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Conforming, FHA loan limits rose for 2024, but who benefits? 

Housing Wire

. “With the latest Federal Housing Finance Agency (FHFA) announcement, he could qualify for a conforming loan paying a 5% down payment of roughly $40,000 rather than $80,000 – which could have put him on the sideline. For high-cost areas, the loan limit is $1.149 million. Who benefits from higher loan limits?

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CBC Mortgage Agency offers temporary rate buydowns on FHA loans

Housing Wire

CBC Mortgage Agency – a federally chartered housing finance agency – will offer two temporary rate buydown features for its down payment assistance (DPA) program for Federal Housing Administration (FHA) loans. The second mortgage requires a monthly payment.

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As mortgage rates near 8%, loan originators target first-time homebuyers

Housing Wire

In an environment where 30-year fixed mortgage rates are racing towards 8%, loan officer pipelines are thinning dramatically. But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained.

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The mortgage market just had its strongest week in months

Housing Wire

Falling mortgage rates last week brought increased demand. Total home loan applications increased 2.8% 1 compared to the previous week , according to data from the Mortgage Bankers Association (MBA). The 30-year fixed-rate mortgage averaged 7.17% last week. for the week ending Dec. of total applications, down from 8.1%

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CBC Mortgage Agency cuts rates on down payment assistance second mortgages

Housing Wire

CBC Mortgage Agency — a federally chartered housing finance agency — is reducing interest rates on repayable second mortgages used for its down payment assistance (DPA) program. CBC Mortgage Agency is the provider of Chenoa Fund, a national DPA program that comes in a repayable and forgivable option.

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Mortgage applications fall despite declining mortgage rates

Housing Wire

Mortgage demand fell for the first time since November as mortgage rates reached their lowest level since June 2023. Total home loan applications decreased by 1.5% 15 compared to the previous week, according to data from the Mortgage Bankers Association (MBA). for the week ending Dec. the week prior.

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Mortgage demand picks up again: MBA

Housing Wire

Despite an uptick in mortgage rates at the beginning of 2024, mortgage demand surged after adjusting for the holiday. Mortgage applications increased 9.9% 5 compared to one week earlier, according to data from the Mortgage Bankers Association (MBA). The 30-year fixed mortgage rate averaged 6.62% as of Jan.

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