In a move designed to recruit and retain high-quality origination staff and fuel its expansion plans, USA Mortgage is turning over 100% control of the St. Louis-based nonbank lender to its workers through an employee stock ownership plan.
Nearly 50 years after the federal Fair Housing Act was signed into law, banning racial discrimination in lending, black prospective homebuyers in the St. Louis area continue to be denied conventional mortgage loans at a much higher rate than whites.
The Show Me State passed legislation enabling residential and commercial PACE financing in 2010; however, Renovate America only started funding assessments through the Missouri Clean Energy District three months ago, in August 2017.
Transfer taxes, settlement services and other home buying fees can vary wildly from state to state. Here's a look at the 10 states where home buyers need the least amount of cash to cover their closing costs.