The California Housing Finance Agency has announced the introduction of a 40-year fixed-rate mortgage product aimed at helping first-time homebuyers afford a home.The fixed rate on the new product will be 5.75% initially, about one percentage point below the average market rate for 40-year mortgages, CalHFA said. The agency also offers a 30-year fixed-rate mortgage and a 35-year interest-only PLUS mortgage that carry below-market rates. CalHFA can be found online at http://www.calhfa.ca.gov.
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In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
April 25 -
The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
April 25 -
The lender's parent also said it is actively in preparation to move forward on plans to unlock equity value in 2025, with a Newrez spinoff among its options.
April 25 -
Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.
April 25 -
The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.
April 25 -
The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
April 24