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More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. As a result, more buyers are turning to products like Federal Housing Administration (FHA) loans, which accounted for 24% of primary home purchases in 2024, and U.S.

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FHA loan limit increases to $498,257 in 2024

Housing Wire

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

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Conforming, FHA loan limits rose for 2024, but who benefits? 

Housing Wire

Those loan types would require a larger down payment of at least 10% of the home’s value, or $80,000, which would stretch his budget too thin. By increasing the maximum loan amount, the change means that more borrowers will be able to get conforming loans instead of jumbo mortgages, which often are harder to qualify for.

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FHA loan limit increases to $524,225 in 2025

Housing Wire

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2025 to $524,225 and $1,209,750, respectively, the agency announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

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CBC Mortgage Agency offers temporary rate buydowns on FHA loans

Housing Wire

CBC Mortgage Agency – a federally chartered housing finance agency – will offer two temporary rate buydown features for its down payment assistance (DPA) program for Federal Housing Administration (FHA) loans. The agency is the first to provide either a 2-1 rate buydown or a 1-0 rate buydown on a DPA program.

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In a sluggish market, Rocket Mortgage courts brokers with pricing incentive

Housing Wire

The third party origination (TPO) division of Rocket Mortgage on Monday announced the rollout of its latest product, 24 Takeoff, which allows mortgage broker partners to receive a 24 basis point credit on all eligible loans until Nov. billion through its TPO channel.

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Mortgage demand falls for the first time in five weeks as interest rates increase

Housing Wire

Market data at HousingWire ‘s Mortgage Rates Center showed an average fixed rate of 6.87% for 30-year conforming loans on Wednesday, a slight increase from the week ending on Dec. The average rate for 30-year fixed-rate loans for conforming balances (up to $766,550) rose by 8 bps to 6.75%.

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