Recent News:
Source: GreenPath Financial Wellness
With government-backed mortgage forbearances extended, Money Magazine highlights the factors to consider if you are planning to take advantage of the relief measure.
Once your forbearance has ended, you will need to make up for those missed payments. In most cases, you can’t be required to repay them all at once, but you might need to get on a short-term repayment plan, take out a second loan, spread your missed payments out over your remaining loan term, or tack them on the end of your loan. Experts say forbearance is best for short-term hardships, but if you’re expecting a longer-term struggle, it might be time to look at other options.
Source: U.S. Department of Housing and Urban Development (HUD)
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced $5.5 billion in funding to local programs throughout the country that provide affordable housing, community development and economic opportunity, and support to individuals and families experiencing homelessness.
“These core programs provide our local partners the funding they need to provide homes and vital services to some of our neighbors in need,” said Acting Secretary Matt Ammon. “This funding comes at a critical time for our country, when these bedrock programs have never been more important,” said James Arthur Jemison, Principal Deputy Assistant Secretary for Community Planning and Development.
Source: BankRate
The coronavirus pandemic spurred a wave of migration. Americans are moving out of the Northeast, the Midwest and California and into affordable Sun Belt states. The national population expanded by 1.15 million from mid-2019 to mid-2020, according to population estimates from the U.S. Census Bureau. Just two states — Texas and Florida — added a combined 600,000 people, accounting for more than half of the nation’s population growth over the year.
“Texas and Florida and a few other states have been really the big gainers in terms of net population growth,” says Frank Nothaft, chief economist at real estate data firm CoreLogic.
Source: BankRate
In January, the Federal Housing Administration (FHA) updated its policy to permit DACA recipients, also known as Dreamers, to qualify for federally-backed mortgages. The change means that some undocumented immigrants who arrived in the U.S. as children are now eligible for home loans targeted at lower-income borrowers.
If you’re a Dreamer who now qualifies for an FHA loan, here’s what you need to know.
