Home Qualified’s Insider Network News
by Ralph DiBugnara & Keyla Rosario on October 19
HOME BUYING STATS YOU NEED TO KNOW
The Hispanic community is carving out a large niche in home buying, with projections from CoreLogic showing them making up 70% of new homeowners by 2040. Higher home prices and interest rates are slowing this down right now. But it is still growing with a slight increase in home loans in majority-Hispanic areas, moving from 6.6% to 6.8% within a year.
Everyone is Talking about Real Estate
Major Real Estate and mortgage organizations urge the Fed to stop raising rates.
Three major players in the real estate industry—the Mortgage Bankers Association (MBA), National Association of REALTORS® (NAR), and National Association of Home Builders (NAHB)—have published a letter to Federal Reserve Chairman Jerome Powell with a clear message that the real estate market, nationally, is in dire need of stability. They requested two definitive statements :
- The Fed does not contemplate further rate hikes
- The Fed will not sell off any of its MBS holdings until and unless the housing finance market has stabilized and mortgage-to-Treasury spreads have normalized
Today mortgage tips are sponsored by Cardinal Financial
Lowered down payment requirements for multifamily homes
In a significant policy change, Fannie Mae has announced that starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. This marks a departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes. This new option presents a great opportunity for individuals looking to invest in multifamily homes while also enjoying the benefits of homeownership. Prospective owner-landlords can now afford these properties more easily, thanks to the reduced down payment requirement by Fannie Mae.