A new analysis of Home Mortgage Disclosure Act data shows too many Black and Latino first-time homebuyers are still using expensive FHA loans when much cheaper local options exist, a major housing advocacy group says.
According to Mortgage Bankers Association’s estimate, 4.2 million homeowners are now in forbearance plans.
Despite rising home prices and lagging wage growth, lenders can count on Millennials to be among the borrowers this spring, with more and more becoming first-time homebuyers thanks to down payment assistance programs.
The Federal Housing Administration is changing regulations to make it easier for more first-time condominium buyers to receive mortgages.
While many financial institutions have seen success originating loans guaranteed by the U.S. Department of Veteran Affairs and Federal Housing Administration, the products face competition and challenges from rising home values and similar products created by other entities.
The Trump administration has decided the country’s 800,000 “Dreamers” – undocumented immigrants brought here as children but who have grown up here – are no longer eligible for federally insured mortgages, causing consternation and confusion among mortgage lenders.
New underwriting standards at the Federal Housing Administration fueled by worries over declining loan quality are threatening to restrict access to FHA loans for riskier borrowers across the country. Local lenders say new products from Fannie Mae and Freddie Mac may have contributed to the situation.
For many condominium buyers and sellers across the country, the Obama administration delivered what seemed like encouraging news last week: The Federal Housing Administration, once the primary source of mortgage financing for moderate-income and first-time condominium buyers, is coming back
