In preparation for a vote on Federal Housing Administration reform bill, Senate Banking Committee leaders have agreed to cut the FHA 3% downpayment requirement in half, to 1.5%, but only allow upfront mortgage insurance premiums to be financed into the loan amount.The loan-to-value ratio cannot exceed 100%, which means the FHA borrower or seller has to pay the closing costs. However, the interest rate on the loan can be increased to cover closing costs. According to sources, the FHA bill, which the committee is scheduled to mark up on Wednesday, is "silent" on the issue of charging risk-based premiums. Key senators decided to drop a provision in an earlier version of the bill that would have restricted the mortgage insurance agency from setting premiums based on credit scores. The Senate bill would also raise the FHA loan limit to $417,000 in high-cost areas.
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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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