEMBER 9, 2024

Better Home & Finance Holding Co. , the parent of digital lender Better.com , rolled out its Federal Housing Administration (FHA) streamline refinance program on Monday. Better does not check income on FHA streamline refi loans. In its second-quarter 2024 financial earnings, Better.com posted a net loss of $42.2

FHA loan 448

FHA loan Loans Closing costs Finance 448

Housing Wire

FEBRUARY 15, 2024

Department of Veteran Affairs (VA) loans through its Tinman platform. We were focused on being able to take a consumer all the way through on our technology platform for just the conventional loans, and we achieved that milestone back in the summer of 2023. VA loans are 12% of the mortgage market,” Garg said. “VA Eligible U.S.

VA loan 433

VA loan Loans Loan Officer FHA loan 433

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. The program is available nationwide through the retail channel for first-time and repeat homebuyers applying for FHA 30-year, fixed-rate purchase loans.

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FHA loan Loans Lending Finance 493

Housing Wire

NOVEMBER 9, 2023

For this reason, many programs now allow funds to be used for buydowns and other popular financing strategies that take the edge off of monthly mortgage payments,” Rob Chrane, founder and CEO of DPR, said in a statement. Buydowns have become a preferred financing strategy for borrowers as mortgage rates have surged.

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FHA loan VA loan Finance Loans 482

Housing Wire

MAY 24, 2024

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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Debt-to-income ratio Loans Pre-approval VA loan 468

Housing Wire

DECEMBER 18, 2020

Here’s what you need to know about financing that purchase. Conventional loans. A conventional loan is a smart way to finance an income-earning property. If you plan to use the property as an investment (you’ll have to indicate so on your loan application), then you could face more stringent qualifying requirements.

FHA loan 488

FHA loan Hard money loan Loans Loan Officer 488

Housing Wire

MARCH 25, 2021

Private mortgage insurance helped over 2 million low downpayment borrowers secure mortgage financing in 2020, a 53% increase from 2019, according to data from the government sponsored entities. Presented by: Proctor Loan Protector. Approximately 65% of the new volume was for new purchases, while 35% was for refinance loans.

Industrial 544

Industrial Mortgages FHA loan Finance 544

Housing Wire

MAY 25, 2021

New legislation would extend a benefit similar to Veterans Affairs loans to first responders and teachers who buy homes. The bill would allow borrowers to finance up to 100% of the acquisition price. Mortgages would be subject to FHA loan limits. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.),

FHA loan 493

FHA loan VA loan Loans Loan Officer 493

Housing Wire

OCTOBER 16, 2024

Appraisal management software company Reggora is adding a repurchase and loan-level price adjustment (LLPA) warranty to its appraisal review solution. “Eliminating the need to manually underwrite the vast majority of appraisals goes well beyond a technology improvement and truly allows lenders to close loans faster at a lower cost.”

FHA loan 435

FHA loan Mortgages Loans Technology 435

Housing Wire

JUNE 11, 2024

Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD Most of its loans during the past year were in Kansas (12.5%), Mississippi (11.4%) and Florida (9.7%). Inside Mortgage Finance first reported on the topic.

FHA loan 475

FHA loan Mortgages Loan Officer Loans 475

Housing Wire

NOVEMBER 10, 2023

Redfin classified purchases as all-cash when transactions had no mortgage loan information on the deed. FHA loan usage increases in September As sellers field fewer offers, buyers with FHA loans may have greater luck to close on a home. Meanwhile, military VA loans represented 6.3% and 20.3%, respectively.

FHA loan 468

FHA loan VA loan Mortgages Loans 468

Housing Wire

NOVEMBER 17, 2023

CBC Mortgage Agency — a federally chartered housing finance agency — is reducing interest rates on repayable second mortgages used for its down payment assistance (DPA) program. The Chenoa Fund DPA program offers a 10-year repayable option on the second loan with a mortgage rate that’s 2% higher than that of a FHA first mortgage.

Mortgages 448

Mortgages FHA loan Loans Finance 448

Housing Wire

JANUARY 4, 2023

More than 160 employees from the now-shuttered Finance of America Mortgage have landed at Go Mortgage , a Columbus, Ohio-based lender. When Finance of America announced their closure, we started searching around,” Reich said. “Refis are the easier product of the industry,” Reich said. “We

Mortgages 508

Mortgages FHA loan Loan Officer Construction 508

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. In turn, thousands of loan originators could soon be looking for a new lender to hang their license. Go [Mortgage] was on that list,” Reich said.

