Bill could mark a first for the country A Nebraska lawmaker whose north Omaha district has struggled for years with a housing shortage is pushing a bill that, if passed, could make Nebraska the first in the country to forbid out-of-state hedge funds and other corporate entities from buying up single-family properties. Sen. Justin Wayne’s…

US housing starts plunge. New construction ‘collapsed’ last month Construction of new homes in the US dropped in January as buyers continued to sit on the sidelines in anticipation of lower mortgage rates down the line. Government data released Friday showed residential starts slid by 14.8% last month, hitting an annualized rate of 1.3 million,…

A USDA mortgage, also known as a USDA Rural Development Loan, is a type of mortgage loan program offered by the United States Department of Agriculture (USDA). These loans are designed to help low- to moderate-income borrowers in rural areas purchase homes with favorable terms. USDA LOAN is the only product that does not like…

Prospective homebuyers who earn 50% of their area median income or less are now eligible for a $2,500 credit they can put toward a down payment or other closing costs, Freddie Mac recently announced down payment assistance. The credit is available to buyers using Freddie Mac’s Home Possible mortgage product or the HFA Advantage program. Both these programs are designed…

Experts predict stability through spring, with potential rate cuts by summer Freddie Mac’s latest Primary Mortgage Market Survey reveals a steady mortgage landscape, with the average rate for a 30-year fixed-rate mortgage (FRM) slightly increasing to 6.64% as of February 8. This minor change follows a period of stability in mortgage rates, reflecting broader economic…

Manual mortgage underwriting refers to the process of evaluating a mortgage application without solely relying on automated systems or algorithms. In manual underwriting, a human underwriter carefully assesses the borrower’s financial situation, credit history, income, assets, and other relevant factors to determine their eligibility for a mortgage loan. This process involves a thorough review of…

Part time employment does not automatically require one or two years as many may think. There is a difference between part time employment and second job employment although many of the guidelines lump them into the same category which can cause confusion. A second job is of course when you have a primary employment and…

Rather than wait for legislation, borrowers can simply opt out of sales calls better know as Trigger Leads. Applying for mortgage preapproval can be the exciting start of a journey toward homeownership. The problem is that a borrower’s credit information is then sold, leading to a flood of calls and texts from businesses trying to…

Using a tax refund for a down payment on a home can be a wise financial decision for some individuals. Here are some considerations: Boosting Down Payment Amount: A tax refund can significantly boost your available funds for a down payment. A larger down payment may lead to better mortgage terms, lower monthly payments, and…

If you’re looking to purchase a home using a VA loan, it’s important to understand the VA Tidewater appraisal process. This appraisal process is designed to protect both the veteran borrower and the lender, ensuring that the home being purchased meets the sale price.  The VA Tidewater appraisal process is triggered when the appraiser determines that…