Down payment

Veterans United Home Loans Releases Study of the Top 30 Cities for Millennial Veteran Homebuyers

Retrieved on: 
Tuesday, July 30, 2019
Banking, Commercial Building & Real Estate, Construction & Property, Professional services, White House, Federal Government, Public policy, Government, Finance, Other Construction & Property, Loans, Mortgage industry of the United States, Economy, Money, Finance, VA loan, Mortgage insurance, Mortgage loan, Down payment, FHA insured loan, Mortgage Credit Certificate

VA loans have allowed qualified buyers to purchase homes with no down payment, no mortgage insurance and without the need for top-tier credit.

Key Points: 
  • VA loans have allowed qualified buyers to purchase homes with no down payment, no mortgage insurance and without the need for top-tier credit.
  • According to Veterans Uniteds data, average credit scores for millennial homebuyers increased eight points in three years, from 693 in 2015 to 701 in 2018.
  • The average purchase price in 2018 for millennial VA buyers in the Top 30 Cities was $257,076.
  • Veterans United and its employees have donated more than $50 million to the Foundation since its founding in November 2011.

See the World in "20/20": EF Ultimate Break Unveils Semi-Annual Sale Including Steep Discounts on NEW trips to Colombia, Greece, and Italy

Retrieved on: 
Thursday, July 18, 2019
Contract law, Down payment, Personal finance

The sale features savings up to 10 percent on prices that include flights, transfers, daily breakfast, some dinners, as well as a 24/7 Tour Director.

Key Points: 
  • The sale features savings up to 10 percent on prices that include flights, transfers, daily breakfast, some dinners, as well as a 24/7 Tour Director.
  • A down payment of just $150 guarantees a reservation and EF's flexible payment plans keep travel attainable for budget-conscious 18-29-year-olds.
  • Interest Free Payments : Travellers can pay down a trip before departure with easy, interest free payments.
  • Travel Now, Pay Later : Alternatively, travellers can finance their trip over a 6, 12, or 18-month period through partner Affirm.

Planet Home Lending Opens Branches in Midwest

Retrieved on: 
Friday, June 21, 2019
Contract law, Down payment, Personal finance, Economy, Loans, Mortgage industry of the United States

MERIDEN, Conn., June 21, 2019 /PRNewswire/ -- Planet Home Lending, LLC has opened four new branches in the Midwest offering home loans for first-time homebuyers, move-up buyers and real estate investors.

Key Points: 
  • MERIDEN, Conn., June 21, 2019 /PRNewswire/ -- Planet Home Lending, LLC has opened four new branches in the Midwest offering home loans for first-time homebuyers, move-up buyers and real estate investors.
  • "Planet Home Lending is a great fit for the Midwest because we offer loans homeowners here need, including local down payment assistance programs," said Planet Home Lending Senior Vice President, Eastern Division Manager Fobby Naghmi.
  • "Planet Home Lending has products and strategies to tackle those challenges," Naghmi said.
  • The new branches are also skilled at helping luxury homebuyers, said Planet Home Lending Executive Vice President, National Sales Mike Lee.

Realtor.com® Reveals the 10 Secrets Every First-Time Home Buyer Must Know

Retrieved on: 
Thursday, June 13, 2019
Business, Contract law, Down payment, Personal finance, Payment, Purchasing, Economy, Articles

"Our mission is to equip homebuyers with the most important information to help make their home buying journey as simple and successful as possible."

Key Points: 
  • "Our mission is to equip homebuyers with the most important information to help make their home buying journey as simple and successful as possible."
  • Give up unnecessary expenses and save more: Saving cash for a down payment takes time.
  • Work with a local agent: Purchasing a new home is a huge financial decision that can be fairly complicated.
  • Follow your home inspector checklist: Your inspector should be trained to check your soon-to-be home for any issues.

Report: Nationwide, it Takes 14 Years to Save for a Home Down Payment

Retrieved on: 
Tuesday, June 11, 2019
Federal assistance in the United States, Economy, Contract law, Down payment, Personal finance, HOME Investment Partnerships Program, Money, Finance

Nationwide, it takes 14 years to save for a 20% down payment on a median priced home for those earning the median income.

Key Points: 
  • Nationwide, it takes 14 years to save for a 20% down payment on a median priced home for those earning the median income.
  • From 2017 to 2018, median incomes grew more quickly than median home values, cutting the number of years it takes to save for a down payment from 42 to 40.
  • But the income needed to support the typical monthly payment still makes San Francisco prohibitively expensive for most.
  • While this pushes the down payment and monthly payment higher for prospective buyers, it underscores the promise of an investment in residential real estate.

