Items Tagged with 'First-time home buyers'

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Quicken Loans now offering 1% down mortgages

Here are the details on the program that no one is talking about
While megabanks like Bank of America, Wells Fargo and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer mortgage loans that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers. Unbeknownst to many in the market, Quicken Loans began offering an even better deal for borrowers late last year – a 1% down mortgage.
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30-year mortgage leaves homebuyers poor?

It’s not your only choice
30-year fixed mortgages may not be the way to go if homebuyers can afford a larger monthly payment. In fact, total interest over the life of the loan is over three times higher on a 30-year mortgage than on a 15-year mortgage, and that’s just for a median priced home. Is it time to reignite the debate on the role of the 30-year mortgage in our industry?
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Will homebuilders fill the void in housing for first-time buyers?

The new top hurdle for entry-level buyers
The ability to save for a down payment is no longer the biggest hurdle for first-time homebuyers. According to a new housing report from Fitch Ratings, there’s a new problem that’s creating an even bigger roadblock—inventory shortages. This is what the report says is being done to fix the problem.
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Bad credit holding back first-time homebuyers?

Maybe, but that’s not the only factor
Some companies speculate that low credit scores could be holding back first-time homebuyers. Some experts, however, disagree. According to a recent survey by TransUnion, there is one thing that worries them more than their credit scores.
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S&P/Case-Shiller: Home prices finally start to stabilize

First-time homebuyers still face barriers to entry
The National Home Price Index, covering all nine U.S. census divisions, increased 5.3% annually in February, breaking a 10-month streak where the year-over-year figure increased over the previous month. Could this finally be the end of rapidly increasing home prices? First-time homebuyers could definitely use the break.
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Executive Conversation: Margaret Crowley on first-time homebuyers and Millennials

MGIC makes buying a home affordable with private mortgage insurance
By saving borrowers money, a low-down-payment loan with private MI allows them to build up more equity over time. Private MI can also be cancelled when the loan reaches 80% of the original property value, whereas FHA mortgage insurance remains for the life of the loan unless the borrower puts at least 10% down.
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5 common down payment misconceptions

What you don't know could be holding you back
Before you let the cost of a down payment get in the way of your homeownership dream, make sure you fully understand the options available to you. One of these five common misconceptions could be holding you back from buying a home.
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From HW Magazine

Hot Seat: Jay Hughes of MGIC

Ensuring sustainable homeownership
As would be the case with any generation of new potential homeowners, there is a need for education. In the case of the Millennials, there is an added element of unwinding some of the perceptions that were born out of the bubble era.
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