Despite laws prohibiting lending discrimination on the basis of age, it can be challenging for older people to qualify for financing. The rejection rate for mortgage applications rises steadily as people age, according to a 2023 research paper from the Federal Reserve Bank of Philadelphia.Lenders can ask your age on applications, but only for the purpose of gathering demographic data, as specified by the Home Mortgage Disclosure Act (HMDA) . The information is supposed to be confidential and not used to app ...

SONYMA’s Low Interest program offers a lower interest rate on a fixed-rate mortgage for first-time homebuyers in New York State. The program is very similar to the Achieving the Dream program, with many of the same requirements and benefits. The major difference between the two programs is that SONYMA’s Low Interest program has higher household income limits.Program funds are limited and available on a first-come, first-served basisProperty cannot be used for agricultural workMust contribute 1% of own funds ...

Scoring a low interest rate on your mortgage has become an exceedingly difficult challenge with today’s housing market. The idea of a once achievable 3% mortgage rate now seems like a long-ago fever dream. Read Next: I’m a Real Estate Agent: 5 House Items Buyers Almost Always Regret Try This: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too While rates aren’t expected to return to those levels anytime soon, there’s one strategy gaining attention — the assumable mortgage. ...

Core Insights - The government shutdown has halted processing of USDA loans, affecting a $7 billion segment of the mortgage market, leaving many homebuyers and sellers in limbo [1][2] - Most mortgage lending types, including FHA and VA loans, continue as normal, but USDA loans are uniquely impacted due to additional processing requirements [1][5] Group 1: Impact on Homebuyers - Thousands of low- and middle-income homebuyers rely on USDA loans, which are designed to support affordable housing in rural areas [2] - The shutdown has caused significant delays, with homebuyers facing financial penalties, such as paying sellers for delays in closing [3][4] - The USDA's loan processing is on hold, affecting borrowers who need final reviews to meet strict eligibility requirements [5][6] Group 2: Employment and Processing Issues - Over 80% of employees in the division responsible for USDA loans are furloughed, leading to a significant slowdown in loan processing [6] - The remaining staff is limited to "certain limited activities" to preserve government property, further delaying loan approvals [6] Group 3: Homeownership Trends - Homeownership rates in rural areas have declined from 81% a decade ago to around 74% in 2023, reflecting broader economic challenges [6]

Core Insights - Homeownership rates in the U.S. fell in 2024 for the first time in eight years due to soaring home prices, making ownership unattainable for many [1] - As of early 2025, home prices have increased by 60% nationwide since 2019, with the median existing single-family home price reaching a new high of $429,400 [2] - Rising mortgage rates since 2020 have further exacerbated affordability issues, with the average 30-year fixed mortgage rate increasing from approximately 3.72% in January 2020 to around 6.30% today [3] Housing Market Trends - The increase in home prices and mortgage rates has led to a significant rise in the income required to afford a typical home, estimated at $117,000 for the average American household [3] - Despite the challenges, there are strategies to make homeownership more attainable, such as exploring home-buying assistance programs that can help with down payments and closing costs [5] - Alternative property types, such as condos, townhomes, and smaller single-family homes, can serve as more affordable entry points into homeownership [6] - Expanding the search radius for potential homes can lead to more affordable options, particularly in up-and-coming neighborhoods or suburbs [7]

Core Insights - Douglas Elliman Real Estate has launched Elliman Capital, an in-house mortgage platform aimed at simplifying the home financing process for both traditional and non-traditional borrowers [1][2] - The platform will initially be available in Florida, with plans for expansion to all states where Douglas Elliman operates [1][3] Company Overview - Douglas Elliman Inc. is one of the largest residential brokerage companies in the United States, with operations in multiple states including New York, Florida, California, and Texas [5] - The company is also involved in early-stage property technology solutions and offers various real estate services [5] Product Offering - Elliman Capital provides a wide range of loan products, including conventional loans, jumbo loans, construction loans, investment property financing, bridge loans, commercial lending, second home mortgages, FHA loans, VA loans, and USDA loans [2][4] - The platform is designed to cater to diverse borrower needs, including self-employed individuals, investors, and foreign nationals [2][3] Technology and Process - The new mortgage platform incorporates advanced technology to streamline the mortgage application and approval process, allowing agents to track loan progress and receive real-time updates [4][6] - This integration aims to enhance the overall client experience from property search to closing [4] Competitive Advantage - Douglas Elliman's established reputation for luxury service and market expertise positions Elliman Capital to become a significant player in the residential lending market [4] - The company leverages strong lender relationships to offer competitive rates and optimal terms for clients [6]

