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Bill To Give 0% Down Home Loan to COVID Essential Workers is Pushed Forward By Florida Republicans
The HELPER Act is a proposed bill that would give 0% down home loans to firefighters, paramedics, nurses, and other essential COVID workers. Republican Representative John Rutherford brought the bill to the House of Representatives earlier this year. Republican Senator Marco Rubio is now bringing the bill to the US Senate. The two are campaigning in Florida to promote the legislation.
30 Year Fixed Mortgage Rate
|Change From Yesterday||0.047%|
|Change From One Week Ago||0.001%|
|Change From One Year Ago||-0.090%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||0.041%|
|Change From One Week Ago||-0.019%|
|Change From One Year Ago||-0.361%|
Today’s Financial Headlines
HELPER Act Is Pushed Forward By Florida Republicans
The HELPER Act is a bill proposed by Florida legislators in the US House of Representatives and in the US Senate. The bill would provide 0% down home loans to essential COVID workers such as health care workers, teachers, delivery drivers, etc. The new mortgage program would also eliminate monthly PMI payments, significantly reducing monthly mortgage expenses for the new home-owners. The two Republican legislators, John Rutherford and Marco Rubio, are working together to promote the bill in Florida as well as in Washington.
NY Legislators Are Trying To Regulate Foreclosures
The State of New York is seeing a large number of foreclosures in some areas, and a recent Court of Appeals ruling has made things worse. The recent ruling handed banks and mortgage companies a major victory, making it easier for them to process foreclosures. State legislators say that this is giving banks an unfair advantage and causing a large percentage of the new foreclosures that they are seeing in the state. A new bill has been introduced to over ride the Court of Appeals ruling and regulate New York mortgage foreclosure procedures.
This Is How Personal Loans Will Affect Your Mortgage Application
A personal loan can affect your mortgage application in three major ways; your FICO score, your payment history, and your DTI. Your debt to income ratio is the most important factor in deciding whether or not you can afford the monthly mortgage payments. This guide gives in-depth instructions on calculating your current DTI and determining how a personal loan would affect your mortgage application.