The Bush administration will continue to push for a federally insured zero-downpayment program to provide teachers, nurses, and police officers the opportunity to own their homes, according to Housing Secretary Alfonso Jackson."I truly believe it is in our best interest to push" for zero-downpayment legislation, the Department of Housing and Urban Development secretary told a housing conference sponsored by the National Association of Home Builders and Freddie Mac. He acknowledged that there are concerns about high default rates that stalled zero-down legislation earlier this year. "If we can make this work, you will see very little defaults," the HUD secretary predicted. As a member of JPMorgan Chase's board of directors, the secretary said he learned that most upper-income people use second mortgages to cover the downpayment on their homes. "That's a zero downpayment," he said. Mr. Jackson stressed that most low- and middle- income persons will do whatever it takes to keep their homes. "I have an abiding faith that if we can provide the opportunities for people to own their homes, they will keep those homes," the secretary said.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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.
March 28