Core Insights - The article emphasizes the importance of selecting the right mortgage lender, as it can lead to significant savings in interest and fees over the loan term Group 1: Understanding Lending Guidelines - Lenders typically prefer at least 24 months of consistent, verifiable income, but exceptions exist for self-employed borrowers and those with unique circumstances [2][3] - A credit score of 740 or higher is ideal for securing the best rates, while a score of 620 is the minimum for conventional loans [4][10] - The debt-to-income (DTI) ratio is a critical factor, with the front-end ratio ideally around 28% and the back-end ratio between 36% and 50% [5][8] Group 2: Mortgage Products - Conventional loans require a minimum credit score of 620 and typically allow for a down payment as low as 3% [10] - Government-backed loans, such as FHA, VA, and USDA loans, provide options for borrowers with lower credit scores and down payment requirements [16] Group 3: Researching Mortgage Lenders - Direct lenders include banks, credit unions, and online lenders, while mortgage brokers can help find the best deals by shopping around [12][14] - It is essential to ask the right questions to potential lenders to ensure transparency and clarity in the lending process [19][21] Group 4: Preapproval and Comparison - Applying for preapproval with multiple lenders is recommended to compare rates, fees, and closing costs effectively [23][24] - Online reviews can provide insights into customer experiences and lender reliability [24]

Financial Data and Key Metrics Changes - The fourth quarter GAAP losses per common share were $1.90, while distributable earnings showed a loss of $0.03. Excluding realized losses on asset sales, distributable earnings were $0.23 per common share, representing a 7.1% return on average stockholders' equity [32] - Book value per share decreased to $10.61 from $12.59 in the previous quarter, primarily due to an increase in combined CECL and valuation allowance [40] Business Line Data and Key Metrics Changes - The core portfolio contracted by $1.3 billion, with new production limited to $485 million, resulting in an 840 basis points contribution to distributable ROE before realized losses [15] - Small business lending operations experienced significant origination growth of 1.7%, with fourth quarter originations of $350 million, capping a record year of $1.2 billion [22] Market Data and Key Metrics Changes - The CRE loan portfolio totaled $7.2 billion, split into 83% core and 17% non-core assets. The core portfolio has a contractual yield of 8% with a 93% pay rate [13] - 60-day plus delinquencies in the core portfolio were only 2%, with an average risk rating of 2.2% [14] Company Strategy and Development Direction - The company has undertaken aggressive actions to reset the balance sheet, including a $284 million combined CECL and valuation allowances, marking 100% of non-performing loans to current values [9] - The strategy involves bifurcating the CRE portfolio into core and non-core assets to enhance transparency and track asset management strategies [12] Management's Comments on Operating Environment and Future Outlook - Management expects recovery in net interest margin and ROE over the succeeding year, with a focus on aggressive liquidation of the non-core portfolio [10][29] - The company anticipates originating between $1 billion and $1.5 billion of new production in lower middle market CRE loans in 2025 [15] Other Important Information - The company has a strong liquidity position with $185 million of unrestricted cash and has raised $350 million of corporate financing across two transactions [41] - The company plans to execute a $150 million share repurchase program to enhance shareholder returns [11] Q&A Session Summary Question: Will cash earnings cover the new dividend level? - Management expects to cover the dividend approximately 1.5 times over the course of the year, with earnings ramping up as the year progresses [46] Question: What is the rationale behind the UDF acquisition? - The acquisition is viewed as highly accretive on an EPS basis, with a strong historical performance of the loans involved [78] Question: How does the company plan to address 2026 maturities? - The company plans to access markets for refinancing and has already started addressing some maturities with recent senior secured notes [72] Question: What are the credit trends in the SBA business? - The company has seen strong credit trends in its SBA portfolio, with 60-plus delinquencies remaining at a moderate level of 2.8% [89]

Do you have a felony on your record and are wondering if you can still buy a house? The short answer is yes. Federal and state governments don’t bar formerly incarcerated people from owning a home, even with a felony conviction. That said, those leaving the carceral system face some unique challenges that those without a felony history may not. Can you overcome those challenges? Absolutely. Read more: The best mortgage lenders right now Can a felon get a mortgage loan? Yes, someone with a felony histo ...

The Yahoo Finance View: Planet Home Lending is a mortgage superstore with a vast array of affordable loan options, but its website is clunky to navigate. Based in Connecticut, Planet Home Lending offers a wide variety of mortgage and refinance loans with a bit of something for every type of borrower and owner. One thought before we start: This lender’s website is a hot mess. You likely want to ignore the main navigation and go for the hamburger menu (the three horizontal lines in the top right corner of ...