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The amount of money homebuyers are being asked to put down on their purchases of new homes has reached a “record high” under the Biden-Harris administration, thanks largely to dramatically higher interest rates resulting from inflationary monetary and economic policies. “The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release from real estate brokerage Redfin. Year-over-year down payment costs have been continuously increasing over the past months, with June marking the 12th consecutive month of rise, the report said, as...

(Gray News) - U.S. homebuyers are backing out of their real estate deals at a record rate. According to Redfin, nearly 60,000 purchase agreements were canceled in July - the highest percentage of any July on record - and sales of existing homes fell at an annual rate of 2%. “Many house hunters are getting cold feet because housing costs remain high. Economic uncertainty is also high, with recession fears on the rise,” Redfin data journalist Lily Katz wrote. Pending sales of both existing homes and newly constructed homes also dropped to the lowest level on record last month aside...

Hacienda Community Development Corp. is participating in a taxpayer-funded down payment assistance program that gives money to non-citizens to buy homes in Oregon while excluding American citizens from eligibility, according to records provided to the Daily Caller. Hacienda CDC is reportedly offering $30,000 for down payment assistance for eligible new homebuyers through their Camino a Casa program, according to a screenshot first reported by X user Oregon Citizen. “Clients work closely with financial coaches and HUD-certified housing counselors throughout the entirety of the homebuying process. In addition to mortgage readiness and financial fitness workshops, we provide various opportunities for down-payment...

SACRAMENTO, Calif. — A new program to help first-time homeowners in Sacramento is seeing success, as people are moving into their own houses.

Vice President Kamala Harris will outline sweeping new federal subsidies for first-time homebuyers Friday when she addresses a rally in North Carolina. Bloomberg reports the 2024 Democratic presidential nominee will propose offering as much as $25,000 for first-time homeowners as down payment aid via funding provided by taxpayers. Under the program, more than one million first-time home buyers who have a two-year history of on-time rent payments would be eligible for “down-payment support” and leverage into a purchase. The plan to subsidize housing demand followed an earlier announcement Harris wanted to impose government-controlled pricing on grocery stores in order to...

Applications for California’s down payment assistance program for first-time homebuyers are now open. The state-funded program, called Dream For All, will be giving out $250 million to assist thousands of first-time homebuyers this year. Buyers can receive up to $150,000 towards their purchase.

Buying a home has become increasingly out of reach for Americans, who are grappling with a double whammy of high interest rates and surging home values. In his State of the Union address on Thursday, President Joe Biden proposed a new tax credit that would provide $10,000 to first-time home buyers. Biden is also proposing a separate $10,000 tax credit for current homeowners who sell their "starter home" in order to jump into a bigger house. That could help melt a real estate market in which homeowners who locked in low mortgage rates during the pandemic and are hesitant to...

A new Biden administration rule that is set to go into effect will force homeowners with good credit to pay more on their mortgages in order to subsidize loans to high-risk borrowers.According to a new, insane Biden Admin rule, people with good credit will be assessed higher mortgage rates to subsidize riskier loans to people with lower credit. Homeowners will now be punished for being responsible.Biden's attack on success in the name of "equity" continues.

A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday."The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not...

Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up. Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low. This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.71% from 6.62%, with points rising to 0.77 from 0.75 (including the...

The housing environment is so unaffordable that certain banks lost money for each mortgage they financed last year — the first time that's ever happened, according to the Mortgage Bankers Association. In 2022, independent mortgage banks and mortgage subsidiaries of chartered banks banks lost an average $301 for every mortgage they financed, the MBA said in a recent report. That represents a 113% decrease from last year's average income of $2,339 per mortgage, and is the first time that banks posted negative profits for financing home loans since the MBA began recording profits in 2008. That's largely due to the...

A new federal Biden rule will force homebuyers with good credit scores to pay higher mortgage rates and fees so they can subsidize people with riskier credit ratings who want to buy a home. It’s wealth redistribution and will be a disaster since risky homebuyers usually default. The feds will also temporarily ignore lenders’ debt-to-income ratio. It determines if homebuyers can afford to pay their mortgages each month. The fees are allegedly minimal for now, but you know how that goes. The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for...

A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers. Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday. "The changes do not make sense. Penalizing borrowers with larger down payments and credit scores...

Just when you think the Biden administration can’t possibly have any more awful ideas, his team rolls out a plan to punish Americans with high credit scores to subsidize high-risk homebuyers. On Wednesday, The Washington Times reported that starting May 1, Americans purchasing a new home or refinancing their existing mortgage can expect to pay higher mortgage rates and monthly fees if they have a higher credit score. Americans with lower credit scores and smaller down payments will be given better rates. In other words, Biden is essentially stealing from the rich to give to the needy by adjusting the...

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses. Lenders and real estate agents say the changes will frustrate homebuyers with high credit scores and homeowners seeking to refinance because the rule punishes them for their relatively strong financial positions. “The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well,” Ian Wright, a senior loan officer at Bay Equity...

Despite a recent softening in the US housing market, a combination of rising borrowing costs and still-high prices have put prospective first-time homebuyers in a serious bind.How times have changed...For the first time since records began, first-time homebuyers made up the smallest share of sales last year at 26%. And as we noted on Thursday, a surge in mortgage rates above 7% have sent homebuyer applications to a 28-year-low across all age groups.Now, as the spring homebuying season approaches, tight inventory and uncomfortably high interest rates mean that the American dream can only be achieved by those with high-paying jobs,...

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. Though many Generation Zers — those born between 1997 and 2012 — are children or young teens, some older members are attending college, starting careers and buying homes for the first time.But where are Gen Zers looking to buy? To answer, LendingTree analyzed mortgage offers given to adult Gen Z users of the LendingTree platform across the nation’s 50 largest metros from Jan. 1 through Dec. 31,...

San Francisco Mayor Ed Lee wants to help you buy your first home. So much so, in fact, that the city is now willing to lend certain first-time home buyers up to $200,000 toward the down payment on their first house or condominium in San Francisco. That’s real money, but in a city where the median sales price was $925,000 in February, is $200,000 enough to make a difference to low-income and middle-class residents being priced out of the city by the tech boom? […] The new limit, which goes into effect this month, will allow some home buyers to...

NEW YORK (CNNMoney.com) -- More than 1,200 prison inmates, including 241 serving life sentences, defrauded the government of $9.1 million in tax credits reserved for first-time homebuyers, according to a Treasury Department report released Wednesday. Treasury's inspector general also found that thousands of people filed multiple claims or made claims outside the allotted time period. In all, more than $28 million was improperly doled out. The Internal Revenue Service program at issue is meant to stimulate the housing market by giving tax credits of as much as $8,000 to qualifying first-time home buyers. "Additional controls are necessary to address erroneous...

HOUSTON — The effects of Hurricane Ike and simultaneous economic downturn affecting Houston’s real estate market in November 2008 continue to distort year-over-year comparisons which reflect yet another month of double-digit increases. However, longer-term analysis aimed at gleaning a more realistic view of market conditions shows November 2009 real estate activity to be comparable to that seen at the cusp of the recession, in the fall of 2007. November marked the third straight month in which property sales volume and pricing recorded gains. According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), November volume of...