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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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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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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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 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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Urban Institute, Feb. 25, 2021–Laurie Goodman, Jun ZhuHispanic households will account for 70 percent of net new homeowners between 2020 and 2040. Despite the many barriers to homeownership they face, they are the only racial/ethnic group that will experience an increased homeownership rate over that period. The authors outline three ways lenders and policymakers can…

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The past year has been like no other, housing-wise. Near-record-low interest rates, tight housing supplies and greater flexibility in where one lives have pushed a normally predictable housing cycle into uncharted territory, as three new housing reports show. RE/MAX: Winter Months Leave Buyers Undeterred RE/MAX, Denver, said its National Housing Report for January saw home sales jump…

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The Bay State’s housing market saw “healthy” demand from buyers in January, creating a “strong” start for 2021, according to the Massachusetts Association of Realtors. In its monthly indicators report, the trade group said closed sales this January increased by 7.8% for single-family homes and 9.8% for condo sales compared to January 2020. The increase…

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