Housing Wire

NOVEMBER 21, 2024

As existing-home sales dwindle due to high mortgage rates and the lock-in effect, buyers continue turning to new construction options. And Mortgage Bankers Association (MBA) data shows a shifting attitude as mortgage applications for new homes surged in October. Department of Agriculture (USDA) loans at 0.4%.

Mortgages

Housing Wire

MAY 13, 2025

These include regulations tied to servicing , the Real Estate Settlement Procedures Act ( RESPA ) and loan officer compensation, among others. The CFPB will also no longer prioritize enforcement of Section 1071 small-business loan data collection requirements, a 2023 rule that has been challenged in court.

Mortgages

Housing Wire

AUGUST 15, 2023

With strong demand and limited options for existing homes, many homebuyers are turning to new construction. Mortgage applications for new construction home purchases increased 35.5% of purchase applications came from the FHA , the highest share since May 2020. from 60,000 new home sales in June.

New Construction

Housing Wire

SEPTEMBER 14, 2023

Despite the 30-year fixed rate averaging over 7% in August, applications for new home purchase loans increased over the month and from a year ago,” said Joel Kan, MBA’s vice president and deputy chief economist. The FHA share of applications dipped slightly in August but remained high, noted Kan. of loan applications.

New Construction

Housing Wire

FEBRUARY 16, 2024

Mortgage applications for new homes surged in January as a lack of existing homes continued to fuel the demand for new construction. Mortgage applications for new home purchases rose 19.1% In January, conventional loans accounted for 64.5% of loan applications for new homes. of applications, U.S.

VA loan

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%.

VA loan

Housing Wire

JUNE 17, 2021

Lack of inventory and sweltering home prices have become a market norm for much of the industry, and May’s loan size data reported the trend has yet to abate. According to the BAS, the average loan size rose from $377,434 in April to $384,000 in May ?the the fourth consecutive month of rising loan sizes and a new survey high.

Sales

Housing Wire

APRIL 16, 2024

A higher FHA share can be a sign of more first-time buyer activity, but that segment of buyers is also more sensitive to affordability challenges.” In February, conventional loans accounted for 63% of applications for new homes. Federal Housing Administration (FHA) loans accounted for 26.4% of applications , U.S.

VA loan

Housing Wire

JANUARY 10, 2022

Interest rates on 30-year fixed-rate loans averaged 2.96% in 2021, a record low annual average, and are expected to rise this year. Even with this increase, fixed-rate loans will still be cheaper than they were before the pandemic: In the 2010-2019 decade the interest rate averaged 4.1% for 30-year fixed-rate loans.

Marketing

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% That pace for the Northeast, specifically, is down 27.9% from June 2020.

Sales

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.”. from the revised 56,000 new home sales in June. and VA loans composed 11.4%.

VA loan

Housing Wire

SEPTEMBER 22, 2023

Read on to learn more about Duncan’s views on the housing market, loan performance and affordability challenges homebuyers face. But if you’re a first-time buyer, that’s not good news because it means it’s harder to qualify — especially with interest rates where they are. DPA programs were predominantly for FHA loans.

FHA loan

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.

Mortgages

Housing Wire

FEBRUARY 1, 2023

FBC Mortgage recorded originations of about $8 billion in 2022, including its joint venture volume, Nunziata said, adding that about 70% of that volume “was new construction.” It varies a little bit based on loan amount and interest rate but … a pretty good rule of thumb is a [2-1] buydown will typically cost the seller about 2.25

Marketing

Housing Wire

DECEMBER 12, 2023

The gap peaked in November 2022, when the average note rate for new construction sales was one percentage point lower than the rate for existing home sales. Limited to loans with CLTV 76-80 and FICO 720-770 to control for the effect of loan level pricing adjustments. As of July 2023, the gap had slightly narrowed to 0.8

Debt-to-income ratio

Housing Wire

MAY 31, 2022

Among them are Geneva Financial , a mortgage lender headquartered in Arizona, which opened a branch location in Chicago, and New Western , a real estate investment firm, which also launched its first office in Chicago, marking its expansion with its 43rd office location in its 19th state. Department of Agriculture (USDA).

Mortgages

Realty Biz

MARCH 29, 2021

When purchasing a brand new construction home, they are often covered by a warranty for about the first one or two years of ownership. It is not uncommon to see some new housing developments advertise that they offer a builder’s warranty. What is Covered in a New Construction Warranty?

New Construction

McKissock

MAY 6, 2022

New construction is treated a little differently by lenders, FHA, and the GSEs. When appraising new construction homes, you must take into consideration certain features and attributes that don’t necessarily apply to re-sales. Those requirements can make it hard to find other new construction comparables.

