Written by Chase Majerus

Rent Caps by President Biden

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Rent Caps by President Biden

What happened? This week, the Biden administration implemented a new rule capping rent increases at 10% annually for certain affordable housing units. This rule applies to units funded by the Low-Income Housing Tax Credit (LIHTC), covering an estimated 2.6 million rental homes across the U.S.

How is it calculated? he maximum allowable rent is calculated by the U.S. Department of Housing and Urban Development (HUD) based on income limits each year, with the new rule restricting annual increases to 10% for eligible units.

What should you do? Tenants should inform their landlords about the new policy if they suspect rent hikes exceeding the cap, and seek assistance from local legal services providers or tenant resources.

What does everyone else think? Advocates argue that the rule will provide stability for vulnerable renters, while critics, like the Mortgage Bankers Association, warn of potential negative impacts on housing construction and market dynamics.

You can read the full article here: www.cnbc.com

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Does thinking about your credit stress you out? Let’s answer some common questions that people have about it!

What is a FICO^® score & why does it matter when applying for a home loan? It’s a score that determines your creditworthiness. It’s important when applying for a home loan because lenders use it to determine your interest rate and loan approval. A higher FICO® score indicates lower risk, making you more likely to qualify for a loan with favorable terms such as lower interest rates and higher loan amounts.
How are FICO^® scores calculated? They’re based on payment history, credit utilization, length of credit history, types of credit, and new credit inquiries.
How do you improve your FICO^® score? Some simple steps include paying bills on time, keeping credit card balances low (under 30%), limiting new credit applications, and regularly checking your credit report for errors.

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4 Stats You’ll Want to Know!

If you’re thinking about buying a home this year, or work in the housing industry, you’re going to want to hear these stats.

In 2023, millennials overtook baby boomers as the largest group of homebuyers, making up 38% of the market, according to a report from the National Association of Realtors (NAR).
First-time buyers went up across all age groups, with millennials representing 75% of this demographic.
Gen Z is starting to enter the market, but their demographic, it’s incredibly distinctive because it includes a high proportion of single women and LGBTQ+ individuals.
Baby boomers still hold the crown as the largest group of home sellers, although their market share decreased.

Great, but what do these stats mean for me? In our opinion, this report highlights the continued importance of homeownership across generations and how crucial it is to have a great real estate agent and great mortgage processional who will help buyers and sellers reach their goals by understand each individual’s financial scenario.

Watch our video about these stats here!

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Rent Caps by President Biden

Today's Agenda:

A quick link to the article of your choice

Today's Agenda:

A Quick Link to the article of your choice