First-time homebuyers will find the best mix of affordability, low competition, and young homeowners in Midwestern metros, a new report says.
Zillow named the best markets for first-timers in 2024, with St. Louis taking the number one spot. Detroit, Minneapolis, Indianapolis, and Austin rounded out the top five.
These cities offer reasonable prices and a relatively full arsenal of starter homes to choose from. Low-priced properties have been hard to come by due to rate lock-in keeping many families from moving up and a tendency for builders to produce big homes.
That trend is changing, with builders now prioritizing smaller homes with fewer amenities, but until the construction wave is complete, first-time buyers need to prioritize metros that offer affordable…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
By KIMBERLEY HAAS
Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory.
According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022.
Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022, according to the index.
Sean Moss, executive vice president of product and operations at Down Payment Resource, told The Mortgage Note that even first-time homebuyers can qualify for down payment assistance and become both an owner and a landlord at the same time.
Moss said the buyer receiving the…
