Housing Wire

OCTOBER 31, 2024

The interest rate on the loan has been lowered from 9.99% to 9.49%. Interest rates on second-lien loans tend to be higher when compared to first liens, reflecting the higher amount of risk to the lender. In October 2023, FOA announced a rollout of HomeSafe Second to an expanded pool of direct retail loan officers and wholesale brokers.

Mortgages 434

Mortgages Equity Loan Officer Loans 434

Housing Wire

OCTOBER 10, 2024

What do you get when you combine home renovation specialists with a lender that can provide funds in short order? The new partnership between HouseAmp and Renovation Sells. The Renovation Sells platform focuses on design and construction, while the loans come from HouseAmp.

Renovation 435

Renovation Finance Equity Technology 435

Housing Wire

JANUARY 22, 2025

Home renovation projects could bring a variety of safety and efficiency improvements to older construction, but anxiety is a key element keeping many homeowners from exploring renovation projects. Baby boomers led the way in this respect, with 60% of boomer respondents saying savings would be the primary funding source for renovations.

Renovation 370

Renovation Equity Construction Loans 370

Housing Wire

JUNE 8, 2021

EnerBank, a Utah-based subsidiary of publicly traded CMS Energy , has loan balances totaling $2.8 EnerBank says it works with 10,000 contractors and develops personalized loan programs for their clients. EnerBank funds most of its loans on its balance sheet through FDIC -insured brokered CDs; it also charges fees to the contractors.

Banks 448

Banks Renovation Marketing Lending 448

Housing Wire

OCTOBER 24, 2024

But only about 17,000 delinquent loans completed the foreclosure process in the second quarter of 2024, almost one-third of the nearly 45,000 that completed the foreclosure process in Q1 2020. Often, the best available option for staying in the home is through a loan modification or some other type of repayment plan with the bank.

Bankruptcy 448

Bankruptcy Equity Hard money loan Finance 448

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. Earlier in my life, I was directed away from using a VA loan when I purchased my first home. A VA loan is a mortgage partially backed by the U.S.

VA loan 468

VA loan Loans Mortgages Lending 468

Housing Wire

JUNE 5, 2024

Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).

Loans 529

Loans Finance Renovation Equity 529

Housing Wire

OCTOBER 4, 2022

According to Joseph, homes needing renovation can be “daunting,” especially for first-time homebuyers looking for something that is turnkey. Currently, the 203k program enables borrowers to take out a purchase or refinancing loan and up to $35,000 for rehabilitation.

Renovation 418

Renovation Loans Development Industrial 418

Housing Wire

NOVEMBER 22, 2024

These costs include mortgage payments, property taxes, insurance and utilities that must be paid while renovations are performed. The average interest rate for a fix-and-flip loan also rose in Q3 2024 to 10%, according to Kiavi. By comparison, the average rate for a conventional loan is roughly 7%.

Investor 434

Investor Mortgages Renovation Loans 434

Housing Wire

SEPTEMBER 17, 2024

The San Francisco -based Unison calls its new offering the Equity Sharing Home Loan. But it also differs from a typical HEI by including qualification and repayment terms that are similar to a home equity loan or home equity line of credit (HELOC). The maximum combined loan-to-value ratio on the property cannot exceed 70%.

Equity 459

Equity Loans Debt-to-income ratio Renovation 459

Housing Wire

AUGUST 27, 2024

The 203(k) program allows for the inclusion of repair or renovation costs within a single mortgage to purchase or refinance a home. The “standard” option is for substantial repairs, while the “limited” option is for more minor repairs or renovations. Department of Housing and Urban Development (HUD).

Loans 448

Loans Renovation Principal Finance 448

Housing Wire

MARCH 3, 2021

MAXEX , a digital exchange platform for buying and selling residential loans, announced on Wednesday the launch of two new lending programs in collaboration with JPMorgan Chase for green energy home improvements. Both programs are offered for loan values from $400,000 to $3 million. “The U.S. “The U.S.

