More than half of homes in the U.S. are at least 20 years old and likely in need of upgrades. According to a recent Freddie Mac survey of potential renovators and homebuyers, although most hold positive attitudes toward renovating, financial cost, emotional barriers and a lack of knowledge about financing options can be significant obstacles. Lenders have an opportunity to provide more resources on the value of renovating as well as financing options such as renovation mortgages. Read more.
Rising interest rates and recession fears have created a challenging market environment for lending, making it hard to predict where the mortgage markets will trend.
American Banker's Most Powerful Woman in Banking, who is also wrapping a year's service as the Mortgage Bankers Association's first Black chairwoman, discusses closing the racial homeownership gap, rebuilding borrower trust and more.
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Freddie Mac All For HomeSM is about the housing industry working together to help more people achieve the dream of homeownership, especially in underserved markets. The Home Possible RISE Awards® program rewards this focus and those who embrace making home possible for all.
As home prices remain high amid a competitive market, an increasing percentage of young first-time homebuyers are relying on support from older generations, including their parents, to buy a home together. A family member or friend can support a homebuyer by co-signing for a mortgage or listing themselves as a co-borrower. Combining income with a co-borrower allows borrowers to qualify for a higher loan amount. Read the research.
Accessory dwelling units (ADUs) are taking the main stage as a solution to add affordable housing units to the market. In fact, The White House recently convened a panel aimed at identifying strategies to make ADU construction easier, including streamlining the permitting and construction processes and making financing more accessible. Learn more about expanded policies for properties with ADUs, providing additional eligibility opportunities to responsibly finance ADU purchases and renovations.
