In 2010, the US Department of Housing and Urban Development released the article “Barriers to Minority Homeownership.” The top three barriers detailed in this article were the down payment and closing costs, lack of access to credit and poor credit history, and a lack of understanding and information. Unfortunately, over a decade later, many reports … Continue reading "Overcoming Barriers to Minority Homeownership"
“Transitory inflation” has proven to have much more staying power than the word transitory might suggest, and as a result many borrowers are seeing the purchase of a home grow ever more difficult—specifically, more expensive. For borrowers familiar with the unprecedentedly low rates of yesteryear, this can be extremely frustrating, or even feel unfair. However, … Continue reading "How Inflation May Impact Lenders"
There are a variety of reasons that future homebuyers across the nation are looking into down payment and closing cost assistance programs right now. With the recent rise in interest rates, along with home prices that have been rising for a while, many borrowers need down payment assistance (DPA) just to afford the home in … Continue reading "Guide to Qualifying for Down Payment Assistance"
With the unpredictable housing market many lenders and real estate agents are looking for additional ways to grow their business. Buyers are still turning out in droves to get a new home making the home buying market extremely competitive. For lenders and real estate agents, this could lead to opportunity within the market if you’re … Continue reading "Tips for Lenders and Real Estate Agents to Grow Business with Chenoa Fund Down Payment Assistance"
The refinance market has been extremely hot during recent years. Specifically, not long after COVID lockdowns started many lenders found themselves doing so many refinances that it became difficult to make the time to originate a mortgage, much to the frustration of some borrowers looking to take advantage of low rates. But in recent months … Continue reading "Why Mortgage Lenders are Pivoting to Home Purchases Rather Than Refinances"
There’s a common misconception among potential homeowners that a 20% down payment is required to purchase a home—in fact, about one in three would-be homeowners believe this according to Freddie Mac. This misconception causes many future homeowners to believe that it will be years before they can purchase a home, or that homeownership will always be out … Continue reading "How Lenders Can Grow Millennial Homeownership"
With home prices rocketing up across the nation, more and more homebuyers are beginning to feel that purchasing a home may just never be in the cards. Fortunately, there are a lot of homebuyer assistance options that can help turn owning a home from a dream to reality. In this article we’ll discuss how homebuyers … Continue reading "How Homebuyers can Get a Home with Little to No Down Payment"
Purchasing a home is one of the biggest personal and financial decisions you will ever make. With the constant evolution of the housing and job markets, it can be tough to determine a rough number to save in order to buy a house, and without a rough number to shoot for it’s hard to set … Continue reading "How Much Money Do You Need to Buy a House?"
Buying a home can be a long and complicated process, especially for first-time homebuyers without family or friends to give them pointers. It isn’t made easier by the fact that many of the steps to buy a home may happen at the same time, or slightly staggered, or in different orders depending on your personal … Continue reading "Getting To Know The Home Buying Process"
In 2019, the US Federal Reserve issued a report stating that homeowners had a median net worth of $255,000. Renters, on the other hand, had a median net worth of $6,500. This staggering difference in wealth represents an enormous advantage for some homeowners—and possibly their children. “You enter the middle class through homeownership, right? That’s … Continue reading "Building Generational Wealth Through Homeownership"