Housing Wire

NOVEMBER 16, 2021

In September , the average mortgage loan size of new homes clocked in at $408,522, the survey found. Census data show an increasing share of new sales are for homes yet to be built or still under construction, and a shrinking share of completed homes,” Kan said. of loan applications. FHA loans composed 13.5%

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Housing Wire

DECEMBER 15, 2020

“November new home sales activity, both mortgage applications and home sales, ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and new residential construction,” Kan said. The average loan size of new homes increased from $355,684 in October to $357,554 in November, according to the survey.

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Housing Wire

OCTOBER 19, 2021

“New home sales purchase activity was weaker in September, and the average loan size rose to another record high, as homebuilders continue to grapple with rising building materials costs and labor shortages. When looking at loans by product type, conventional loans made up 75.1% and RHS/USDA loans made up the final 0.5%.

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Housing Wire

JULY 19, 2022

New residential construction and permitting activity weakened from March through May, which reduced the number of homes available for home buyers, according to survey results. The average loan size dropped to $426,966 in June from May’s $430,855, MBA said. Conventional loans accounted for 73.7% of loan applications.

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Housing Wire

AUGUST 22, 2022

“The slide in purchase applications for new homes – now down for the fourth consecutive month and 16% lower than a year ago – is consistent with data on declining homebuilder sentiment and slowing permitting activity for new construction.”. By product type, conventional loans composed 70.7% and VA loans composed 11.4%.

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Housing Wire

SEPTEMBER 14, 2023

Black/African-American buyers who have not been approved for a loan are more likely than other racial or ethnic groups to have been denied due to low credit scores, at 32% versus 17% or less for the other racial and ethnic groups. First time buyers (54%) are more than twice as likely as repeat buyers (22%) to consider an FHA loan.

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Housing Wire

JUNE 17, 2021

the fourth consecutive month of rising loan sizes and a new survey high. By product type, conventional loans made up 743.9% of loan applications, FHA loans composed 14.8%, RHS/USDA loans cam in around 0.9% and VA loans provided 10.4%.

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Housing Wire

NOVEMBER 16, 2023

FHA applications reached highest share of new-home applications since 2013 In October, FHA applications represented 26.3% of all new-home purchase applications as homebuyers turned to new construction for more housing options. This is the highest share of FHA new-home purchase applications in a decade.

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Housing Wire

JULY 20, 2021

” Mark Palim, deputy chief economist at Fannie Mae , said anecdotal reports of builders delaying or turning down orders to clear a growing construction backlog appears to be borne out by the recent housing starts data. With lumber prices recently pulling back, we expect some near-term strength in construction.

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HomeLight

FEBRUARY 12, 2021

You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller? Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% FHA loans help make homeownership more accessible.

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Housing Wire

JULY 26, 2021

Zillow Economist Matthew Speakman said demand for new homes should remain hot, as home shoppers continue to favor new construction as an alternative to the “ultra-competitive” resale sector. By product type, conventional loans were 74.4% The average loan size of new homes increased from $384,323 in May to $392,370 in June.

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Housing Wire

SEPTEMBER 22, 2023

Kim: The silver lining in the current housing market is an uptick in new construction sales due to a lack of existing-home inventory. Kim: I notice a lot of independent mortgage banks roll out down payment assistance (DPA) programs for conventional loans. DPA programs were predominantly for FHA loans.

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Housing Wire

MARCH 16, 2021

” Conventional loans composed 74% percent of loan applications in February, per the report. FHA loans composed 15.4%, RHS/USDA loans made up 1.5% and VA loans composed 9%. The average loan size of new homes increased from $363,493 in January to $370,679 in February.

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Realtor.com

JANUARY 11, 2023

Getty Images Many first-time homebuyers might presume they’re better off going used rather than new—in other words, purchasing a pre-existing property rather than pricey new construction. Unless you want to be waiting a long time to buy your first home, you should consider new-construction homes. Getty Images.

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Real Trends

SEPTEMBER 14, 2023

Black/African-American buyers who have not been approved for a loan are more likely than other racial or ethnic groups to have been denied due to low credit scores, at 32% versus 17% or less for the other racial and ethnic groups. First time buyers (54%) are more than twice as likely as repeat buyers (22%) to consider an FHA loan.

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Realty Biz

JULY 20, 2022

The Federal Housing Administration regulates and backs the FHA Loans program. These government-insured loans allow home buyers low down payments of just 3.5%. Their Section 502 Direct Loan Program generally has no down payment requirement to assist low and very low-income borrowers. Down Payment Assistance.

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RIS Media

SEPTEMBER 21, 2021

By product type: – Conventional Loans: 75.1% of loan applications. – FHA Loans: 13.8%. – RHS/USDA Loans: 0.6%. – VA Loans: 10.5%. The average loan size of new homes increased from $402,440 in July to $406,922 in August. from 64,000 new-home sales in July.

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Housing Wire

MAY 31, 2022

When we help bring distressed properties back to the market, it’s up to 31% less expensive than a new construction home.”. Planet is in a unique position because there are very few non-depository lenders offering a construction product,” Hattan said.

