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Movement Mortgage names Joe Thompson as regional director

Housing Wire

Founded in 2008 and based in Fort Mill, South Carolina , Movement Mortgage offers a range of products including conventional, jumbo and government-insured loans, as well as a dedicated reverse mortgage division. The lender also provides rate-and-term and cash-out refinancing, along with construction and renovation loans.

Mortgage 327
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Proprietary Capital completes acquisition of AFR, hires new COO

Housing Wire

AFR offers agency, nonagency and government lending products. It also has a niche in construction and manufactured home loan programs. Proprietary Capital expects to add products and gain market share across all channels after the ARF acquisition, the company said in a statement.

Lending 324
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Financing proves an obstacle for ADUs

Housing Wire

Specifically, there is a high cost in constructing accessory dwelling units – or ADUs – which are secondary residences on a land parcel zoned for single-family housing. State and local governments – and now Washington – frame ADUs as a prime vehicle to address a U.S. million fewer units than needed. Presented by: TenantCloud.

Finance 368
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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I My renovated homes are] reducing the number of rental properties , which in our town has become a source of demise.” In 2019 the number was 200,000.

Inventory 371
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Job gains slow in June, but are probably still too hot to sway the Fed

Housing Wire

Manufacturing activity remains quite weak, while consumer spending has held up somewhat better, and new home construction and sales have picked up. Employment in the construction industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022.

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Todman on HUD’s steps to increase supply, review rules and get the money ’out the door’   

Housing Wire

These government-backed loans allow qualified buyers to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. She added that she’s working with the Biden administration on streamlining things and having the rules either “harmonize together or just get out of the way.“

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Biden tax credit to rehab homes is finally unveiled

Housing Wire

Investors who acquire and renovate older homes could claim the credit on their federal tax returns, as long as the home is sold to and occupied by an eligible buyer. The tax credit would cover the difference between total development costs — including acquisition, rehabilitation, demolition and construction — and the sales price.