First-time homebuyers have more problems to face than just dwindling supply and higher demand: Income requirements for mortgage lending are also on the rise.
Read More »Investors With Cash Beat First-Time Homebuyers to the Closing Table
The competition is on. First-time homebuyers in need of financing methods are losing out on homes that are being swiped from them by cash investors.
Read More »Has Homeownership Finally Found its Balance?
The homeownership rate increased marginally over the last two quarters, but was fairly unchanged year-over-year. This has left many in the industry questioning if homeownership has plateaued.
Read More »Report Finds Overland Park is the Best City for First-Time Homebuyers; Compton Deemed the Worst
When purchasing a home, consumers often analyze the home further than just the outward appearance. WalletHub released a report on Monday, reviewing the level of attractiveness for cities all over the U.S. to determine how attractive a home is to first-time homebuyers. The report found that Overland Park, Kansas is the best city for first-time buyers, while Compton, California was labeled as the worst city for first-time buyers.
Read More »HUD Awards Additional $6 Million in Housing Counseling Grants
After awarding $36 million worth of grants to hundreds of national, regional, and local organizations to help families and individuals with their housing needs and to prevent future foreclosures in April, HUD recently awarded an additional $6 million in grants to add to that total, according to a press release.
Read More »New Program to Eliminate Closing Costs and Simplify Loan Process
Carrington Mortgage Services, LLC, announced in a press release that it will make The Carrington Loan program available through its national wholesale lending division. This program was developed in order to support the company’s commitment to serve the “underserved” market and first-time homebuyers.
Read More »Fannie Mae Launches Program to Assist First-Time Buyers With Closing Costs
Fannie Mae has announced the launch of the HomePath Ready Buyer program, through which qualifying homebuyers can receive up to 3 percent of the home's purchase price in closing cost assistance toward the purchase of a HomePath property.
Read More »First-Time Homebuyers to Make a Comeback
According to Diane Swonk, chief economist at Mesirow Financial, “the Great Recession delayed, but did not destroy, dreams of home ownership.” Now, increased job growth, a return of non-bank lenders to the mortgage market, and the expansion of low down payment options should prompt more buyers to enter the market, according to Swonk. According to the report, housing starts are expected to rise at a double-digit pace to 1.14 million, the first year above the 1 million unit mark since 2007. Single family starts are expected to show new signs of life. Home sales are expected to rise a moderate 3 percent to 5.7 million.
Read More »First-Time Homebuyer Share Inches Up in January
First-time buyers accounted for nearly half of homebuyers taking out mortgages in January, improving just slightly from December, according to a metric released by the American Enterprise Institute (AEI). Isolating only the pool of purchase mortgages guaranteed or insured by the GSEs or the government, AEI estimates the share of first-time buyers was slightly higher at 56 percent.
Read More »First-Time Homebuyer Share Rises in December
Researchers at the American Enterprise Institute's (AEI) International Center on Housing Risk estimate that Americans buying their first home made up about 50 percent of December's purchase mortgage market, up slightly from November.
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