Loans 468

Loans Banks Residential Finance 468

Housing Wire

MARCH 28, 2024

million in new grant and loan awards under the Green and Resilient Retrofit Program (GRRP), which brings the level of total funding awarded under it to $544 million, now comprising more than 50% of the full allocation. Department of Housing and Urban Development (HUD) on Thursday announced $173.8 million grant under the GRRP program.

Loans 465

Loans Renovation Development 465

Housing Wire

MARCH 6, 2025

We had to take back some properties where we dont have a large real estate operation, so we didnt want to keep them, said Sims, general partner at Constitution Lending , a Connecticut-based real estate lender providing fix-and-flip and long-term loans to real estate investors. Make everything new so you dont have to come back as much.

Renovation 349

Renovation Investor Property Management Development 349

Housing Wire

MARCH 14, 2024

Nonbank mortgage originator Change Lending will become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF). Change Lending’s services include small-business loans and lines of credit, investor real estate loans, rehab loans and renovation loans, according to its website.

Lending 448

Lending Banks Loans Renovation 448

Housing Wire

JULY 19, 2024

AscentDS product offerings will include short-term loans to acquire, renovate or build single-family and multifamily properties, as well as post-completion bridge financing. Wasmund is also the former CEO of Genesis Capital , which was sold by Goldman Sachs in 2021 to New Residential Investment Corp. , now known as Rithm Capital.

Construction 459

Construction Development Loans Lending 459

Housing Wire

OCTOBER 5, 2023

Fannie Mae on Thursday announced that its Desktop Underwriter (DU) system will include new changes to the maximum allowable loan-to-value (LTV) ratios for two- to four-unit, principal residence, purchase and limited cash-out transactions, as well as other updates to further align the system with recent changes to the Selling Guide.

Loans 476

Loans Fixed-rate mortgage Principal Renovation 476

Housing Wire

MAY 1, 2023

The Consumer Financial Protection Bureau (CFPB) announced on Monday a proposed rule that seeks to bolster consumer protections for borrowers seeking Property Assessed Clean Energy ( PACE ) financing for home renovations. The proposed rule would implement a Congressional mandate establishing consumer protections for the residential PACE loans.

Loans 396

Loans Lending Finance Renovation 396

Housing Wire

MARCH 18, 2022

Over the years I ended up teaching classes on renovation loans, mortgage insurance, mortgage mechanics, etc.,” Then about six years ago, I taught a class on government loans and included a class section on reverse mortgages, and things have never been the same.”. In the last six years, my HECM production has steadily grown.”.

Loans 524

Loans Closing Mortgages Equity 524

Housing Wire

JANUARY 30, 2025

We’re looking at product expansions and introducing products that we have or through our sister company Anchor Home Loans , which specializes in residential transition loans (RTLs). If you’re a loan officer, you should have a construction product that focuses on builders, developers and Realtors.

New Construction 338

New Construction Construction Marketing Equity 338

Housing Wire

NOVEMBER 15, 2024

“If the home you’re hoping to buy doesn’t have the accessibility you’re looking for, you’ll want to check with a contractor to see what kind of renovations are possible,” the story said. Department of Housing and Urban Development (HUD) has also given attention to home modifications specifically for aging in place.

Design 435

Design Renovation Branding Development 435

Housing Wire

JUNE 8, 2021

The average home age in the United States is about 40 years old, so there’s a huge stock of homes that need to be renovated.”. Given the rising price of lumber and other construction costs, renovations may sound impractical. A fix’n’flip loan is designed to cover the costs of purchasing a home and renovating it.

Loans 360

Loans Lending Renovation New Construction 360

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. They weren’t so small that they couldn’t handle us.”

Loans 418

Loans Mortgages Loan Officer Pre-approval 418

Housing Wire

JULY 31, 2023

The Credit Union National Association (CUNA) late last week released two comment letters expressing the association’s agreement with proposed rules on bolstering borrower protections for Property Assessed Clean Energy ( PACE ) financing for home renovations.

Loans 370

Loans Residential Finance Renovation 370

Housing Wire

JULY 5, 2024

Florida Senate Bill SB-770 authorizes local and county authorities within the state to create financing programs for home and other property renovations, which can include energy efficiency upgrades or renewable energy installations funded through non-value based assessments of a property. Ron DeSantis.

