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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. What is reverse purchase financing? 2 However, these potential clients will also face challenges — namely market volatility, unpredictable interest rates and limited purchasing power due to increasing debt.

Finance 418
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FHFA annual report highlights GSE actions on affordable housing

Housing Wire

The Federal Housing Finance Agency (FHFA) this week released its annual Housing Mission Report , offering insights into the actions the agency took in 2023 on a host of issues. The GSEs also purchased 15,000 Special Purpose Credit Program (SPCP) loans “through both lender-sponsored initiatives and their proprietary SPCPs.”

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The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 542
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GSEs: Lenders must address quality issues for ‘fatal data points’ before delivering loans

Housing Wire

Fannie Mae and Freddie Mac jointly announced this week that they have entered a new critical edit phase for their Uniform Closing Dataset (UCD) as of Nov. 6, informing lenders that they must address quality issues for “fatal data points” before delivering loans to either of the government-sponsored enterprises.

Loans 349
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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

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% VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

VA loan 437
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UWM expands DSCR offerings to real estate investors

Housing Wire

United Wholesale Mortgage (UWM), the country’s largest wholesale lender, expanded its debt service coverage ratio (DSCR) loan options to four after launching its first product in March. With the expanded options, investors could get loans starting as little as $50,000 and up to $2 million. UWM originated $38.8 UWM originated $38.8

Investor 370
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Biden to call for first-time homebuyer tax credit, construction of 2 million homes

Housing Wire

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. The White House estimates that this “will raise an additional $3.79