The nation’s largest home lenders are curtailing their Federal Housing Administration loans, hampering many first-time home buyers who rely on such programs to qualify for a mortgage.
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“The prosperity of the United States and the prosperity of the Hispanic community… are one and the same,” says HUD Secretary Julian Castro.
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Some in Washington are fighting for changes to help erase blemishes from a credit report faster, and are urging more factors to be considered to give a boost to some consumers’ scores.
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New mortgage data shows wealthy borrowers are receiving interest rates that are lower than what average borrowers pay. Also, some lenders will accept lower down payments and waive mortgage insurance requirements for jumbo loans.
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While the Northeast and Midwest regions of the U.S. actually experienced gains in total existing-home sales, these increases were outweighed by slipping numbers in the South and West.
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Areas on the outskirts of cities—known as the exurbs—were among some of the hardest hit during the housing crisis. Find out why these areas are recovering years ahead of when many economists had predicted.
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