Loans 435

Loans Finance Residential Renovation 435

Keeping Current Matters

OCTOBER 13, 2021

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The difference in the cost of a renovation versus a purchase. If you decide to renovate, you’ll need to refinance (or take out an equity loan) to access the equity.

Renovation 326

Renovation Equity Mortgages Design 326

Housing Wire

FEBRUARY 20, 2025

Digital homeownership company Better.com on Thursday announced a record 400% growth in its home equity line of credit ( HELOC ) and home equity loan businesses. In a press release, the company announced that its HELOC business channel increased its revenue from $15 million per month in January 2024 to $60 million per month by October 2024.

Equity 332

Equity Investor Lending Renovation 332

Housing Wire

JANUARY 21, 2025

David Herron, whose late dementia-impacted mother signed what she thought was paperwork for home renovations from Diamond, never saw the promised work start. Diamond was found guilty of inducing his targets to sign reverse mortgage loan documents but never completing the work he was said to have promised. “Never. “Never.

Mortgages 370

Mortgages Renovation Loans As-is 370

Housing Wire

APRIL 20, 2021

After months of slogging through a string of disappointments, Patrick turned to a renovation loan and started looking at fixer-uppers. Snover said that few real estate agents suggest that buyers purchase a home with a renovation loan, sometimes because they are unfamiliar with the process — which has its complexities.

Renovation 468

Renovation Loans Construction Finance 468

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). Presented by: Auction.com.

FHA loan 370

FHA loan Renovation Equity Loans 370

Housing Wire

JULY 5, 2024

A series of home healthcare, renovation and senior care experts offer tips on ways to begin in a column published by U.S. Bathrooms are a common target for renovations since it can be easy to slip and injure yourself if you have limited mobility; nonstick mats and additional rails and handles can help mitigate some of this risk.

Renovation 482

Renovation Loan Officer Technology Loans 482

Housing Wire

JULY 19, 2024

We specialize in non-agency loans, including bank statement loans, government lending, new construction and renovation products, and HELOCs , positioning us as a leader in the industry.” ” Our success is driven by our exceptional team and an expansive product portfolio.

Lending 466

Lending New Construction Renovation Banks 466

Housing Wire

JUNE 27, 2022

Some 595,000 properties were considered seriously delinquent, in which loan payments are more than 90 days past due, but not in foreclosure. Could renovated foreclosure resales help solve the nation’s increasingly complex affordable housing puzzle? That metric dropped 7% in May from the previous month.

Mortgages 531

Mortgages Staging Renovation Loans 531

Housing Wire

JUNE 25, 2024

In March, Change Lending announced its membership with the Federal Home Loan Bank of San Francisco. Its offerings include small-business loans and lines of credit, real estate investor loans, rehab loans and renovation loans. Change was required to purchase $7 million in capital stock in the bank.

Lending 394

Lending Banks Renovation Loans 394

Housing Wire

MAY 24, 2024

Thompson, recognized as a HousingWire Rising Star in 2018 , will oversee more than 60 loan officers across Texas , Oklahoma and New Mexico. The lender also provides rate-and-term and cash-out refinancing, along with construction and renovation loans.

Mortgages 448

Mortgages Loan Officer Renovation Loans 448

Housing Wire

FEBRUARY 3, 2023

HELOCs have continued to set the stage as flexible, helpful products that provide quick access to financing for a multitude of uses including home renovations, debt consolidations or emergency purchases. Additionally, 65% of the total respondents are currently planning or have plans to renovate their homes within the next two years.

Renovation 397

Renovation Fixed-rate mortgage Equity Finance 397

Housing Wire

DECEMBER 30, 2022

Krichmar, whose $100 million-plus origination volume in 2022 consisted of 77% purchase loans, expects LOs to be working longer hours to find referral partners, trying to close loans faster than the others and diversifying their mortgage product offerings to combat an industry that shrank by more than half this year. .

Loans 435

Loans Renovation Construction Mortgages 435