Rep. Pat Tiberi, R-Ohio, has introduced a bill to create a federally insured zero-downpayment mortgage to increase homeownership opportunities for borrowers who do not have the cash for a downpayment or closing costs.The bill (H.R. 3755) is based on a Bush administration proposal to eliminate the 3% downpayment requirement on Federal Housing Administration loans for first-time homebuyers. To cover the higher risk of default, zero-downpayment borrowers would pay higher mortgage insurance premiums than other FHA borrowers -- appropriately $50 more a month on a $100,000 mortgage. Co-sponsors of the bill include two other Ohio Republicans -- House Financial Services Committee Chairman Michael Oxley and Rep. Bob Ney. "This legislation will be a top priority for the housing subcommittee this year," Rep. Oxley said. Rep. Ney chairs the housing subcommittee.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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