Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

Second jobs create obstacles for home buyers

Full-time job income plus part-time job income just not enough

Despite a recent push from the Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development to expand the credit box, a Bloomberg article explains that times are still tough for borrowers, especially those using a part-time job to help boost their income.

As the economy produces an increasing number of part-time jobs, that trend is colliding with rules that limit their value for homebuyers. The restriction, enacted after the housing crash, makes it more difficult for lenders to consider secondary income, resulting in a growing pile of loan denials, said Susan Wachter, a finance professor at the Wharton School of the University of Pennsylvania.

The article explained that the Consumer Financial Protection Bureau’s Ability to Repay rule states that part-time wages can be included by banks in determining the ability to repay a mortgage if an employer verifies that the borrower has worked at the job for two years and will continue to do so. 

However, the article added that there are some ambiguities in the requirements, such as lenders can consider a series of part-time jobs to meet the two-year rule — as long as the positions are in the same industry.

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