Married couples making up to $102,800 could get a $6,000 tax credit to cover downpayment and closing costs on their first home under a bill introduced by Sen. Debbie Stabenow, D-Mich.The tax credit can either be claimed in the year after the purchase of the first home or it can be transferred directly to the lender at closing. "This is cash on the table at the time of purchase," Sen. Stabenow said. The Michigan senator first introduced the bill in May 2003 before Congress passed the president's American Dream Downpayment Assistance program, which also provides up to $6,000 in downpayment and closing cost assistance. So far, the president's program has helped 6,500 families "to achieve the dream of homeownership," according to the Department of Housing and Urban Development. Sen. Gordon Smith is a co-sponsor of the Stabenow bill (H.R. 1213). The Oregon Republican is also the sponsor of a bill (S. 132) that would allow homeowners with incomes of up to $100,000 to deduct the cost of mortgage insurance premiums from their federal taxes.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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