The Department of Housing and Urban Development has announced that it will provide $161.5 million in financial assistance to first-time homebuyers by providing grants of up to $10,000 per family.The program money was allocated last year with the passage of the American Dream Downpayment Act. HUD said the grants will be funneled to homebuyers through 400 state and local governments. The cash will go to first-time homebuyers who cannot afford downpayment and closing costs. The new federal program will give homebuyers who earn less than 80% of their community's median income grants worth up to $10,000 or 6% of the home's purchase price. President Bush says he hopes to increase the program to $200 million next year.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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.
April 18