The Department of Housing and Urban Development is launching a newspaper advertising campaign this Sunday (Aug. 20) to promote the benefits of Federal Housing Administration loans for lower income, first-time and minority homebuyers."We want to spread the word that FHA mortgages are a safe, viable option for first-time homebuyers," FHA commissioner Brian Montgomery said. The advertising campaign targets 27 metropolitan markets and it also "focuses on the dangers of predatory lending and the protective nature of FHA products," HUD said. FHA ads are slated to run in 23 markets this Sunday. Advertisements in the Dayton (Ohio), Hartford, Pittsburgh, Dallas markets will start later in the week. In the spring, FHA ran a radio/newspaper campaign in 16 markets.
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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.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18