By KIMBERLEY HAAS The housing market is tough for any buyer to negotiate. Unexpected things pop up at every turn and closing a deal can seem like a second job. I recently dipped my toes in the water and put in an offer on a home. The experience taught me numerous lessons and reminded me…
More homebuyer assistance programs appeared in Q3 2024 as home shoppers struggled with ongoing unaffordability. The number of national homebuyer assistance programs increased by 29 to 2,444, including a 5% bump in programs for first-generation buyers. There was an 8% jump in below-market rate/resale programs, a 7% increase in grant-funded programs, and a 6% boost…
United Wholesale Mortgage rolled out a new 0% down payment program, alongside several other major announcements during its annual broker event this week. The down payment program is geared towards borrowers struggling to save for a down payment. This is one of the biggest challenges facing new buyers struggling under rampant inflation and soaring household…
Click n’ Close expanded its down payment assistance loan products with a shared appreciation option. The DPA with Shared Appreciation program gives borrowers a low interest rate for first-lien FHA and USDA loans and a repayable second lien in exchange for up to 40% of the home’s appreciation in the first five years. After that…
Atlanta-based Citizens Trust Bank announced a new down payment assistance program for borrowers purchasing affordable homes. The grant offers up to $2,000 to eligible buyers looking to purchase affordable housing. Citizens says its goal is to help more Americans reach their homebuying dream, considering that saving for a down payment in a high inflation, high…
Freddie Mac is streamlining down payment assistance programs with standardized mortgage documents. Leaders at the GSE say subordinate lien documents currently vary greatly by lender, causing confusion. These new documents will “increase clarity, consistency and accessibility” of DPA programs across the country, and can be used by lenders working with the HFAs at all levels….
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…
FHA borrowers with loanDepot can now put zero down upfront with its new “accessZERO” program. The program offers up to 5% of a home’s purchase price in down payment assistance structured as a 10-year fully amortized repayable second mortgage. It is geared towards buyers who are struggling with saving for a down payment as home prices…
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-…
U.S. Bank announced a new Special Purpose Credit Program (SPCP) geared toward increasing homeownership in communities of color. The Access Home Loan provides up to $12,500 in down payment assistance to qualified borrowers, as well as up to $5,000 in additional lender credit for closing costs. Buyers can opt to use the lender credit to…
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