by Ralph DiBugnara & Keyla Rosario on September 21
What you need to know, is that insiders already know to make the best purchase for your future and long-term wealth and financial health.
Here are some Home Buying Stats you need to know now!
1. 40% of Gen Zers say they are working side hustles to save for a down payment
To help subdue the impact of higher mortgage rates and spiked home prices, millennials, and Gen Z prospective homebuyers have turned toward building extra income streams. In fact, two in five Gen Zers and millennials are working side hustles to save for down payments,
according to a new Redfin study released last week
2. Amazon pledges $40M for affordable homeownership
Amazon is pledging $40 million in grants and loans for affordable homeownership projects in several regions of the country, including the Seattle area. The announcement marks an expansion of the tech giant’s Housing Equity Fund, started in 2021, through which Amazon lends and donates money for affordable housing
Amazon needs to pay a certain wage to a certain employee to be able to operate their fulfillment centers as well as the tech portion of the business. With a barrier to real estate, high inflation causing high rents, and the fact they have a war chest full of money makes this a smart play for their overall business.
3. what you need to know TODAY, about real estate
FHA Discontinues Mortgage Credit Reject Flags to Help More Borrowers Qualify
The Federal Housing Administration (FHA) has waived its requirement for lenders to flag denied loan applications in the FHA Connection (FHAC) system.
This change removes roadblocks to approval for borrowers seeking a home loan.
Effective September 11, 2023, loan teams are no longer required to identify mortgage credit rejects and lenders will no longer access the Mortgage Credit Reject (MCR) screen in the FHAC system to record when a borrower’s application is rejected. Borrowers will no longer have this flag associated with their FHA case number or Social Security number (SSN) for any FHA transactions pending endorsement on or after September 11.
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