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Down-payment and closing-cost help for low-income home buyers

“While programs that provide down-payment and closing-cost assistance may be available from your local or state government, some lenders also offer special programs to help buyers who can qualify for a loan but need a little extra assistance” reports washingtonpost.com. Prosperity Home Mortgage, a subsidiary of the Long & Foster companies, recently announced its HomeBuyer Boost program, which will provide closing-cost assistance for qualified low- to moderate-income buyers.The income from all borrowers on the loan must be included, but non-borrower income can be considered toward the debt-to-income ratio. [Need help…

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Yes, reform the mortgage deduction, but plow the revenue into low-income housing

“Any tax reform legislation must keep housing dollars within housing and invest savings from MID reform to addressing the growing rental housing crisis for those most impacted” writes Diane Yentel for washingtonexaminer.com. Reinvesting in rental housing solutions would benefit suburban and rural communities that face unique challenges to building and preserving affordable rental housing for their lowest income residents.Using the savings from MID reform to offset the cost of lowering tax rates for millionaires and corporations should be a non-starter.Any tax plan that doubles the standard deduction must include reforming…

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6 ways to rustle up a down payment on a home

“Mortgages guaranteed by the Federal Housing Administration, Department of Veterans Affairs or Agriculture Department can be go-to low down payment loans” writes Hal Bundrick for marketwatch.com. A funding fee is charged on VA loans, but even that can be rolled into your monthly loan payment.Conventional loans, which aren’t backed by the government, also offer low down payment programs to first-time buyers.A 2016 study by Attom Data Solutions determined that the typical down payment assistance program benefit, calculated over the life of a loan, was $17,000.The total combined an average savings of…

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Mortgage rates show little movement during summer lull

“Mortgage rates were stagnant again this week as financial markets lingered in a summer lull” writes Kathy Orton Is for washingtonpost.com. Mortgage rates aren’t expected to move much in the coming week.The refinance index grew 5 percent, while the purchase index slipped 1 percent lower.Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will remain relatively stable in the coming week. Source: washingtonpost.com Share This:

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Mortgage rates slide to 6-week low as North Korea worries drive bond rally

“The 30-year fixed-rate mortgage averaged 3.90% in the August 10 week, down from 3.93%” writes Andrea Riquier for marketwatch.com. Rates for home loans slid to a 6-week low as mounting geopolitical worries drove investors into safe-haven bonds, mortgage provider Freddie Mac said Thursday. With this latest decline, the benchmark 30-year fixed-rate mortgage is now just two basis points above its lowest level for 2017.The 15-year fixed-rate mortgage averaged 3.18%, unchanged during the week.Mortgage rates track the benchmark U.S. government bond yield. Source: marketwatch.com Share This:

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Markets News 

On the 10th anniversary of the global financial meltdown, here’s what’s changed

“Ten years ago Wednesday, French bank BNP Paribas blocked withdrawals from hedge funds that specialized in U.S. mortgage debt” writes Kim Hjelmgaard for cnbc.com. “We realized that this problem was going to be a lot bigger than American subprime mortgages and that it was going to spread to all markets — everywhere.”. That Aug. 9, 2007, marked the beginning of a credit crisis that caused investment bank Lehman Brothers to collapse a year later and usher in the Great Recession of 2007-09. Source: cnbc.com Share This:

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AUD News 

Commonwealth Bank racks up another record profit

“Commonwealth Bank’s performance is viewed by some economists as an economic bellwether since it sells more home loans than any of its rivals, controlling about one quarter of the mortgage market” writes Robb M for marketwatch.com. Commonwealth Bank, the country’s largest lender by assets and market value, reported a 7.6% rise in net profit to 9.93 billion Australian dollars (US$7.86 billion) in the 12 months to June 30, from A$9.22 billion the year before.Narev told investors, adding that there was no evidence the allegations stemmed from a profit motive or…

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‘To get that whacked on top would be a killer’ – how stamp duty is holding back Britain’s housing market

“In a few weeks, they will move into a three-bedroom house in Crawley with that coveted outside space and separate rooms for William, five, and Olivia, two” writes Steve Bird for telegraph.co.uk. But because of expensive house prices and the financial burden of stamp duty this long awaited move has required help from a housing association. “We are buying 25 per cent of the house, with the rest being paid in rent to a housing association,” said Mr King, 40, a yield manager in the aviation sector. “Taking on that…

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Mortgage rates wobble under key threshold, sustaining spring buying streak

“The 30-year fixed-rate mortgage averaged 3.93% in the July 27 week, up from 3.92%” writes Andrea Riquier for marketwatch.com. The 15-year fixed-rate mortgage averaged 3.18%, down two basis points during the week.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.15%, down from 3.18%.Rates for home loans wobbled but remained relatively flat as the bond markets that influence those rates searched for direction, mortgage provider Freddie Mac said Thursday.The 10-year Treasury note TMUBMUSD10Y, -2.08% which mortgage rates track, edged lower during the week despite relatively strong economic data that usually drives bond…

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