MassHousing, a quasi-public Massachusetts agency that makes and insures affordable home mortgage loans, has announced the launching of MI Plus, a no-cost program that makes principal and interest payments on a mortgage for up to six months in case of unemployment.MassHousing noted that borrowers who put less than 20% down on a home are required to pay mortgage insurance, which protects the lender in the event of foreclosure, but provides no tangible benefit for the borrower. "We believe this will change the way consumers see mortgage insurance, and provide an additional incentive for first-time buyers to make the leap to homeownership," said MassHousing Executive Director Thomas R. Gleason. MassHousing is the first housing finance agency in the country to offer such a product, and only two private mortgage insurers offer similar products, the agency said. If a borrower is eligible, MI Plus will cover the principal and interest payments, up to a maximum of $2,000, for up to six months during the first 10 years of the mortgage. MassHousing will make the payments directly to the loan servicer. The agency can be found online at http://www.masshousing.com.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28