Items Tagged with 'down payment assistance programs'


  • Employers can now contribute to their employees’ down payments, just like a 401(k)

    HomeFundMe, a crowdfunding down payment site, expands
    Many employers offer a number of benefits as a way to entice new employees to join the company, including health insurance, paid time off, and contributions to the employees’ 401(k) account. While employees may not see the benefits of their 401(k) until they retire, employers can now offer a new benefit that employees will be able to use much sooner – help with a down payment on a house.
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  • One year later, here is how Fifth Third's no-down mortgage program is performing

    Firsthand account from a borrower, too
    This time last year, Fifth Third Mortgage revealed its exclusive Down Payment Assistance Program, which offered 3% of the purchase price in down payment assistance, leaving the borrower to put zero down on the home. Since no-down mortgage programs are still hard to come by, HousingWire visited with the lender for an update on the program to see how it’s performed. Spoiler alert: It’s performing well.
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  • Wells Fargo partners with NeighborWorks America to boost homeownership in Birmingham

    Wells Fargo will invest $2.55 million
    Wells Fargo is partnering with NeighborWorks America and Neighborhood Housing Services of Birmingham to boost homeownership in the Birmingham and Jefferson Country areas of Alabama. Through the program, borrowers may be eligible to receive a matching down payment assistance grant ranging from $2,500 up to $7,500.
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  • Urban Institute: HUD watchdog is wrong on borrower-financed down payment programs

    Says HUD-OIG misunderstands, overstates issue
    A recent report from HUD's watchdog said that HUD does not have sufficient oversight of borrower-financed down payment assistance programs for FHA-insured loans, which puts borrowers and the FHA’s flagship insurance fund at “unnecessary risk.” Analysts from the Urban Institute reviewed the report as well, and came to a different conclusion: HUD’s watchdog is wrong to call out the down payment assistance programs.
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  • Watchdog: HUD lacks sufficient oversight for borrower-financed down payment programs

    Report finds HUD “failed to adequately oversee” more than $16 billion in FHA loans
    The Department of Housing and Urban Development’s lack of oversight into borrower-financed down payment assistance programs for Federal Housing Administration-insured loans puts borrowers and the FHA’s flagship insurance fund at “unnecessary risk,” HUD’s watchdog said in a new report.
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  • Hillary Clinton unveils sweeping economic agenda, including major housing reforms

    Announces $25 billion housing investment program
    With the 2016 presidential election inching closer at a seemingly glacial pace, one issue that many of the main candidates have neglected to address is housing and its impact on the country’s economy. But it appears that is about to change as Hillary Clinton, the Democratic hopeful and former Secretary of State, recently announced a sweeping economic agenda that includes some major housing reforms.
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  • HUD-OIG: loanDepot originated substandard FHA mortgages

    Did not always meet HUD requirements
    After a recent audit, the HUD-OIG found that loanDepot’s FHA-insured loans with down payment assistance gift funds and secondary financing did not always comply with HUD mortgage lending requirements. HUD is now recommending several courses of action for the mortgage giant. And here they are.
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