AmeriDream Inc., a downpayment assistance provider based in Gaithersburg, Md., has launched the DreamKeeper Mortgage Payment Relief Program, which combines mortgage payment protection against involuntary unemployment and disability with the downpayment gift.Unlike similar products, it offers homebuyers fully paid principal, interest, taxes, and insurance for up to nine months if borrowers lose their job or become disabled, and allows for extended coverage of up to five years after a six-month vesting period. "Many mortgage protection programs in our industry only cover the first year following the purchase of the home," said Ann Ashburn, AmeriDream's president and chief executive officer. She added that, according to HUD's 2003 delinquency and foreclosure report to Congress, these defaults occur mostly between the second and fifth years of homeownership. "We designed DreamKeeper so it would benefit people when they need it the most," she said. The company can be found online at http://www.ameridream.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18