First time home buyers

California could soon help first-time home buyers with their down payments and mortgage costs under a proposed $1-billion program to make homeownership more financially feasible for low- and middle-income residents.

Allowing VantageScore to compete in the mainstream mortgage market may help to close the racial homeownership and financial wealth gap by increasing homeownership opportunities for underserved populations, writes the president and CEO of HomeFree-USA.

For first-time buyers, mortgage payments jumped to 25.6% of household incomes in the fourth quarter, the worst affordability level in three years, according to the National Association of Realtors.

These suburbs offered easy access to both major metros and the outdoors, cozy neighborhoods and affordability, according to Realtor.com.

A lack of awareness about assistance programs and apprehension hold back many consumers who could otherwise afford to buy a home, according to a new survey.

The sharp increases of the pandemic era have added nearly a year to the amount of time the average consumer needs to save for a 20% down payment, according to Tomo.

The Federal Housing Finance Agency in the Trump administration had been preoccupied with Fannie Mae and Freddie Mac’s capital position. Acting Director Sandra Thompson has shifted the agency’s focus to affordable housing and fair lending.

Measuring factors from affordability to quality of life, local lenders give insights to the top metro areas for new buyers, according to WalletHub.

The owners say they’re largely making the changes for their enjoyment rather than to increase the value of their property.

Forgoing traditional mortgages by buying homes outright is turning into a 2021 trend, and businesses are stepping in to facilitate these purchases.

Renters will need to reserve an additional $369 per month to keep up with rising listing prices over the next year, according to Zillow.

Though their rate of ownership lags behind preceding generations, millennial interest in purchasing property grew the most of any demographic last year, according to First American.

Remote workers looking across the country for an inexpensive house have a wide net to cast, but a few important socioeconomic factors can narrow the search.

Companies in the government mortgage market that serves low income, entry-level buyers are facing higher forbearance rates and more financial strain than others, making homeownership increasingly unattainable as credit remains tight.

The draft of the Downpayment Toward Equity Act of 2021 calls for grants for a limited segment of the market: those whose parents don't own homes.

The credit could cover the minimum down payment for the average Federal Housing Administration-insured mortgage in most large metropolitan areas.

As more borrowers between 21 and 40 leveraged the historically low mortgage rates in January, the average age rose to a report high, according to ICE Mortgage Technology.

Redfin expects the FTC to be more open to its proposal to buy RentPath than it was to CoStar’s earlier offer, Chief Financial Officer Chris Nielsen said.

The plan is aimed at low- and moderate-income communities, and may enable 60,000 individuals and families to purchase homes, the bank said in a statement Wednesday.

Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.