Nonbank lender Panorama Mortgage Group (PMG) launched a new program that allows first-time homebuyers to take out a loan with a 1% down payment, the company announced on Wednesday. The new offering, known as the 1st Generation Homebuyer program, also includes a 2% grant to reach the conventional down payment minimum of 3%. “We believe
Applications for new home loans increased for the first time in three weeks, with interest rates showing volatility to the down side, according to data from the Mortgage Bankers Association. The MBA’s Market Composite Index, a measure of weekly application volume based on surveys of the trade group’s members, climbed up by a seasonally adjusted
Mortgage borrowing moved sideways again last week, struggling to gain momentum, with rates volatile after stronger-than-expected economic reports. The Mortgage Bankers Association’s Market Composite Index, a measure of loan application volume based on surveys of the trade group’s members, still managed to eke out a seasonally adjusted 0.1% uptick compared to the prior survey, posting
Key takeaways The majority of mortgage applications are processed with automated technology, but lenders can use manual mortgage underwriting for more complex financial situations. If you have a limited credit history or negative marks on your credit report, you might need manual underwriting for loan approval. Borrowers going through manual underwriting should be prepared to