article thumbnail

Reverse mortgage professional’s action helps lead to suspected fraudster’s arrest

Housing Wire

“The suspect provided advice in relation to how the victim could acquire a private mortgage to pay for the previous home renovations. The scam allegedly continued further, with the suspect reportedly convincing the homeowner that additional renovations were needed.

article thumbnail

RenoFi targets homeowners who don’t qualify for HELOCs

Housing Wire

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs).

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

Before the new law was enforced, many condo associations were investing their reserves in government-insured instruments, sacrificing their liquidity to generate a return. In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs.

HOA 483
article thumbnail

CFPB proposes rule to bolster PACE loan borrower protections

Housing Wire

The Consumer Financial Protection Bureau (CFPB) announced on Monday a proposed rule that seeks to bolster consumer protections for borrowers seeking Property Assessed Clean Energy ( PACE ) financing for home renovations. We are proposing new rules that would require sensible safeguards on these clean energy loans.”

article thumbnail

The share of owner-occupants buying foreclosures has doubled — here’s why

Housing Wire

The share of distressed property auction buyers who say they are owner-occupants nearly doubled over the last year, boosted by a game-changing government policy that took effect last August. They are able to pay with cash, take on bigger renovations and provide current occupants with a graceful exit.

article thumbnail

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.

Lending 371
article thumbnail

Fintech Hitch launches new HELOC platform

Housing Wire

Austin fintech startup Hitch has rolled out a HELOC platform to help homeowners tap into more than $100 billion in government grants available for home renovation. Established at the start of 2022, Hitch will give qualified owners access to up to 90% of the equity locked in their homes, the company said Thursday.