Meanwhile, Countrywide Home Loans Inc. has introduced a mortgage program designed to support homeownership for enlisted U.S. military personnel with minimal funds for downpayments and closing costs.The U.S. Military Optimum Loan Program allows qualifying enlisted personnel to buy homes with little down and to use nontraditional income sources, the company said. The program's flexible guidelines allow for a minimum cash downpayment of $500, or 1% of the sales price; the inclusions of different types of military pay, such as flight or hazard pay, as income sources; and the use of income from a boarder for families who rent out a room during a family member's deployment. Countrywide said the guidelines also permit the use of supplemental undocumented income from borrowers who have taken second jobs for which the pay is not easily verified, and cosigning by a family member or close friend for a primary borrower buying a home during a deployment.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
4h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
7h ago