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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule.

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Housing authorities and lenders added 54 homebuyer assistance programs in Q3: report

Housing Wire

For this reason, many programs now allow funds to be used for buydowns and other popular financing strategies that take the edge off of monthly mortgage payments,” Rob Chrane, founder and CEO of DPR, said in a statement. Buydowns have become a preferred financing strategy for borrowers as mortgage rates have surged.

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Down payment assistance programs are a boon amid mounting pressure on homebuyer affordability

Housing Wire

They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. said Michael Ullmann, a producing branch leader at Movement Mortgage.

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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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What to Know About FHA Loans

Realty Biz

Are you trying to decide the best mortgage options for buying your first home? If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans.

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

Housing Wire

Redfin attributed the drop in down payment amount and percentage to the slower housing market , lower home prices, and higher housing costs due to rising mortgage rates. One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” Sheharyar Bokhari, Redfin’s senior economist, said in a statement.

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Opinion: Rethinking the FHA mortgage insurance premium

Housing Wire

In 2013, the Federal Housing Administration (FHA) began requiring borrowers to pay the Mortgage Insurance Premium (MIP) for the life of an FHA loan. People have equated FHA insurance to that of private mortgage insurance used by the government-sponsored enterprises (GSEs), which is not life-of-loan.

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