Items Tagged with 'down payment assistance'

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  • WSJ: More buyers are using down payment assistance programs

    About 13% of borrowers using FHA loans in Q1 got help with down payments
    The bogeyman of the financial crisis is back. The use of down payment assistance programs, known as DAPs in the lending industry, doubled between 2013 and 2016, The Wall Street Journal said in a Sunday article that cited Freddie Mac analysis of the National Survey of Mortgage Originations.
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  • Homeownership investment startup Landed expands to help teachers in Hawaii buy homes

    Announces partnership with Hawaii Executive Conference
    Earlier this month, homeownership investment company Landed announced that it scored a capital infusion that would fuel its core mission to help more educators afford homes near their work. It appears the startup was quick to put the funds into action, announcing Tuesday that it has partnered with the Hawaii Executive Conference to aid its expansion in Hawaii.
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  • Fifth Third will give low-income borrowers $1,500 to cover mortgage closing costs

    New loan program can be combined with down payment assistance
    Aiming to boost homeownership for low-income families, Fifth Third Bank is rolling out a new mortgage lending program that will provide as much as $1,500 that certain borrowers can use to cover their closing costs. Fifth Third announced Monday that it is launching the “Fifth Third Community Mortgage,” which provides closing cost assistance to low-income borrowers or borrowers buying a home in a low-income community.
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  • HUD delays new rule on FHA down payment assistance in response to lawsuit

    Halts implementation to review claims of "unlawful destruction" by Native American group
    The Department of Housing and Urban Development announced Wednesday that it was delaying the implementation of new rules regarding down payment assistance for loans backed by the Federal Housing Administration in response to a lawsuit filed by a Utah-based Native American band, which claimed that the mortgagee letter "unlawfully targets American Indian tribes."
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  • HUD sued over new down payment assistance rules for FHA mortgages

    Native American group claims "unlawful destruction" of down payment program
    Last week, HUD announced it was issuing new rules for down payment assistance on FHA mortgages. According to HUD and the FHA, the new rules were meant to provide clarity around what documentation would be required for borrowers who are using funds from another source to cover part of the their down payment. But, according to one group, those rules do much more than that. And now, the group is suing HUD to get the rule change overturned.
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  • HUD announces new rules for down payment assistance on FHA mortgages

    Claims "certain governmental agencies" may be operating outside existing rules
    The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.
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  • This homeownership investment startup wants to help teachers buy homes

    Landed helps teachers afford down payments so they can live near their work
    The homeownership investment category has been picking up steam lately thanks to solid home price appreciation nationwide. Now, one startup is taking the concept further – creating an investment program designed specifically to help educators afford homes in the communities in which they work. It's called Landed, and it has some major backers.
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  • Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan

    Launches $5 billion affordable homeownership initiative
    Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday. And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.
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  • Wells Fargo expands affordable housing program to Houston

    Big bank partners with nonprofits to offer down payment assistance to Houstonians
    Wells Fargo announced Monday it is partnering with NeighborWorks America and nonprofit organizations to bring down payment assistance to prospective homebuyers in Houston. The bank is committing $6.1 million in housing assistance in the form of $15,000 grants to qualified home buyers in the city.
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  • Urban Institute: 4 FHA trends to watch in 2019

    These factors could impact performance in the year head
    A recent report by independent think tank the Urban Institute affirmed that the FHA continues to be "strong and profitable" for taxpayers, highlighting four trends to watch in the FHA's mortgage portfolio to gauge the probability of future success.
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