New bill proposes cutting FHA insurance premiums for first-time buyers



Lawmakers in the U.S. House of Representatives have approved a bill that would reduce the cost of upfront mortgage insurance fees on Federal Housing Administration-sponsored loans for first-time buyers. The bill comes with a caveat however, as first-time buyers would need to undergo a housing counseling program about sustaining homeownership in order to qualify for […]

Zillow highlights 36 metros where high school grads can afford a mortgage



Households including at least one person with a high school diploma or GED can afford the typical mortgage payment in most large metro areas across the U.S., according to a new analysis by Zillow. But soaring home values that have outpaced incomes have made down payments a barrier for many, particularly first-time home buyers. Mortgage […]

Experts worry about rise of ‘alt-doc’ loans



Some mortgage products that were widely used prior to the Great Recession, and cited as one of its main causes, are said to be making a comeback – and that’s becoming a concern for those worried about an impeding new recession, HousingWire reported. The volume of home loans with “alternate documentation” has more than doubled […]

Women “less familiar” with mortgage options than men



Women on average tend to be less aware than men of the various mortgage options they have when it comes to applying for a home loan. As a result, they often end up paying thousands of dollars more, according to a new LendingTree study that tracked data from the Consumer Financial Protection Bureau. The study […]

Most consumers don’t know what it takes to qualify for a mortgage



Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won’t even try to apply for one as they believe they won’t qualify. Consumers often overestimate the minimum credit score and down payment that’s required to obtain a mortgage, even though such information is readily available online. They’re […]

Can You Still Get a Mortgage with Bad Credit?



Can You Still Get a Mortgage with Bad Credit Many home buyers remember the housing collapse and mortgage crisis of 2008. Up until that time, anyone with a social security number could get a mortgage regardless as to whether they had bad credit or even a job. Soon after, those mortgage options disappeared leaving few […]

Ohio Bill Would Create Credit Protection Type Laws for Land Contracts



A land contract provides a rent-to-own structure which enables someone to purchase real estate with little to no cash down payment.  Called contracts for deed or land installment contracts in some states, land contracts require the buyer to make monthly payments towards purchase of the real estate to the seller. Part of each month’s payments […]

5.9 million homeowners could benefit from refinancing



The recent fall in mortgage rates won’t just benefit those looking to buy a home, but also those who’ve already purchased a property, should they decide to take advantage and refinance, experts say. Around 5.9 million borrowers in the U.S. could see their mortgage rates fall by at least 75 basis points if they decide […]

Report shows how mortgage firms stole black wealth in Chicago



Researchers from Duke University claim that African American homeowners in Chicago missed out on billions of dollars in wealth from 1950 to 1970, due to what it says were “racist real estate policies”. Throughout that 20-year period, African Americans living in Chicago bought 60,100 homes, of which, around 70% were sold on contracts that enabled […]

Bank of America announces $0 origination fees for low-income borrowers



As lenders struggle with the impact of reduced home sales on the mortgage business, some banks are coming up with new ways to make their offerings more attractive to borrowers. The Bank of America for example, recently said it would give “eligible borrowers” up to $10,000 to be used towards their down payment or closing […]