Remove Housing Market Remove Insurance Remove Loan Officers Remove Sellers
article thumbnail

Don’t expect a drastic housing market turnaround in 2023, Fitch Ratings says

Housing Wire

“A small offset or decline in home values, which we are starting to see, (…) can help that consumer who’s in the market for the first time,” Brown said. Brown anticipates more consolidation in the industry on the mortgage production side, as “there’s less than one loan being done by a loan officer per month on average,” he said.

article thumbnail

Reverse purchase financing: The financing option no one is talking about

Housing Wire

1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. Recently, Interested Party Contributions (or seller concessions) have been allowed with HECM for Purchase loans.

Finance 418
Insiders

Sign Up for our Newsletter

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

article thumbnail

CrossCountry offers buyers up to $4K in down payment assistance

Housing Wire

CrossCountry Mortgage (CCM), the nation’s third-largest retail mortgage lender, unveiled its latest initiative this week that is aimed at helping first-time homebuyers overcome the financial hurdles of purchasing a home in today’s competitive housing market. 5000 list of America’s fastest-growing private businesses.

Buyers 341
article thumbnail

Desperate for deals, mortgage pros get creative

Housing Wire

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Niche loans consist of about 5% of Parkinson’s business. “It’s Some markets like New Jersey don’t have land to build new homes.

article thumbnail

FHA borrowers are getting hammered by rising rates

Housing Wire

Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

Insurance 357
article thumbnail

5 first-time homebuyer mistakes to avoid

Housing Wire

How much house can you afford to buy? 5 tips for buying a home in a seller’s housing market. A homebuyer’s guide to a competitive housing market. Home insurance hiccups. Your lender is going to require an adequate home insurance policy before they’ll close on your loan. Low appraisals.

Insurance 532
article thumbnail

Top 5 mortgage terms to know before you buy a house

Housing Wire

How much house can you afford to buy? A homebuyer’s guide to a competitive housing market. Earnest money is essentially a deposit you put down on a house you’re interested in. It shows the seller you’re serious about their property, and usually amounts to about 2% of the home price. Buying a home? Earnest money.

Mortgage 414