Over five months after the implementation of the TILA-RESPA Integrated Disclosure rule, first-time buyers are still enduring its consequences with closing delays on home purchases. The American Enterprise Institute International Center on Housing Risk found that the share and volume of first-time homebuyers rose marginally year-over-year in January 2016.
According to AEI's First-Time Buyer Mortgage Share Index released Monday, first-time buyers accounted for 56 point 1 percent of primary owner-occupied home purchase mortgages with a government guarantee in January 2016. This number is up from 56 percent last January, but down from 56 point 7 percent in December 2015.
Bank of America is taking steps to cut the Federal Housing Administration out of the equation with its latest mortgage product, dubbed the Affordable Loan Solution. The new program will allow borrowers to put a mere 3 percent down on conforming loans, and it will require no private mortgage insurance—regardless of the total amount of the loan.