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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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4 Things I Wish I’d Known Before I Got an FHA Loan

Realtor.com

Michail_Petrov-96/iStock A few years back, my husband and I got an FHA loan. had recently bought using a Federal Housing Administration loan, and it was working out wonderfully. An FHA loan—which allows the buyer to put down as little as 3.5%—sounded You can’t buy just any house with an FHA loan.

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Rate buydowns are the cat’s meow in today’s market

Housing Wire

Miki Adams, president of CBC Mortgage Agency , a nationally chartered housing-finance agency, said it’s also important to note that the benefits of temporary rate buydown loans [TRBLs] can be amplified if used “in conjunction with” other down payment assistance programs.

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When borrowers ‘ghost’ their servicers

Housing Wire

To Dana Dillard, principal advisor at Housing Finance Strategies and a 25-year mortgage industry veteran, the ghosting problem happens, among other reasons, because homeowners deny the reality or feel overwhelmed with their debts — especially if they lost a relative or friend due to COVID-19 or are unemployed for a while.

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Biden-Harris Administration Announces Reduced Mortgage Insurance Premiums

Broke Agent Media

Homebuyers and homeowners with FHA-insured mortgages will soon save an average of $800 per year on mortgage insurance premiums. The mortgage insurance premium is the fee homeowners with FHA loans pay every month—in addition to their monthly principal and interest payments—to insure their mortgages.

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How to Apply For a First-Time Home Buyers Loan: Simplifying the Process Into 8 Doable Steps

HomeLight

Second mortgages : These are loans you can take out to subsidize the down payment in addition to taking out a principal mortgage. FHA Within Reach Down Payment Assistance program is the FHA’s DPA program, though you’ll typically find this program offered through your state’s Housing and Finance Authority.

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What Are the Costs Associated With Buying a Home?

RIS Media

The down payment is the part of the home’s purchase price you pay upfront, rather than financing it through a mortgage. 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.