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Palm Beach County housing affordability slips
Source: Palm Beach Post Homes in Palm Beach County became less affordable in the first quarter, according to the latest Housing Opportunity Index from the National Association of Home Builders. Just 61.4 percent of homes sold in the quarter were affordable to a median-income family, down from 62.1 percent in the fourth quarter. The culprit?…
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Bank of America now offers 3% down mortgages without mortgage insurance
Source: HousingWire.com Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration, whose program has recently undergone a lot of scrutiny from big banks. Read more…
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When seeking a mortgage, you don’t want to be categorized as a ‘revolver’
Source: The Washington Post Are you a “transactor” or a “revolver” when it comes to your credit? Terms like these never have mattered much to home buyers seeking a mortgage. You’ve probably never heard of them. Yet they are about to become more important to millions of mortgage seekers and they may even help determine…
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Priced out of the market in downtown West Palm? City says help on way
Source: Palm Beach Post Try finding an affordable place to live in downtown West Palm Beach. Not easy. With the economy and real estate market on the rise, plenty of luxury condos are on the planning boards. But there’s a dearth of lower-priced condos and rentals to serve those with moderate incomes who want to…
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South Florida’s high rents called ‘troubling’
Source: Sun Sentinel South Florida is the least affordable place in the nation for renters, a situation that a new study calls “troubling.” In 2014, the median gross rent in Palm Beach, Broward and Miami-Dade counties was $1,150, compared with an average of $970 for other metropolitan areas, according to a study by Capital One…
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HUD Invests Further in Housing Counseling
Source: DSNews.com HUD announced on Friday it will be further investing in housing counseling by making $40 million in grants available to hundreds of housing counseling organizations nationwide. The housing counseling organizations use the grant money to assist families who are buying their first home, attempting to locate affordable rental housing, or trying to avoid…
