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☆ I made $20,000 in 5 months by renting out extra apartments in my Sacramento backyard
▼ + stars: | 2024-05-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

My wife and I live in a century-old home in Sacramento, but also own 13 investment properties spread throughout Texas and California. In 2004, we bought a $300,000 investment property, a duplex in Midtown Sacramento, which we rent out. AdvertisementLast year, I built two cottages on the duplex's lot and began renting them out as ADUs. After several months of collaboration with the company's design team, we submitted an application to the city of Sacramento. AdvertisementWith Sacramento allowing up to 1,200 square feet per ADU, I chose to build two 600-square-foot cottages on the lot.

Persons: —, George Warren, I've, Warren's ADU, Kevin Craig, ADUs, they're, it's, Warren Organizations: Service, Business, Tiny Homes, YouTube, Sacramento State University Locations: Sacramento, Texas, California, Midtown Sacramento, Warren, it's, ADUs, Warren's, Atlanta

☆ I downsized to an ADU I built in my Sacramento yard. I pay only $520 toward my mortgage and am saving up for my next home.
▼ + stars: | 2024-04-27 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

One of them sent me an advertisement for CalHFA's ADU grant program that gives eligible Californians $40,000 to cover blueprints, permits, and closing costs to build an ADU on their property. In 2022, I began the process of getting approved for the CalHFA's ADU grant, which was pretty easy. As a result, my mortgage, including my main house and ADU, increased by $1,500 a month — from $1,200 to $2,700. There are two renters living in the main property and my son and I moved into the ADU. Living in the ADU with my son, I only pay $520 of the $2,700 mortgage.

Persons: —, Blanca Barragan, They've, Barragan, I've, I'm Organizations: Service, Business, Habitat, Humanity, Tiny Locations: Sacramento, Blanca, California

The title acceptance pilot waives the need for a lender's title insurance policy on some refinance mortgages. The Federal Housing Finance Agency recently rolled out a new pilot program that would lower refinance closing costs for some borrowers. Called the "title acceptance pilot," this program would waive the requirement that conforming loans have a lender's title insurance policy on certain refinance mortgages. Borrowers are required to purchase a lender's title insurance policy, which can be a significant out-of-pocket cost. Pushback from the mortgage industryLeaders from the mortgage and title insurance industries overall weren't pleased with this announcement.

Persons: —, Biden, Fannie Mae, Freddie Mac, homebuyers, Christopher Tyson, Tyson, doesn't Organizations: Service, Federal Housing Finance Agency, Mortgage Bankers Association, Union, Consumer Financial, National Community Stabilization Trust, homebuyers

☆ Home prices continued to soar higher across the US in the 4th quarter
▼ + stars: | 2024-02-27 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

US home prices climbed up 6.5% year-over-year in the last quarter of 2023. AdvertisementUS home prices continued their rise in the last quarter of 2023, though they showed slower growth compared to the prior quarter. The Federal Housing Finance Agency on Tuesday said home prices climbed 6.5% year-over-year in the fourth quarter, up 1.5% from the third quarter, and up 0.1% on a seasonally-adjusted basis in December compared to November. "U.S. house prices increased modestly over the course of 2023," said Dr. Anju Vajja, acting deputy director for FHFA's Division of Research and Statistics. "However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter."

Persons: —, Anju Vajja Organizations: Service, Federal Housing Finance Agency, FHFA's Division of Research, Statistics, District of Columbia, Federal Reserve, New England, West South Central Locations: Rhode, Vermont, West Virginia, Connecticut, New Jersey, Hawaii, New

☆ Investors in Airbnb arbitrage business allege they were defrauded in scheme promising 'higher returns than the stock market'
▼ + stars: | 2024-02-11 | by ( Rohan Goswami Annie Palmer | Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +18 min

Airbnb told CNBC that business practices such as Agyeman's aren't permitted. Airbnb told CNBC it had no business relationship with Agyeman and had taken action to curtail his operations. Carr and other HFA investors told CNBC their frustrations were dismissed or met with legal threats. To get around Airbnb's rules, HFA instructed its investors to list their own homes, a former employee and two investors told CNBC. Airbnb told CNBC that it was rolling out a more robust verification process in the U.S. and elsewhere beginning as early as 2024.

