Some Highlights:The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.In the report, home prices are compared both
The Dangers Of Tight Mortgage Credit Headlines
The availability of mortgage credit is not at the same level that it was during the boom in housing (2005), and that’s good news. However, the constant headlines which talk about “tight credit” are causing some potential home buyers to doubt their ability to purchase. We want to rectify the misconception of what is required for a down payment in order to purchase a home in today’s market.
Freddie Mac recently discussed the confusion many first-time homebuyers have about the down payment they need in order to buy:
“Did you know that the average down payment among first–time homebuyers is 6% and it's 13–14% for repeat buyers…It's possible to put down even less.
Many potential homebuyers think that only the FHA helps make mortgage loans with low down payments. Not true.
Freddie Mac's Home Possible mortgage products let qualified homebuyers put down as little as 3%.”
Brenda Garcia Lemus of John Burns Real Estate Consulting reports that this is also the case with newly constructed homes:
“Our home-builder clients sell hundreds of homes every weekend to buyers with 5% down payments and below average credit scores. Yet, many middle-income households with average credit and access to a 5% down payment assume they cannot become homeowners because of the ‘tight credit’ headlines.”
Before you ‘disqualify’ yourself, let's get together to find out if you qualify to buy today.
Experience with regular home sales, short sales, foreclosures, HUD homes, no down payment program homes, investors who flip homes or buy rentals, commercial properties, land sales, lake front properti....
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We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has
So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found it! The price is right, and in such a competitive market, you want to make sure that you make a good