Homeownership Can Be Affordable Housing

Homeownership Can Be Affordable Housing poster

By writing policy that prioritizes Americans’ access to homeownership, lawmakers could address both the affordable home shortage and the racial wealth gap, deduces Urban Institute visiting fellow Mike Loftin. He bases his assessment—that such access will foster financial stability and mobility for millions of Americans—on data collected by Urban Institute and Zillow researchers. “Some believe homeownership…

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Mortgage requirements are loosening for home buyers

Mortgage Requirements Poster

There’s good news for home buyers: It’s finally getting easier to get a mortgage loan. After tightening their lending standards during the pandemic, it seems mortgage lenders are starting to loosen the reins a bit. In fact, according to the Mortgage Bankers Association, mortgages were about 2.2% easier to come by in April than in March.…

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VA-like housing bill proposed for first responders, teachers

VA Like Housing Bill Poster

Legislation would axe downpayment and monthly mortgage insurance fee for firefighters, police officers, paramedics, teachers New legislation would extend a benefit similar to Veterans Affairs (VA) loans to first responders and teachers who buy homes. U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill, dubbed the Homes for…

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Home Equity ‘Pandemic-Resistant’

It’s a great time to be a homeowner: ATTOM Data Solutions, Irvine, Calif., said home equity rose sharply in the first quarter, with equity-rich properties in the U.S. outnumbering seriously underwater homes by a 7-1 margin. The company’s first quarter Home Equity & Underwater report said 17.8 million residential properties in the United States were…

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With mortgage rates under 3%, homeowners race to refinance

Mortage Rate Poster

Mortgage rates below 3% have brought homeowners stampeding back to the refinance market. A sharp rise in refi demand is driving an increase in overall mortgage applications, a new report shows. Refinancing to take advantage of mortgage rates that remain far below historical averages can be a smart play. Because with the economy recovering and over 116…

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Housing Market On Fire

Housing Market On Fire

A decade after the housing market emerged from a deep downturn, housing is hot again. Indeed, home values are soaring to new highs. With its double-digit appreciation and rampant bidding wars, the latest real estate party has some eerie similarities to the last one. “It’s clearly the strongest housing market that we’ve seen since the global…

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FHFA releases new refi option for low-income borrowers

FHFA borrowing poster

Following an incredible year for refinances that mostly benefited wealthier borrowers, the Federal House Finance Agency announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac. According to the regulatory agency, this new product will assist borrowers who were less likely to take advantage of 2020’s historically low rates. Under the…

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More Than 4 In 10 Millennials Refinanced In The Past Year

Millennials

More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average. During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other…

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