Persons: Elham Ataeiazar Daryn Carr, Carr, Anthony Agyeman, Agyeman, HFA, they've, Agyeman haven't, Airbnb, Brian Chesky, Brendan McDermid, Reuters Carr, Thomas Hunker, Hunker, Wessel Botes, Megan Shears, Shears, It's, Kathy, she'd, copywriters, couldn't, who'd, Collin Ballard, Collin Ballard Ballard, Ballard, lister, HFA's, Agyeman's Wealthway, Wealthway, David Levine, he's, Levine, Levine didn't Organizations: Federal Trade Commission, Department of Justice, Justice Department, FTC, CNBC, Inc, New York Stock Exchange, Reuters, Agyeman, Investors, Google, HFA, MGM, Dallas, North Locations: hustles, Covid, New York City, New York, Airbnb, HFA, Texas, Instagram, Fort Myers, Sanibel, Las Vegas, Dallas, U.S, Agyeman, Florida, North America, Botes

☆ US annual home price growth accelerates in July
▼ + stars: | 2023-09-26 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - U.S. annual home price growth accelerated for a second straight month in July, signaling that softening prices in the market may be bottoming out, according to a report released on Tuesday. Home purchase prices increased 4.6% on a year-over-year basis in July, up from a revised 3.2% increase in the prior month. June marked the first acceleration in annual price growth since February 2022, the Federal Housing Finance Agency (FHFA) said. The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. "Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth," said Nataliya Polkovnichenko, FHFA's supervisory economist.

Persons: Mike Blake, Nataliya Polkovnichenko, Amina Niasse, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Thomson Locations: Rancho, San Diego , California, U.S, New England, Chicago, Cleveland

☆ US home prices show signs of stabilizing, reports show
▼ + stars: | 2023-08-29 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - U.S. housing prices showed further signs of stabilizing in June, according to two reports out Tuesday that signaled the lengthy run of softening sales prices may be bottoming out. Both reports showed prices rose modestly month-over-month. House prices rose 3.0% between the second quarters of 2022 and 2023, FHFA said. FHFA's data showed June’s year-over-year gains were strongest in the East North Central and New England regions, up by 5.4% and 6.8%, respectively. On a city basis, the Case-Shiller data showed Chicago and Cleveland experiencing the greatest price accelerations.

Persons: Octavio Jones, FHFA, ”, Anju Vajja, ” Craig Lazzara, DJI, Amina Niasse, Safiyah Riddle, Andrea Ricci, Leslie Adler Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, FHFA’s Division of Research, Statistics, East North, Thomson Locations: Tampa , Florida, U.S, “ U.S, East North Central, New England, Chicago, Cleveland

☆ House prices are declining in these 7 Western states while continuing to hit new heights across the rest of the country
▼ + stars: | 2023-05-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US house prices rose modestly in the first quarter, said the FHFA on Tuesday. The agency's House Price Index reached just under 400, hitting an all-time high with figures tracking back to 1991. "However, year over year prices in many western states have started to decline for the first time in over ten years." Over the last four quarters, house prices rose in 78 of the top 100 largest metropolitan areas, fronted by a 14% rise for the Miami area. The start of the spring selling season showed house price gains in March in a separate S&P CoreLogic report released Tuesday.

Persons: —, Fannie Mae, Freddie Mac, Anju Vajja, Black Knight, San, FHFA Organizations: Service, Federal Housing Finance Agency, FHFA's Research, Statistics, of Columbia, Pacific, Federal Reserve, Black, Nationwide Locations: . Utah, Nevada, Washington, Idaho , Oregon, Colorado, West Coast, San Francisco, Seattle, Miami, San Mateo, Redwood City , California

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

Conforming mortgage lenders will start using FICO 10T and VantageScore 4.0 scoring models to evaluate borrowers. These newer scoring models utilize alternative credit data, such as rent payment history, and use a trended data approach. But soon, lenders will be asked to start using two newer scoring models: the FICO 10T and the VantageScore 4.0. The FHFA describes these models as "more inclusive" than the FICO scoring models that lenders have been using for the last two decades. Currently, mortgage lenders pull credit reports from each of the three major credit bureaus and look at the scores on each of those reports.

