| USDA program to aid rural home buyers
U.S. Department of Agriculture Rural Development and the Federal Home Loan Bank of Des Moines has announced a partnership to benefit community bankers and rural home buyers in Iowa. As a part of its Mortgage Partnership Finance program, FHLB Des Moines will now purchase Rural Development's Single Family Housing Guaranteed Loan Program loans from its qualifying members to help finance housing opportunities for rural residents.In Iowa, nearly 400 commercial banks, saving institutions, credit unions and insurance companies who are members of FHLB of Des Moines will have an added market for their loans by offering 100 percent financing to limited-income families in rural communities for homeownership. FHLB of Des Moines has more than 1,200 members in Iowa, Minnesota, Missouri, North Dakota and South Dakota.USDA Rural Development's Guaranteed Loan Program helps low- and moderate-income individuals get the best possible financing package when buying a home without a large down payment.
Mortgage applications fall for 2nd straight week
WASHINGTON -- Mortgage applications in the U.S. fell for the second week in a row last week as fewer homeowners refinanced, an industry report showed Wednesday.
The Mortgage Bankers Association's index of applications to buy a home or refinance a loan slipped 0.2 percent last week to 671 from 672.1 the prior week. Home-purchase applications rose 0.1 percent, while the group's index of refinancing posted the first back-to-back decline this year.
Purchase applications, while up from a three-year low in October, are at about the same level as a year ago. The numbers point to limited demand and a drag on economic growth as prices decline amid a glut of unsold homes.
"There's a lot more downside to come for home prices, which in turn will trigger more weakness in the housing market," said Michael Gregory, a senior economist at BMO Capital Markets in Toronto.
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