Freddie Mac has partnered with The Wilmington Housing Authority of Delaware and other local nonprofits, pledging to purchase up to $50 million in eligible mortgages for low- to moderate-income Wilmington families.The initiative plans to provide a supply of about 500 affordable for-sale homes through both new construction and rehabilitation efforts in targeted areas of the city. Products offered include HOPE IV and the Department of Housing and Urban Development's 5(h) program, which had not been available to local residents in the past. The partnership is "a focused, comprehensive effort to deploy some of the most effective state and federal housing initiatives now available, beginning with HUD's Housing Choice Vouchers," said Dave Stevens, Freddie Mac's senior vice president of mortgage sourcing, operations, and funding. Freddie's "community gold mortgage" program will assist city borrowers and housing voucher holders who want to become homebuyers, provided they earn at least $18,500 a year and can cover a downpayment equal to 2% of the home's purchase price. Combined city and state funds will offer individual grants of up to $10,000 in downpayment and closing costs.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
9h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
10h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
10h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
11h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25