Freddie Mac Introduces New 3 Percent Down Program. Freddie Mac has announced another 3 percent downpayment option for first-time homebuyers. The program is called HomeOne. HomeOne is the second of its kind. The government-sponsored enterprise currently has another 3 percent down conventional mortgage program in place called Home Possible. Home Possible offers the low downpayment option to low- and moderate-income borrowers. Freddie also announced that it is capping Home Possible’s income limits at 100 percent area of median income for properties in designated high-cost areas, designated disaster areas and minority census tracts in order to focus the product on low-to-mod income borrowers. On the other hand, HomeOne is different because it has no geographic or income restrictions on those seeking the 3 percent down option. It may not be used for ...
Caliber Home Loans has announced pricing of a uniquely structured private offering of secured term notes backed by Ginnie Mae mortgage servicing rights and excess servicing spreads
Minority borrowers applying for an FHA or VA first-lien purchase mortgage were more likely to be denied than comparable white borrowers, according to an Inside FHA/VA Lending analysis of 2017 Home Mortgage Disclosure Act data. This finding was no surprise because the denial rates reflected the same historical trends for white and minority borrowers over the years. Approximately 727,865 FHA/VA loans went to white borrowers last year. Of the 978,981 government-insured loan applications submitted by white borrowers, 9.07 percent were denied. Of the 231,108 black borrowers who applied for a government-backed home loan, lenders rejected 14.57 percent. Out of the 285,707 FHA/VA loan applications submitted by Hispanics, lenders denied 11.42 percent. Asian borrowers submitted the least number of FHA/VA loan applications, 44,739. Lenders denied 11.36 percent. For FHA, the ... [Chart]
Compliance experts are hailing last week’s announcement by the Department of Housing and Urban Development to seek comment on whether the agency’s 2013 final disparate-impact regulation is in tune with the 2015 landmark ruling by the Supreme Court of the U.S. in a disparate-impact case.
The weighted average coupon for new issuance of FHA refinancing loans is much lower than FHA purchase loans due to a combination of factors, according to an analysis by Wells Fargo Securities. Wells analysts led by senior analyst Vipul Jain compared collateral characteristics of FHA purchase and refi production for 2017 based on the weighted average loan age (WALA) of newer collateral issuance. The team found that purchase-loan production in FHA carries higher-than-average ...
RSS