Mortgage borrowing limits are the same in all Alabama counties. Mortgage borrowing limits in Alabama are the same in every county in 2022: $726,200 for conforming mortgages and $472,030 for FHA mortgages. How do mortgage borrowing limits work? If you want to buy a home that costs more than the conforming mortgage limit in your county, you'll need to get a jumbo mortgage. Alabama borrowing limits in 2023 by countyCounty Conforming mortgage limit (single-family home) FHA mortgage limit (single-family home) Autauga $726,200 $472,030 Baldwin $726,200 $472,030 Barbour $726,200 $472,030 Bibb $726,200 $472,030 Blount $726,200 $472,030 Bullock $726,200 $472,030 Butler $726,200 $472,030 Calhoun $726,200 $472,030 Chambers $726,200 $472,030 Cherokee $726,200 $472,030 Chilton $726,200 $472,030 Choctaw $726,200 $472,030 Clarke $726,200 $472,030 Clay $726,200 $472,030 Cleburne $726,200 $472,030 Coffee $726,200 $472,030 Colbert $726,200 $472,030 Conecuh $726,200 $472,030 Coosa $726,200 $472,030 Covington $726,200 $472,030 Crenshaw $726,200 $472,030 Cullman $726,200 $472,030 Dale $726,200 $472,030 Dallas $726,200 $472,030 DeKalb $726,200 $472,030 Elmore $726,200 $472,030 Escambia $726,200 $472,030 Etowah $726,200 $472,030 Fayette $726,200 $472,030 Franklin $726,200 $472,030 Geneva $726,200 $472,030 Greene $726,200 $472,030 Hale $726,200 $472,030 Henry $726,200 $472,030 Houston $726,200 $472,030 Jackson $726,200 $472,030 Jefferson $726,200 $472,030 Lamar $726,200 $472,030 Lauderdale $726,200 $472,030 Lawrence $726,200 $472,030 Lee $726,200 $472,030 Limeston $726,200 $472,030 Lowndes $726,200 $472,030 Macon $726,200 $472,030 Madison $726,200 $472,030 Marengo $726,200 $472,030 Marion $726,200 $472,030 Marshall $726,200 $472,030 Mobile $726,200 $472,030 Monroe $726,200 $472,030 Montgomery $726,200 $472,030 Morgan $726,200 $472,030 Perry $726,200 $472,030 Pickens $726,200 $472,030 Pike $726,200 $472,030 Randolph $726,200 $472,030 Russell $726,200 $472,030 St. Clair $726,200 $472,030 Shelby $726,200 $472,030 Sumter $726,200 $472,030 Talladega $726,200 $472,030 Tallapoosa $726,200 $472,030 Tuscaloosa $726,200 $472,030 Walker $726,200 $472,030 Washington $726,200 $472,030 Wilcox $726,200 $472,030 Winston $726,200 $472,030Note: In every county in Alabama, if you want to borrow more than the baseline loan limit of $726,200, you'll need to get a jumbo mortgage.

☆ Double-digit U.S. home price growth streak skids to an end
▼ + stars: | 2022-12-27 | by ( Dan Burns | ) www.reuters.com time to read: +4 min

The S&P CoreLogic Case Shiller national home price index increased by 9.2% in October, down from 10.7% in September and notching the first single-digit gain since November 2020. On a month-over-month basis, S&P Case Shiller's index fell for a fourth straight month, while FHFA's gauge was unchanged. The housing market has suffered the most visible effects of aggressive Fed interest rate hikes that are aimed at curbing high inflation by undercutting demand in the economy. Unlike then, the supply of homes on the market remains extraordinarily limited and should keep a floor under house prices. "As the Fed tightens financial conditions, the housing market will likely slow further in the coming year," LPL Financial Chief Economist Jeffrey Roach said.

☆ Connecticut's wealthy hedge-fund haven, home to Shonda Rhimes and the billionaire owner of the Mets, is losing federal 'high-cost' housing status after its home price gains lagged the US
▼ + stars: | 2022-12-10 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Fairfield County, Connecticut, is a ritzy NYC suburb known for hedge funds and shoreline mansions. Fairfield County, Connecticut, New York City's ritziest suburban enclave, barely saw any home-price gains in the year through September, according to the Federal Housing Finance Agency. The county's median household income of $101,194 tops the overall median income in the US — $70,784 — by a large margin. Data from Douglas Elliman shows Fairfield County's median sale price rose by 8.2% year-over-year through September, for example. In 2022, with high-cost status, the county's limit has been significantly higher, at $970,000.

☆ U.S. house annual prices slow again in September
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 29 (Reuters) - U.S. single-family home prices slowed further in September as higher mortgage rates eroded demand, closely watched surveys showed on Tuesday. Monthly house prices fell in July for the first time since late 2018. House prices rose 10.6% year-on-year in September, slowing from August's increase of 12.9%. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, data from mortgage finance agency Freddie Mac showed. Tight supply will, however, likely keep a floor under house prices.

☆ US government entities Fannie Mae and Freddie Mac were just cleared to purchase mortgages of over $1 million for the first time because home prices are still so high
▼ + stars: | 2022-11-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Fannie Mae and Freddie Mac help make mortgages available by purchasing them from lenders. The limit will top $1 million for the first time in 2023, reflecting a new norm in US housing. Fannie and Freddie are the largest buyers of US home mortgages and are credited with providing constant liquidity in the housing market through their purchases, even during downturns. Their scope in residential markets is capped by the so-called conforming loan limit, which per a 2008 law is set in accordance to changes in home prices. Outside the priciest areas of the country — which include areas around New York, Washington, DC, and coastal California — the conforming loan limit will also rise by 12.2%, to $726,200.

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