A key House subcommittee passed legislation Wednesday that would allow the Federal Housing Administration to insure zero-down mortgages, but with certain conditions attached.The bill, "The Zero Downpayment Act of 2004" (H.R. 3755), passed the Housing Subcommittee Wednesday afternoon. It includes an amendment mandating that the Department of Housing and Urban Development suspend the program if the claim rate on FHA-insured zero-down loans exceeds 3.5%. Introduced by Rep. Patrick Tiberi, R-Ohio, H.R. 3755 also requires consumers using the program to receive pre-purchase counseling. Before the FHA can insure the loans, HUD must run the mortgages through its new automated underwriting system. Legislators say they believe the bill would help 150,000 additional families become homeowners.
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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