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HomeLight

AUGUST 9, 2022

Larsen cautions that if you’re buying a new construction home, you will likely be expected to pay a much larger percentage of earnest money. Drew May , a leading real estate agent in Augusta, Georgia, where Fort Gordon is located, says there is “no better financing” than a VA loan for military buyers.

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Realty Biz

SEPTEMBER 23, 2023

The amount required for a down payment can vary based on factors such as the type of loan, your credit history, and the lender's requirements. Standard financing options for homebuyers include conventional loans, FHA loans , VA loans, and USDA loans.

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Realty Biz

AUGUST 21, 2022

Mobile homes are also one of the cheaper forms of housing construction. Some of the most popular mortgage loan programs for low income borrowers include: FHA loans VA Loans USDA Loans Good Neighbor Next Door Homeready from Fannie Mae Home Possible Advantage from Freddie Mac.

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Housing Wire

MARCH 17, 2021

New home applications are down as well, as builders are still suffering from missing construction crews and the skyrocketing price of lumber and building materials. Rates have jumped north of 3% , with most recent reports showing it hovering around 3.5%. Home prices in general are staying high , as well.

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Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates.

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RIS Media

MAY 24, 2021

If you choose a conventional or FHA loan, a down payment is required. The amount of the down payment that’s needed is based on the home’s price and property type, as well as the loan product. For a conventional loan, exactly how much depends on the lender and loan type—you might put down 3%, 10%, 20% or more.

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Housing Wire

JUNE 23, 2021

If the fed were to tighten policy, Fannie Mae’s ESR Group expects this to drag on upcoming housing market growth and even stifle home sales, house prices, construction and mortgage originations. inflation jumped from 1.68% in February all the way up above 5% by June, per last week’s PMMS report from Freddie Mac.

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Windemere Buying

FEBRUARY 14, 2022

Instead of having to make a 20% down payment on a conventional loan to avoid private mortgage insurance (PMI) , an FHA loan allows buyers to qualify for a mortgage with a down payment as little as 3.5%. USDA loans enable buyers to purchase a home with reduced interest rates.

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HomeLight

NOVEMBER 17, 2021

FHA stands for the Federal Housing Administration , which is part of the U.S. The FHA backs mortgages to allow lenders to offer a favorable deal to homebuyers. FHA loan advantages include: Low down payments (as low as 3.5%). Talk with your mortgage lender if you think a USDA loan might be right for you.

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HomeLight

SEPTEMBER 1, 2022

Raymer says that for her clients, especially first-time buyers, she suggests an FHA loan, which only requires 3.5% FHA is really one of the best options,” she advises. An FHA loan is insured by the Federal Housing Administration and available from FHA-approved lenders. down payment. Special programs.

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Redfin

FEBRUARY 4, 2022

These qualities are what sets them apart from new construction, such as a modern craftsman home or ranch style house. But, buyers beware, owning a historic home isn’t always as easy and breezy as maintaining a newly constructed one. Is it an example of a historic style or was constructed by a prominent architect? .

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HomeLight

AUGUST 20, 2021

FHA loans require a special appraisal. If the buyer is financing the property with an FHA loan, an official FHA loan appraiser must conduct the appraisal, in accordance with HUD’s designated guidelines. The FHA appraiser ensures that the property meets HUD’s minimum property requirements. .”

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Realtor.com

NOVEMBER 9, 2022

7), new construction is limited, so buyers are competing over a very small selection of properties. Down payments are lowest in places with the most VA and FHA loans. In metros with the lowest down payments, federally backed loan assistance programs play a big role. In the Colorado city (No. In Odessa, TX (No.

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HomeLight

MARCH 6, 2023

He explains that owning a house is the most constructive and easiest way to build wealth, and even if you pay more now, you are still building equity, and will likely enjoy significant tax benefits. These government-backed loans can be a great option for borrowers who meet the requirements, however, they do require mortgage insurance.

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HomeLight

APRIL 14, 2023

For a conventional loan, it’s called Private Mortgage Insurance (PMI). If it’s a VA loan, it’s called the VA Funding Fee. And if it’s a Federal Housing Administration (FHA) loan, then it’s called Mortgage Insurance Premium (MIP). Each comes with its own set of requirements.

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HomeLight

MARCH 24, 2022

Different loans can make the response time longer as well, Daniels says. For example, if there is an influx of VA and FHA loans, the appraisal time for those specific loans can be longer as opposed to a conventional loan. Construction quality. The appraiser will visit the house. Property site.

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HomeLight

APRIL 12, 2023

Down payments vary by lender , borrower, and loan and can be as little as 0% (VA loans) or as much as 10% (jumbo loans). However, 3.5% (FHA loans) or 5% (conventional loans) is typical. You will also be responsible for any liens against your home, such as unpaid repair or construction fees.

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HomeLight

FEBRUARY 27, 2023

Shockley points out that FHA loans have additional requirements that can add time, so the cost of the appraisal can be higher. FHA and VA loans have additional requirements , most of which relate to safety or soundness. Proximity and size of the house are the two most important factors.”

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HomeLight

APRIL 5, 2023

However, you might want to fix something that opens up your home to different loan types. “If If you have a pretty good all-around house, but there’s some wood rot or missing floorboards, it could keep you from being able to sell to a VA loan or an FHA loan,” Rentz explains.

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