The Mortgage Minute, 4.19.24

Greg Williams Weekly Mortgage Report

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www.dhirubhai.net/in/mortgagebankergreg ?

What are clients saying about us??

“Greg made it easy! He was very helpful answering my questions and guiding me throughout the entire process.”—Rosa B, closed March 2024

First Horizon celebrated its annual Diamond Circle awards ceremony in Huntington Beach during the first week of April.? It was a little windy but an amazing time to connect with our mortgage teammates and other bank associates from across our footprint!?

Eye on Housing

Fannie Mae and Freddie Mac, two important federal financial services corporations, have affirmed that seller payment of buyer agent commissions will continue to be excluded from limits on seller concessions.

The announcement is?similar to one made last month by the Federal Housing Administration . It's not a new rule, the corporations said, but rather a clarification that allows home transactions to continue as they have.

And it helps clarify at least one financing question that has emerged in the wake of?NAR's landmark commissions settlement .

What's changing??Nothing, and that's a good thing, according to the National Association of Realtors. NAR teamed up with the Mortgage Bankers Association last month?to write a letter ?requesting that "government-sponsored enterprises" (GSEs) continue to exclude seller or listing agent payment of buyer agent commissions from limits on "interested party contributions," or IPCs.

That makes it easier for the current practice — "where most home sellers pay the listing agent commission, who in turn pays the commission of the agent representing the buyer" — to continue," wrote NAR and MBA to Fannie, Freddie and the FHA.

Counting buyer agent compensation as an IPC would make that more difficult, limiting the amount of money sellers could offer for things like closing costs or repairs.

Average Mortgage Rates continue upward climb, approach mid 7s on 30 yr fixed

First Horizon offers one of the most expansive down payment assistance programs in the industry and we’re working hard to spread the news across our communities.? New conventional grants have been announced by Fannie Mae/Freddie Mac and can be combined with our own “in house” grant program.? Realtors, if you’re interested in placing a sign at your listings, please contact us for more details/eligibility.

Pro tip, our expanded Home Possible program offers below market interest rates for eligible clients.? Rates for purchase loans are typically lower than refinance rates and lower than the average 30 year fixed rate.? We locked in a First Time Home Buyer client at 6.875% on a 30 year fixed conventional mortgage this week for no points and combined an $8000 grant from First Horizon’s own funding vehicle.? The grant can be used for down payment/closing costs. (Grant amounts can vary based on buyer’s scenario, our minimum grant is $8000)

Sample Social Media Post for Realtors

"Teacher friends, one of my favorite local lenders is offering $9k grants to eligible educators and other employees of the school system! You can use this for down payment and closing costs. I'd be happy to get your home search process going today and connect you with the lending team!"

You can use our unique products and ENHANCED grants to market to market your listings.? If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $8k in grant funds which can be used to pay closing costs.? First Responders, including teachers and other employees in the education system can obtain a $9k grant.? Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI!? We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process ??

We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.??

Let’s sell some homes!

Have a great week!?

Greg Williams

AVP/Senior Mortgage Banker

404-457-4143 cell |?

2987 Clairmont Road, Ste 150

Atlanta, GA 30329

NMLS# 151412

https://www.firsthorizon.com/mortgage/greg-williams

Equal Housing Lender

We do Business in Accordance with Federal Fair Lending Laws

UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:

Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or

Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.