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Search resuls for: "Keith Gumbinger"


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☆ Biden proposes $10,000 tax breaks for first-time homebuyers, 'starter home' sellers
  + stars: | 2024-03-08 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Cavan Images | Cavan | Getty ImagesPresident Joe Biden has floated plans to address the country's affordable housing issues, including new tax breaks for first-time homebuyers and "starter home" sellers. "If inflation keeps coming down, mortgage rates will come down as well. Interest rates still near 'multidecade highs'With soaring home prices and mortgage interest rates, 2023 was the least affordable year for homebuyers in more than a decade, according to a report from Redfin. "We're close to multidecade highs for mortgage rates," said Keith Gumbinger, vice president of mortgage website HSH. watch nowThere's a 'housing supply crisis'Of course, higher mortgage interest rates are only one piece of the country's affordable housing puzzle.
Persons: Joe Biden, Biden, I'm, Keith Gumbinger, it's, Janneke Ratcliffe Organizations: Getty, White, Chamber, U.S, Capitol, Washington , D.C, homebuyers, Housing Finance, Center, Urban Institute, Urban Locations: Cavan, seller's, Washington ,, Redfin
☆ Buyers need a six-figure income to afford a 'typical' home, report finds. Here's how to reduce the cost
  + stars: | 2022-11-18 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
In October, U.S. buyers needed to earn $107,281 to afford the median monthly mortgage payment of $2,682 for a "typical home," Redfin reported this week. That's 45.6% higher than the $73,668 yearly income needed to cover the median mortgage payment 12 months ago, the report finds. The primary reason is rising mortgage interest rates, said Melissa Cohn, regional vice president at William Raveis Mortgage. "The bottom line is mortgage rates have more than doubled since the beginning of the year," she said. "Home prices have gone up substantially, mortgage rates have more than doubled and that's just crushing affordability," said Keith Gumbinger, vice president of mortgage website HSH.
☆ Citi expands program to help diverse communities reach 'transformational' homeownership milestone. Here's who qualifies
  + stars: | 2022-09-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +7 min
Research has found that Black homeownership has declined. If the rate of Black homeownership were the same today as it was in 2000, there would be 770,000 more Black homeowners, according to the Urban Institute. watch nowEven as the U.S. homeownership rate surged to record highs in 2020, Black homeownership was still lower than it was a decade ago, according to the National Association of Realtors. Who qualifies for Citi's lending programCiti's HomeRun community affordable lending program is eligible to low- to moderate-income borrowers based on census data. In order to expand credit access for homeownership, Citi will look at alternative ways of assessing credit readiness, according to Frison.
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