By KIMBERLEY HAAS As home prices and mortgage rates remain stubbornly high, first-time buyers hoping to hit the market in 2025 could benefit from down payment assistance programs. Reports show that existing and new home sales rose in December, but affordability is expected to remain challenging in the first quarter due to limited inventory. Mortgage…
By KIMBERLEY HAAS With the holidays here, industry leaders are sharing what they are grateful for. NewDay USA is one of the nation’s leading VA mortgage lenders. CEO Rob Posner said helping veterans and their families inspires him. He is grateful for his team. “I’m grateful for our team’s dedication to helping over 100,000 Veteran…
Down payments are getting bigger as home prices inflate and buyers strive to lower their monthly payments while competing with cash offers. The typical homebuyer put down 18.6% of the purchase price, new Redfin data showed, totaling more than $67,000 and up from 15% last year. Almost three in five buyers put down at least…
By KIMBERLEY HAAS The number of down payment assistance programs is growing nationally and industry leaders say more work needs to be done to make homeownership accessible in today’s tough market. In July, Down Payment Resource published its Q2 2024 Homeownership Program Index Report, which shows that there are now 2,415 programs being tracked by…
By KIMBERLEY HAAS Foreclosure starts are up nationally and some industry leaders say that better financial literacy could help prevent homeowners from becoming distressed. Lenders started the foreclosure process on 22,575 properties last month. That’s up 11% from a year ago, according to the February 2024 U.S. Foreclosure Market Report by ATTOM. There were a total…
CBC Mortgage Agency introduced temporary rate buydowns to its down payment assistance program for FHA first mortgage financing, the lender announced in a press release. Borrowers have access to either a 2-1 or 1-0 buydown, easing the financial burden on first-time buyers for the first few years of homeownership. “The addition of a 2-1 and…
CBC Mortgage Agency is now offering USDA loans for borrowers in rural areas, the company announced in a press release. The U.S. Department of Agriculture has approved CBCMA to provide USDA 30-year mortgages for borrowers outside of urban and suburban areas. These loans offer 100% financing, so the company’s correspondent lenders can now help low-…
Mark Leslie is joining CBC Mortgage Agency as director, capital markets, the company announced in a press release. “During my 22 years as a mortgage trader, I’ve worked through several extreme mortgage market cycles that taught me invaluable lessons that apply to today’s high-rate environment,” Leslie said. “I look forward to using this experience to…
Habitat for Humanity Affiliates in Florida and South Carolina will be able to build more affordable homes after the recent sale of mortgage notes on their behalf. Leaders at CBC Mortgage Agency, a nationally chartered housing finance agency and a source of down payment assistance for first-time homebuyers, announced its CRA Note Exchange platform had completed the sale…
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