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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

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The differences between FHA, VA, and USDA mortgages

Housing Wire

Top five questions to ask a potential real estate agent. The one caveat with FHA loans is that they require a Mortgage Insurance Premium both at closing and as part of your monthly payment. The exact cost of this varies based on your loan balance and down payment. Like VA loans, USDA loans require no down payment.

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Down payments drop for the first time in nearly 2 years

Real Estate News

Skip to Content Agents Brokerages MLS/Assn Tech Industry By the Numbers Consumer Shutterstock By the Numbers Down payments drop for the first time in nearly 2 years A new Redfin report suggests homebuyers may be seeking less expensive homes as ongoing economic concerns add pressure to large purchase decisions. Redfin found that 15.3%

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The typical down payment is 10% smaller than a year ago

Housing Wire

Most offers on homes written by Redfin agents in January were not part of bidding wars , which differs significantly from 2021 and early 2022. The less competitive market has also resulted in more buyers using FHA and VA loans. In January, 16% of mortgaged home sales used an FHA loan , up from 13.3%

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Interest rates plague Illinois agents and housing market

Housing Wire

Interest rates are a major headache for real estate agents across Illinois. On the sell side, agents say that low mortgage rates from a purchase or refinance transaction in late 2020 or early 2021 are keeping many potential sellers in their home. “A Again, agents attribute the cooler market to interest rates.

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Could the assumable mortgage level the playing field?

Housing Wire

The mortgage company is also educating agents in its real estate division, Vylla Home , about the details of the program so that they can work with prospective buyers and sellers. Currently, piggyback loans have more stringent credit requirements. And as a result, few mortgage loan officers have experience or comfort with the product.

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The housing market is losing steam

Housing Wire

Redfin reported recently that 65% of home offers written by company agents in June faced competition, down from a rate of 72.1% Conventional mortgage loans composed 74.4% of loan applications in June, while FHA loans composed 14%. RHS/USDA loans composed 1% and VA loans composed 10.6%.

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