Housing Wire

NOVEMBER 7, 2023

Not helping FHA, VA borrowers get off the sidelines Under current FHA rules, sellers can contribute up to 6% in concessions to FHA borrowers to cover closing costs, prepaid expenses and discount points. “VA loans are probably the best loans on the market.

VA loan

Housing Wire

APRIL 12, 2023

In a high-rate environment, lenders call the temporary rate buydown a win-win strategy for both sellers and buyers when used appropriately. For example, a 2-1 buydown can be paid for by the homebuyer or the home seller can pay for it as a seller concession. a loan officer in Washington noted.

Mortgages

Housing Wire

NOVEMBER 23, 2022

Borrowers who would benefit from a temporary rate buydown are those who are getting into the market and plan on hanging onto the property for two to three years before moving up to a different type of property, Trudy Kelly, a senior loan officer at Churchill Mortgage , said.

Marketing

Housing Wire

OCTOBER 27, 2022

Mortgage rates have surged firmly above the 7% mark, making alternatives such as temporary rate buydowns and down payment assistance programs more popular, according to loan officers. Boise-based loan officer Blake Bianchi, founder and CEO at Future Mortgage , said he noticed an increase in clients choosing 2-1 temporary rate buydown.

Mortgages

Housing Wire

JULY 4, 2024

Historically, interest rates are not as extreme as they seem, and with proper guidance, potential buyers can still find manageable financing options with lower down payments, down payment assistance and the potential for seller concessions to help cover agent commissions and closing costs.

Pre-qualification

Housing Wire

AUGUST 25, 2022

During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. It comes at a time in which the housing market favors buyers and seller concessions become more frequent.

Mortgages

Real Trends

NOVEMBER 2, 2022

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Temporary rate buydowns are not new, but many loan officers may not be familiar with the option. So what is a 2/1 rate buydown? What are the pros and cons?

Seller concession

HomeLight

AUGUST 28, 2020

Best advice: Ask your loan officer to walk you through your options and how they’ll affect your bottom line over time. Have your loan officer walk you through your options, and lay out what it would look like to use your cash on a down payment versus points. Where can you learn about points in your loan?

Mortgages

HomeLight

APRIL 17, 2024

They also estimate 1% in seller concessions if you list with them, but there’s no cancellation fee. HomeLight Home Loans : Like Offerpad and Opendoor, HomeLight has a convenient, prompt mortgage service. Opendoor charges a 5% service fee and an estimated 1% for closing costs. Writer Dena Landon contributed to this story.

Seller concession

Realty Biz

JANUARY 19, 2024

It takes a special loan officer who knows exactly how to work through these issues to help make their first purchase go smoothly Calculating Your Budget Determining your budget is a crucial step in the home-buying process. Again, local market conditions determine whether you can get any seller concessions.

Debt-to-income ratio

Redfin

MARCH 3, 2022

To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Give your loan officer full disclosure from the start – tell us everything. Any changes to employment status could force the lender to decline the loan even at this point.”.

Closing