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UWM offers two SPCP for first-time homebuyers

Housing Wire

United Wholesale Mortgage (UWM) on Wednesday announced two new home-affordability mortgage products designed to help underserved borrowers become homeowners. We look forward to working with the enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”

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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

Not helping FHA, VA borrowers get off the sidelines Under current FHA rules, sellers can contribute up to 6% in concessions to FHA borrowers to cover closing costs, prepaid expenses and discount points. “But agent commissions have never been a closing cost from a buyer perspective.

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Reverse purchase financing: The financing option no one is talking about

Housing Wire

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. With this latest enhancement, homebuyers aged 62+ can participate in seller concessions for up to 6% of the sales price toward borrower origination fees, other closing costs, prepaid items, and discount points.

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Opinion: Here’s what people are getting wrong about real estate commissions

Housing Wire

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

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Opinion: Agencies are key to fixing housing affordability

Housing Wire

CHLA commends FHA for its work on its “Mythbusters” initiative, designed to blow up the myths around FHA loans by educating lenders and home sellers. Another development in the focus on first-time homebuyers is CFPB’s recent announcement that it was going after junk fees and other non-competitive practices in the mortgage loan process.

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First Centennial Mortgage Ranked Top Mortgage Lender By IHDA

Realty Biz

First Centennial Mortgage is listed as a 2022 Top IHDA Mortgage Lender by the Illinois Housing Development Authority. The Illinois Housing Development Authority (IHDA) offers a variety of programs designed to help Illinois residents afford homeownership.

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The Advantages and Disadvantages of Buying a HUD House

Realty Biz

Department of Housing and urban development Yes, we know. HUD housing is a program offered by the Department of HUD or Housing and Urban Development. HUD homes are foreclosed properties with an FHA-backed mortgage taken over by the US Department of Housing and Urban Development after a homeowner defaults on their loan payments.

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