New Report: Saving 20 Percent to Buy a Home Takes 20 Years on Average; Over 1 Million Avoided the Wait in 2018 by Using Private Mortgage Insurance

Retrieved on: 
Wednesday, June 5, 2019
Personal finance, Economy, Mortgage, Finance, Money, Loans, Contract law, Down payment, Refinancing, Mortgage loan, FHA insured loan

"No, you do not need a 20 percent down payment to gain mortgage approval," said Lindsey Johnson, President of USMI.

Key Points: 
  • "No, you do not need a 20 percent down payment to gain mortgage approval," said Lindsey Johnson, President of USMI.
  • "Our report underscores the critical role private MI plays in helping millions of first-time and middle-income homebuyers bridge the down payment gap across the United States.
  • Since 1957, MI has helped more than 30 million families qualify for a mortgage.
  • The below table shows the top five states in which MI was used by borrowers to purchase or refinance homes in 2018.

Hard Money Sources Announces the Country's First Hard Money & Private Lending Program That Finances 100% of an Investment Opportunity

Retrieved on: 
Tuesday, April 30, 2019
Economy, Finance, Money, Loans, Credit, Hard money loan, Down payment, Peer-to-peer lending, Private money

Hard Money Sources' new lending program allows qualified borrowers to finance up to 100% of their real estate investment projects.

Key Points: 
  • Hard Money Sources' new lending program allows qualified borrowers to finance up to 100% of their real estate investment projects.
  • In addition to providing new sources of capital, hard money and private investment lenders are able to fund the loans quickly.
  • Hard Money Sources connects borrowers and lenders in the private investment and hard money marketplace.
  • For more information on Hard Money Sources' zero down payment lending program, please visit:

HUD Agrees to Delay Implementation of New Rule Announced in Mortgagee Letter That Would Destroy Home-Purchasing Program of Utah-Based American Indian Band

Retrieved on: 
Thursday, April 25, 2019
Mortgage industry of the United States, Economy, Finance, Loans, Money, Personal finance, Public housing in the United States, United States Department of Housing and Urban Development, Urban planning in the United States, Federal Housing Administration, Mortgage loan, Down payment

CBCMA provides down payment assistance to borrowers who need help obtaining a home mortgage insured by the Federal Housing Administration (FHA).

Key Points: 
  • CBCMA provides down payment assistance to borrowers who need help obtaining a home mortgage insured by the Federal Housing Administration (FHA).
  • Through its down payment program, CBCMA has helped thousands of borrowers achieve the dream of homeownership.
  • Released last week, the Mortgagee Letter was characterized by HUD as an informal guidance document that merely clarified existing law governing the provision of down payment assistance.
  • We urge HUD to seek for and evaluate public commentary and data, prior to implementing policy changes."

Cedar Band Corporation Responds to HUD's Attack on National Tribally Owned Down Payment Assistance Providers Officially Chartered by the Bureau of Indian Affairs

Retrieved on: 
Friday, April 19, 2019
Economy, Loans, Contract law, Down payment, Personal finance, Finance, Money, United States Department of Housing and Urban Development, Mortgage loan, Nehemiah Corporation of America

The Letter prohibits national housing finance agencies owned by Native American tribes from providing down payment assistance to anyone except tribal members purchasing properties on their own reservation.

Key Points: 
  • The Letter prohibits national housing finance agencies owned by Native American tribes from providing down payment assistance to anyone except tribal members purchasing properties on their own reservation.
  • Rowser said the CBC Mortgage Agency would seek an order barring implementation of HUD's new policy in federal court as soon as possible.
  • Borrowers who lack sufficient funds can seek down payment assistance from friends and family, governmental entities (i.e., national, state and local housing finance agencies), and nonprofit organizations.
  • Data show that minority borrowers rely more heavily than other homebuyers on down payment assistance programs offered by governmental entities.

Fake it 'Til You Make It: Americans are Buying Homes but Can't Afford the Down Payment

Retrieved on: 
Tuesday, March 12, 2019
Contract law, Down payment, Personal finance, Millennials, Academic disciplines

However, although millennials hope to own a home one day, many say the down payment is their biggest barrier when it comes to purchasing.

Key Points: 
  • However, although millennials hope to own a home one day, many say the down payment is their biggest barrier when it comes to purchasing.
  • Although the down payment continues to be a barrier for most Americans, it's not stopping them from purchasing a home.
  • In fact, many Americans reported making small down payments to afford their homes.
  • This discrepancy potentially stems from half of Americans thinking it would take four or more years to save up for a down payment.