One of the nation’s last sources of no money down financing for home loans appears to be making a comeback: Legislation that restores a Department of Agriculture home-buying program is headed to President Barack Obama’s desk for signature. The legislation makes the USDA’s Single-Family Housing Guaranteed Loan Program self-sufficient, the National Association of Realtors reports. Borrowers will have to pay a higher “guarantee fee” of 3.5% — essentially upfront mortgage insurance–but the fee can be folded into the mortgage.
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With rapid change in the industry, real estate agents can choose to fight for the status quo or they can evolve and adapt, HousingWire Columnist Dustin Brohm writes.
Last December, home prices climbed by 4% from the previous year, according to CoreLogic. By the end of this year, the company projects they’ll increase by 5.2%.