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First-Time Buyers Are Choosing Conventional Over FHA Financing

Pro Builder

First-Time Buyers Are Choosing Conventional Over FHA Financing. An increasing number of first-time buyers opted for conventional, conforming loans rather than FHA-insured mortgages in January. In 2020, 57% of first-time buyers chose conventional financing—a 5% jump from 2019. Financing. cbroderick. Read More. .

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Restoration: How to Manage Cash Flow While Waiting for an Insurance Check

Levelset

Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet.

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Income Needed to Afford a Home in Every U.S. City

Pro Builder

Income Needed to Afford a Home in Every U.S. metros and the minimum income needed to afford a home. But some less dense cities, such as Toledo, Ohio, only require a minimum income of $17,700 to afford a home. interest rate (not including taxes, insurance and other costs). Financing. cbroderick. Read More. .

Income 52
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Climate Emergencies Are Pushing Insurance Rates Higher for Migrating Retirees

Pro Builder

Climate Emergencies Are Pushing Insurance Rates Higher for Migrating Retirees. Homes at risk of extreme weather emergencies are becoming harder to insure, forcing some homeowners to accept higher rates, and leaving others entirely without coverage. Insurance experts who work farther up the East Coast report similar market conditions.

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Biden Announces New Plan to Help Homeowners Save on Mortgage Costs

Pro Builder

Under the new initiative, the Federal Housing Administration will reduce mortgage insurance premiums by 0.3 percentage points to 0.55% for FHA-insured mortgages. FHA-insured mortgages, which accounted for 7.5% Read more Government + Policy Housing Policy + Finance Financing Government + Policy

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FHA Introduces Plan to Help Mortgage Borrowers With Monthly Payments

Pro Builder

Using its insurance fund, the FHA plans to pay part of the homeowners' monthly bills, then structure the repayment as a second loan due after the first is paid off, Realtor.com reports. Read more Housing Policy + Finance Financing Financing In addition, borrowers would avoid giving up their super-low mortgage rates.

Plans 52
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NAHB Research Finds 40.1 Million Households Cannot Afford $175,000 Home

Pro Builder

The National Association of Home Builders’ housing affordability pyramid for 2021 shows the highest priced home households can afford based on their income. Based on this, the minimum income required to purchase a $100,000 home is $22,505. The largest section of the pyramid shows 21.2 In 2021, about 21.1 million households in the U.S.

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