FAIR Plan seeks nearly 50% premium hike from California Department of Insurance
The expensive policy of last resort could help condo associations blacklisted by Fannie Mae because of insurance gaps.
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California’s FAIR Plan may save condo associations blacklisted by Fannie Mae
By late 2023, the program is boosting its insurance policy availability to $20 million per location.
FHFA rescinds controversial ‘debt’ fee for homebuyers
Homebuyers using Fannie Mae or Freddie Mac financing were facing a fee hike on loans if their debt ratio was above 40%.
Are homeseller and buyer escrow accounts safe at local banks?
With regional banks in trouble, the money waiting to complete local home sales could be under-insured.
Fannie, Freddie increasing ‘debt’ fees on borrowers this summer
Homebuyers whose debt exceeds 40% of monthly income will get dinged a 0.375% fee on their loan.
Home sellers can finance their low-rate mortgage and generate income
A rarely used wraparound mortgage can yield 2% of the loan balance in addition to the home sales profit.
Mortgage rates fall for fifth consecutive week to 6.27%
But local mortgage rates are running as low as 5.375%.
Need a down payment? 300-plus assistance programs available in California
One program offers up to $120,000 or 20% of the purchase price for the down payment on a $600,000 home.
Fannie Mae squeezing out appraisers with new automated program
It means real estate agents or Uber drivers could be the ones evaluating your house.
Homebuyers who want a low rate can assume the sellers’ FHA mortgage
With an eye on low-to-moderate income borrowers, this is one financing tool to capture once-in-a-lifetime low rates.