Items Tagged with 'down payment options'

ARTICLES

  • 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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  • Freddie Mac to allow some borrowers to use “sweat equity” to cover entire down payment

    GSE expands “sweat equity” loan program
    Freddie Mac has long allowed certain borrowers to use “sweat equity” to cover a portion of their down payment, but now, the GSE will allow borrowers to use “sweat equity” to cover their entire down payment. Under the expansion, certain borrowers will be able to “sweat equity,” materials provided or labor completed by a borrower to improve a house before closing on the property, as their full down payment.
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  • Down payment insurer ValueInsured raises $6.5 million to fund growth

    Funding led by Everest Re Group, Houston International Insurance Group
    ValueInsured, a company that provides down payment insurance for borrowers, announced Wednesday that it raised $6.5 million to fund the company’s growth. Through ValueInsured's +Plus down payment insurance program, borrowers pay a premium to ValueInsured in exchange for having their down payment insured against a downturn in the housing market should they decide to sell their home.
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  • [Video] BofA CEO: Introduction of standard 10% down payment mortgage would increase homeownership

    And won’t introduce a ton of risk
    As of late, lenders are focusing a lot more on changing the mindset behind the supposed 20% down payment requirement in order to help more potential homeowners. And the CEO of one of the largest banks is included in this new wave of thinking. And no, the change won't add a bunch of risk into the market.
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  • Low down payment mortgages can compete in today's market

    Redfin advice to sellers: "The highest offer is not necessarily the best"
    Despite the growing prominence of low down payment mortgages, first-time homebuyers believe they need to put 20% down to compete in today’s market. The market is changing though, and a new survey of real estate agents shows that low down payment mortgages can and do compete. Sellers are even recognizing this.
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  • Guaranteed Rate offers 1% down mortgage program through homebuyer grant with Chicago

    No first-time homebuyer requirement
    Low down payment mortgage programs have made quite the entrance in to the market as of late. Quicken Loans revealed the details of what went factors made up its 1% down, and now Guaranteed Rate revealed a new 1% down program. This program, however, is significantly different, as Kasey Marty, executive vice president of secondary marketing with Guaranteed Rate, explains.
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  • Coming soon: Down payment insurance for borrowers

    New program protects buyers against market downturn
    A new program launching early next year will give borrowers the opportunity to protect their upfront investment in their home, just as lenders are able to do with mortgage insurance. Meet down payment insurance — for borrowers.
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