article thumbnail

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

Housing Wire

. “With the latest Federal Housing Finance Agency (FHFA) announcement, he could qualify for a conforming loan paying a 5% down payment of roughly $40,000 rather than $80,000 – which could have put him on the sideline. For high-cost areas, the loan limit is $1.149 million.

FHA loan 447
article thumbnail

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 second mortgage requires a monthly payment.

FHA loan 408
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

UWM now offering ultra-low mortgage rates on FHA loans

Housing Wire

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. on FHA loans, the company announced in a statement on Wednesday. 5 reasons to refinance your mortgage right now. in the third quarter.

FHA loan 471
article thumbnail

HUD sued over alleged failure to refund mortgage insurance premiums

Housing Wire

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360. million in unclaimed refunds.

FHA loan 471
article thumbnail

HUD extends COVID-19 forbearance for FHA loans

Housing Wire

This announcement follows FHFA action last week to extend moratoriums for loans backed by Fannie Mae and Freddie Mac. The measures announced by HUD today include: Extending the timeframe for homeowners to request the start of a COVID-19 forbearance from their mortgage servicer through June 30, 2021.

FHA loan 516
article thumbnail

As mortgage rates near 8%, loan originators target first-time homebuyers

Housing Wire

In an environment where 30-year fixed mortgage rates are racing towards 8%, loan officer pipelines are thinning dramatically. But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained.

FHA loan 433
article thumbnail

All-cash transactions gain traction amid high mortgage rates: Redfin

Housing Wire

Redfin classified purchases as all-cash when transactions had no mortgage loan information on the deed. High mortgage rates are exacerbating inequality between people who own homes and people who don’t,” Redfin Senior Economist Sheharyar Bokhari said. mortgaged home sales, up from 14% a year earlier but down from 16.3%

FHA loan 433