The U.S. House of Representatives approved a bill this week that would cut the cost of upfront mortgage insurance fees on Federal Housing Administration loans for first-time home buyers who take part in housing counseling. The bill requires first-time buyers to complete a housing counseling program about sustaining homeownership in order to be eligible for the 25-basis-point discount on their FHA mortgage insurance loan.The Housing Financial Lite
After steady declines since the beginning of the year, mortgage rates appear to be leveling off. But that still bodes well for home buyers.“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” says Sam Khater, Freddie Mac’s chief economist. “The recent stabilization mortgage rates reflects modestly improving U.S. economic data and a more accomm
Borrowers found it easier to access credit in June, but it was jumbo mortgage credit that saw some of the highest growth. According to a new report from the Mortgage Bankers Association, jumbo loans—mortgages with higher debt—are on the rise and were easier to get in June than any other month in the past eight years.Jumbo mortgage credit rose for the sixth straight month, rising to its highest level since 2011, when the MBA’s survey began.A
For most Americans, a home purchase is the biggest purchase of their life and thus requires taking on a large amount of debt. The average mortgage debt can vary considerably from state to state.“Cost of living and home prices are a big factor,” says Greg McBride, chief financial analyst at Bankrate. “The cost of living impacts how much you can save for something like a down payment, and home prices impact how much you have to borrow.”Weal
Most Americans believe they’ll need an average of $1.7 million to retire, according to a new study from Charles Schwab. Researchers analyzed 1,000 401(k) plan participants across the country.“The bulk of folks do not get there,” Nathan Voris, a managing director at Schwab Retirement Plan Services, told CNBC.More than half of respondents surveyed say they are contributing 10% or less of their salary to their 401(k), which is the largest sour
City ordinances and homeowners associations present many guidelines you must follow. Homeowners can face fines for violating rules and laws, such as not obtaining the proper permit for a remodeling project or not performing regular upkeep on a property. MSN recently highlighted several surprising things that homeowners also can get in trouble for, including:Obstructed address number. You should make sure their landscaping isn’t hiding the addre
Mortgage products that haven’t been widely used since before the Great Recession are making a comeback. The volume of loans with alternate documentation has more than doubled in the last two years among loans included in mortgage-backed securities, according to a report from Fitch Ratings.The alt-doc loans have performed well since the housing crisis, but Fitch analysts say they’re still concerned about the uptick. “Although alternative doc
A supportive cohousing community focusing on seniors who identify as LGBT broke ground last November in Durham, N.C., and is scheduled for completion in April 2020.The Village Hearth Cohousing development will include 28 single-story accessible homes on a 15-acre wooded site, 15 minutes from downtown Durham. The homes will range in size from 650 square feet to 1,150 square feet, and they will be attached in quads for energy and con
Mortgage rates barely budged this week, keeping borrowing costs low for summertime home shoppers. Mortgage rates continue to hover near their 2016 averages. “We’re seeing a tug of war happen as the fixed-income market flashes warning signs while the equities market continues to march higher with optimism,” says Sam Khater, Freddie Mac’s chief economist. “The data suggests the economy is weakening but is still on very solid ground, with
The build-to-rent market is exploding in growth, CNBC reports. While homebuilding, in general, has underperformed in recent years, one segment of residential construction has seen large growth: Building a home with the intentions of renting it out.In 2017, 37,000 homes were built as rentals; that number rose to 43,000 last year, or just under 5% of total single-family housing starts, the National Association of Home Builders reports. That number
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