New Construction

Realty Biz

JULY 20, 2022

For some buyers, there might even be a no down payment home loan available. The Federal Housing Administration regulates and backs the FHA Loans program. 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%.

Loans

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.

New Construction

HomeLight

AUGUST 31, 2021

If so, then the 203k loan may offer a way to finance your plans, but first, you’ll need to know both what this loan is and how to get a 203k loan. . In addition to 12 years of experience as a real estate agent, Forney has personal experience using a 203(k) loan to purchase and fix up his first home.

Loans

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. What is a USDA loan? Types of USDA loans.

Loans

HomeLight

SEPTEMBER 1, 2022

Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Different loan programs will require different down payment amounts, but you do not always need to put 20% down when buying a home. There are two types of conventional loans — conforming and non-conforming.

Earnest money deposit

RIS Media

SEPTEMBER 21, 2021

Unadjusted, MBA estimates there were 71,000 new-home sales in August 2021—an increase of 10.9% from 64,000 new-home sales in July. By product type: – Conventional Loans: 75.1% of loan applications. – FHA Loans: 13.8%. – RHS/USDA Loans: 0.6%. – VA Loans: 10.5%.

Mortgages

HomeLight

APRIL 14, 2023

Richie Helali , a licensed, senior mortgage advisor at HomeLight Home Loans , says that closing costs are most often paid through wire transfer or certified check, along with the down payment for your home loan (which is not part of your closing costs but is typically due at the same time). However, it doesn’t hurt to ask.

Closing costs

HomeLight

APRIL 14, 2023

Richie Helali , a licensed, senior mortgage advisor at HomeLight Home Loans , says that closing costs are most often paid through wire transfer or certified check, along with the down payment for your home loan (which is not part of your closing costs, but is typically due at the same time). That 85% mortgage would amount to $281,095.

Closing costs

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.

VA loan

Marco Santarelli

DECEMBER 12, 2024

Government-Backed Loan Programs: The availability of programs like VA and FHA loans makes it easier for certain populations to buy homes in these markets, leading to increased homeownership. This translates to a strong demand for housing due to frequent relocations and the presence of VA loan benefits.

VA loan

Realty Biz

SEPTEMBER 23, 2023

With pre-approval, you'll receive a conditional commitment from the lender, stating the maximum loan amount for which you are approved. 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.

Purchase and sale agreement

Marco Santarelli

AUGUST 3, 2024

Not Saving Enough for a Down Payment: Many assume a 20% down payment is mandatory, but with options like FHA loans, you might be able to secure a mortgage with a smaller down payment. How to Avoid: Compare Rates from Multiple Lenders: Contact multiple mortgage lenders to compare interest rates, fees, and loan terms.

Closing costs

The Close

JUNE 15, 2022

FHA loans. FHA vs conventional loans. How to get preapproved for a home loan. New constructions homes 39. Loan origination fees? Closing costs for seller 44. Best time to buy a house 64. How to choose a Realtor 25. How to sell your house without a Realtor? Staging a house 65. Curb appeal 66.

Closing costs

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. In turn, you may need to show proof of funding for those repairs before the loan is approved. .

Construction

Redfin

AUGUST 2, 2022

And if you’re considering a Federal Housing Administration (FHA) loan or a Department of Veterans Affairs (VA) loan, know that government-backed loans won’t finance a floating home. Some lenders may require you to have a 20% minimum downpayment or a higher interest rate to offer you a loan.

VA loan

Redfin

APRIL 21, 2023

The state has seen a significant increase in new construction, with builders developing homes in both urban and suburban areas to meet the demand for housing. This involves submitting your financial information to a lender who will evaluate your creditworthiness and determine the maximum loan amount you are eligible for.

Pre-approval

Housing Wire

SEPTEMBER 14, 2023

AAPI buyers are most likely to be waiting for prices to drop and African-American/Black buyers are most likely to report trouble getting approved for a loan due to credit issues as the main reason they have not bought yet. First time buyers (54%) are more than twice as likely as repeat buyers (22%) to consider an FHA loan.

FHA loan

Housing Wire

SEPTEMBER 20, 2024

In a new episode of the HousingWire Daily podcast , host Sarah Wheeler chats with Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA). He says that the industry’s problem is more about supply than demand, and he favors Harris’ policies to stimulate new construction across the U.S. down payment minimums.

FHA loan

Housing Wire

OCTOBER 21, 2020

He said as builders work to replenish the supply with new homes, the most recent census data shows a 1.1 million annualized pace for new construction — the highest level since 2007. Walsh said that as more loans fall into the seriously delinquent bucket, servicer costs could rise.

Mortgages