Items Tagged with 'Down payment'

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  • HUD officially abandons new rules for down payment assistance on FHA mortgages

    Changes led to lawsuit from Native American tribe, federal court delay
    The Department of Housing and Urban Development announced late last week that is officially bailing on a contentious set of changes to its rules for down payment assistance on mortgages insured by the Federal Housing Administration after the initial proposal led to the agency being sued by a Native American group.
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  • Here's how long it will take to save for a down payment in major U.S. cities

    The nationwide average climbs to 14 years as affordability issues mount
    The nationwide average to save for a 20% down payment for a median-priced home on a median income is now 14 years, according to Unison’s Home Affordability Report. For average-earning Millennials, that means homeownership may not be attainable until they are well into their 40s.
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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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  • 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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  • Top 5 cities where a down payment is least affordable

    Survey reveals worst cities for first-time homebuyers
    A RealEstate.com survey highlights where first-time homebuyers are bound to have the most trouble saving for a 20% down payment. Using data on income and savings for residents ages 24 to 36, it analyzed the biggest 35 metros and the results are slightly alarming. One fun fact: It could take the average Millennial in Portland more than 13 years to afford a house.
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