Trump Signs Executive Order To Tackle Lack Of Affordable Housing

President Donald Trump signed an executive orderTuesday that establishes a White House Council tasked with identifying and removing barriers hindering the development of affordable housing. In effect, he is “tearing down red tape in order to build more affordable housing,” a White House release said. The council will comprise members of eight federal agencies and be […]

Top 10 Riskiest Scams And How To Protect Yourself

Are you looking for a job? Be careful, you may be duped. The Better Business Bureau reports that employment scams were the riskiest scams of 2018. The BBB says job scams were the most dangerous because of the volume of reports, the number of people that fell for the scam and the median dollars lost. “Consumers aren’t doing […]

Programs And Tactics To Help You Afford To Buy A Home

The homeownership supply and demand tug-of-war continues, deterring some homebuyers and prompting banks and public institutions to create special programs to give the demand side more juice. Government-sponsored enterprise Freddie Mac, for example, just announced its “All for Home” program which offers targeted services for lenders, real estate agents and homebuyers that addresses down-payment assistance, technology issues, outreach and […]

Homebuilder Sentiment Unexpectedly Posts First Drop In 2019

Sentiment among homebuilders unexpectedly posted the first decline this year, suggesting lower mortgage rates are failing to give the housing market a sustained boost amid property prices that remain out of reach for many buyers. The National Association of Home Builders/Wells Fargo Housing Market Index fell two points to 64 in June, according to a report […]

FICO Scores For May Mortgage Borrowers Remain At Two-Year High

A strong labor market coupled with lower borrowing costs has put Americans in better shape to get a mortgage, based on average FICO scores and debt ratios for closed loans. The average FICO score for a closed mortgage was 728 in May, matching April’s level that was the highest reading since the end of 2016, […]

Ginnie Mae Removes LoanDepot’s VA Loan Restrictions

After nearly six months of being restricted from participating in some of Ginnie Mae’s mortgage bond programs as part of the agency’s crackdown on lenders for Department of Veterans Affairsloan churning, loanDepot is back in the game. Ginnie Mae announced Friday that it has removed the mortgage bond restrictions it placed on loanDepot earlier this year. Back in January, Ginnie Mae limited […]

Existing Home Sales Rise 2.5% In May

In May, existing home sales rose for the first time since March, according to the latest report from the National Association of Realtors. Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 2.5% from April to a seasonally adjusted rate of 5.34 million in May. Sales were 1.1% below May 2018’s rate. NAR […]

Mortgage Rates Rise From Two-Year Low

The average U.S. rate for a 30-year fixed mortgage rose two basis points this week from a two-year low, according to the latest Freddie Mac Primary Mortgage Market Survey. The rate was  3.84%, compared with last week’s 3.82%. A year ago, the rate sat significantly higher at 4.57%. “While the continued drop in mortgage rates has paused, homebuyer demand […]

Freddie Mac Announces Fixer-Upper Mortgage

Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners can use it to repair or improve their properties. The government-sponsored enterprise announced its new CHOICERenovation loan product on Wednesday, saying it’s available immediately to all approved lenders. Lenders have two […]