Federal Housing Commissioner John Weicher said Wednesday that his agency is willing to consider a zero-downpayment mortgage for homebuyers who want to buy condominiums and cooperatives.At a hearing on zero-down mortgages, Rep. Bob Ney, R-Ohio, also raised the possibility that the Federal Housing Administration might want to consider insuring loans backed by two- to four-unit properties as well. Mr. Weicher, who was on Capitol Hill to push for FHA zero-downpayment legislation, said his agency is willing to consider insuring condos and co-ops but not necessarily two- to four-family units. The FHA zero-down mortgage is supported by many mortgage and housing groups, but there are concerns. Sheila Crowley, president of the National Low Income Housing Coalition, questioned whether the higher insurance premiums on zero-down loans are warranted. (See the March 29 issue of National Mortgage News for more details on the hearing.)
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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