COMPARE CLOSING LLC

  In the next two years, the demand for multifamily homes is all looks set to rise said RCN Capital’s chief financial officer Justin Parker. According to Parker, a mix of low rates, higher construction costs, limited supply, rising house prices, and the ending of COVID restrictions have all rekindled a renewed interest in multifamily investment. As part of its investment portfolio, the private lender offers to complete construction, fix and flip distressed homes and Airbnb vacation rentals. The two most current popular products are RCN’s long-term 30-year fixed loans and fix and flip program for multifamily he added. Sp e aking to MPA, Parker said: In the United States there is a huge market for this type of housing, because of the huge shortage of supply. There is a shortage of 5.5 million homes in the US says the National Association of Realtors (NAR) data. Meanwhile, the median home list prices have gone up by a record 23% during the pandemic. According to Parker, the current si...

  Introduction to a No Cash Out Refinance The  refinancing of an existing mortgage  for an amount equal to or less than the existing outstanding loan balance along with any additional loan settlement costs is referred to as  no cash out refinance . The primary reason for a no cash-out refinance is to lower the interest rate charged on the loan and/or if the borrower wants to change some of the terms in their mortgage. A no cash-out refinance is a type of  rate and term refinance , and can quite often be confused with a cash-out refinance. Knowing more about a No Cash-Out Refinance Borrowers wh o  are seeking to make favorable adjustments to a loan’s terms have the option of refinancing a loan. Because refinancing provides a variety of loans along with the advantages that can be found in many different situations they are common for mortgage loans. The loan refinancing may be divided into two groups — the cash-out refinance and no cash out refinance. The bor...

  The Realtors Relief Foundation, New Jersey Realtors is able to provide disaster relief assistance through grants to eligible applicants and helping them with their monthly mortgages and rental expense. This program will provide assistance to a maximum of $2,000 per household. All qualified New Jersey residents who are victims of the adverse effect of the storm and those who can be found on the New Jersey Realtors’ website can apply now. The foundation is ready to help people and provide assistance on the basis of first-come-first-served. Borrowers who are unable to meet monthly mortgage expenses for their primary residence that got damaged by Tropical Storm Ida or Renters who are unable to shell the rental costs due to relocation from a primary residence because of the storm can seek financial assistance. Reference Source:  NJSpotlight https://www.compareclosing.com/mortgagenews/disaster-relief-for-storm-victims-in-new-jersey/

  The Mortgage Bankers Association data for application rose by 0.3% compared to the third week of September 2021 The market index also rose from  707.9  last week to  742.7 The  purchase  index today is  283.9  in comparison to  277.9 There is a rise in the  refinancing  index, from  3,185.6  last week to  3,391.1  today. 30-year mortgage rate remains unchanged since the same time last week at 3.03% The jump in mortgage applications along with the surge in refinancing activity, and the purchases only reaffirms that in spite of the home prices rising the demand is still there. Ref e rence Source:  Forexlive https://www.compareclosing.com/mortgagenews/mba-mortgage-applications-rise-by-4-9/ MBA Mortgage Applications Rise By 4.9%

  Introduction to a Tax Credit Property An apartment building or any accommodation which is owned by a developer or landlord who engages in the federal low-income housing tax credit ( LIHTC ) program is called a  tax credit property . In exchange for renting some or all of their apartments to low-income tenants at a small rent, these developers and landlords can claim tax credits for eligible buildings. The working of tax credit properties The low-income housing tax credit (LIHTC) is created to lower the rents that low-income tenants have to pay. And in arrival, the gov e rnment subsidizes the property owners who get hold of, construct, and rehabilitate affordable rental housing. The LIHTC was passed as part of the  Tax Reform Act of 1986 . From the mid-1990s, close to 110,000 affordable rental units have been built under the LIHTC every year giving a total of 2 million units since its inception says the  Tax Policy Center . The state governments receive tax credits ...

  Due to continuous supply chain disruptions and labor market burden, Fannie Mae’s Economic and Strategic Research (ESR) Group has lowered its 2021 real GDP growth forecast from 6.3 % to 5.4%. Fannie Mae said that the balance of the previously projected second-half growth might happen in 2022 and they upgraded their forecast to 3.8% from 3.2%. Fannie Mae chief economist Doug Duncan said that the supply chain and labor market constraint holds back the economic growth, both of which are expected to do well come 2022. He added that  e ven if the peak of the recent surge is over-inflation would remain raised the next year as well. The Consumer Price Index is expected to be at an annualized pace of 5.4% this year-end and to stay above 5% until the second quarter of 2022 predicts the ESR Group. Fannie Mae said the limitations in supply are also disrupting the housing market. Because of which they lowered their fourth-quarter new home sales forecast to 789,000 units from 846,000 unit...

  According to data compiled by Bankrate, the average mortgage rates rose for all types of loans compared to last week. Rates increased for 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans. The current average mortgage rate for home purchase for a 30-year fixed mortgage last week was 3.02% and today it rose 0.03 basis points to 3.05%. The average rate for a 15-year fixed mortgage today is 2.34% a rise by 0.03 basis points since last week when the rate was 2.31%. The average purch a se rate for a 5/1 ARM mortgage also rose by 0.01 basis points the rate today is 2.79% from 2.78%a week ago. The 30-year jumbo mortgage rate saw a climb from 3.03% to today the rate is 3.06% a good rise of 0.03 basis points. The refinance rate of the average 30-year fixed is 3.03 %, which is up today by 4 basis points in comparison to a week ago. The average rate was the same a month ago. The mortgage rates are seesawing right now. The rates are directly proportionate to the economy and with the va...

  What Is the Low-Income Housing Tax Credit (LIHTC)? A tax incentive that is designed for housing developers to construct, purchase, or renovate housing for low-income individuals and families is called the  Low-Income Housing Tax Credit (LIHTC) . The LIHTC was written into the Tax Reform Act of 1986. The homeowners must meet certain qualifications to benefit from these types of housing projects, which also include maximum income guidelines. More on the Low-Income Housing Tax Credit An income incentive is issued by LIHTC to those who invest in low-income housing projects. The purpose of the program   is to encourage the creation of more housing for low and middle-income families in communities that would otherwise be out of reach for them. The dwelling types of Low-Income Housing Tax Credit are multi-family properties. The main types of credits available are Only if the building project has no other credits or government subsidies applied to it then a 9% credit, can be us...

  Dana Brown, GSE’s multifamily customer engagement vice president, said that Fannie Mae’s idea to raise its investment cap for the Low-Income Housing Tax Credit Market ( LIHTC ) to help disadvantaged renters is proof that the program works. At the start of the month, Fannie Mae had announced that it would be increasing its commitment to the LIHTC by raising the cap to $850 million from $500 million. This statement came right after the US Government announced plans to boost the supply of affordable rental units and raise Fannie Mae’s and Freddie Mac’s LIHTC equity cap. Under  t his program, the government provides non-refundable tax credits to GSEs which are then handed to developers, who are supposed to allocate a proportion of their properties to low-income renters. Brown said, that over the last 3 decades this program has really been the most successful one in the US in increasing the supply of affordable housing. Since it was established in 1986 the LIHTC has subsidized mo...