The Credit Union National Association and 61 member institutions have committed at least $1 billion to fund a low-income, first-time homebuyer program offering below-market-rate ARMs.At a Monday news conference, CUNA said it hopes to have another $1 billion in affordable housing commitments by year-end and $10 billion over five years. The Home Loan Payment Relief initiative -- geared toward borrowers with household incomes at or below the median -- will provide 3/1 adjustable-rate mortgages at a 100-basis-point discount. Based on current market rates, the HLPR loan is being offered at 4.5%. CUNA said consumers are required to put at least 3% down. Rate adjustments are capped at 1% a year and five points over the life of the loan. CUNA said participating CUs are "voluntarily bearing the cost" of the below-market loans. CUNA can be found on the Web at http://www.cuna.org.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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