Loans 418

Loans Mortgages Loan Officer Pre-approval 418

Housing Wire

JANUARY 14, 2025

A report released Tuesday by Optimal Blue found that the conforming loan share sank to historic lows in December. More refis in December pulled market share away from other loan types, including conforming loans. ” The conforming loan share dropped by 1.5% mortgage market trends.

VA loan 369

VA loan FHA loan Mortgages Loans 369

Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA).

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

OCTOBER 11, 2023

Refinance applications also continue to be limited, and the average loan size has fallen to its lowest level since 2017.” of all loan applications, the highest share since November 2022. The share of Federal Housing Administration (FHA) loan activity inched down to 14.4% As a result, ARM applications represented 9.2%

Loans 419

Loans VA loan FHA loan Mortgages 419

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

VA loan 482

VA loan Agents Seller concession FHA loan 482

Housing Wire

OCTOBER 31, 2024

According to data released Thursday by the Mortgage Bankers Association (MBA), the median payment for purchase loan applicants declined by 0.8% The average mortgage payment declined in spite of an increase in the median loan size for purchase applicants, which went from $320,100 in August to $328,000 in September.

FHA loan 445

FHA loan Mortgages Loans As-is 445

Housing Wire

NOVEMBER 27, 2024

wholesale lender United Wholesale Mortgage (UWM) has taken another aggressive move related to its product set, underscoring its strong commitment to government-backed loans. On Wednesday, the company announced the removal of all loan-level pricing adjustments (LLPAs) on government loans, albeit with some limitations.

Loans 418

Loans Finance Mortgages VA loan 418

Housing Wire

JUNE 1, 2023

The Federal Housing Finance Agency (FHFA) officially implemented an updated pricing framework for Loan-Level Price Adjustments (LLPAs) in May to improve homeownership prospects for first-time homebuyers with lower income and weaker credit scores. We spoke to multiple loan officers and Washington, D.C.-based

FHA loan 370

FHA loan Loan Officer Loans Mortgages 370

Housing Wire

MARCH 26, 2024

Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in the fourth quarter of 2023, according to a new report published by the Federal Housing Finance Agency ( FHFA ). Loan modifications dropped from 14,363 in Q3 to 12,758 in Q4, an 11.2% The rate for U.S.

VA loan 487

VA loan FHA loan Short sale Loans 487

Housing Wire

JANUARY 19, 2024

Job cuts include the leadership – the president and CEO, the finance manager and the credit risk officer. It also says it processes, underwrites and funds loans in-house. More than 50 mortgage loan officers were let go. Last year, half of the originated loans were conventional, followed by 35% of FHA loans and 14% of V.A.

Mortgages 481

Mortgages FHA loan Loan Officer Loans 481

Housing Wire

MAY 5, 2021

The Federal Housing Finance Agency didn’t have a set date for its new refi option targeted to low-income borrowers when it announced the program last week. Additionally, the FHFA will waive its adverse market refinance fee for borrowers with loan balances at or below $300,000.

FHA loan 514

FHA loan Loans Finance Mortgages 514

Housing Wire

NOVEMBER 27, 2024

22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month. But government loans saw their shares shrink.

Mortgages 370

Mortgages VA loan FHA loan Fixed-rate mortgage 370

Housing Wire

DECEMBER 15, 2021

The trade group estimates that the average contract 30-year fixed-rate mortgage for conforming loans ($548,250 or less) remained unchanged at 3.30%. For jumbo mortgage loans (greater than $548,250), rates decreased to 3.32% from 3.33% the week prior. decline in applications for government loans. Refinances represented 63.3%

VA loan 435

VA loan FHA loan Fixed-rate mortgage Loans 435

Housing Wire

OCTOBER 25, 2023

The share of Federal Housing Administration (FHA) loan activity inched up to 15.2% The share of Department of Veterans Affairs (VA) loan activity was 10.5%, down from 10.7% the week prior while the share of Department of Agriculture (USDA) loan activity decreased to 0.4% from 14.8% for the week ending Oct.

Mortgages 476

Mortgages VA loan FHA loan Loans 476

Housing Wire

OCTOBER 9, 2024

decline in purchase loan demand. Conventional loan refinances, which tend to have larger balances than government loans and hence are more responsive for a given change in mortgage rates, fell to a greater extent over the week.” 4, Federal Housing Administration (FHA) loans decreased by 40 bps and represented 16.2%

VA loan 455

VA loan Mortgages FHA loan Loans 455

Housing Wire

JANUARY 10, 2024

The increase in purchase and refinance applications for both conventional and government loans is promising to start the year but was likely due to some catch-up in activity after the holiday season and year-end rate declines,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. from 14.5% the week prior.

Mortgages 511

Mortgages VA loan FHA loan Loans 511