First Time Homebuyers... Education may be your best payoff
10/27/2016
In today’s housing market, given the historical low mortgage rates, it is a buyer’s market. Young adults are experiencing some of the best home buying conditions in recent history, however, according to an article in REALTOR® Mag, a survey conducted by the National Association of Realtors® on Housing Opportunities and Market Experience (HOME), reports that more than 2700 Americans of all ages, income and education levels lack awareness regarding low down payment options. Many hesitate to research the housing market partially because they believe they must pay a 20% down payment to make that home purchase.
There are several mortgage products available to first time home buyers offering as little as a 0% down payment, however, without the knowledge on what products to research, potential homebuyers may end up discouraged and never begin the process.
Creditworthiness and employment also may play an important role in down payment percentage. Through education, prospective buyers will learn that many lenders offer viable loan products to applicants whose credit rating is good, employment and income are steady.
Research of good, creditable financial institutions is vital to your mortgage process. A lender that explains all products available, based on your qualifying information, will guide you into a product you can afford, not one that will make them the most profit.
Fannie Mae promotes homebuyer education and responsible home ownership through the portals of financial institutions, real estate professionals and housing counseling agencies.
Education is your best reward… the best housing decisions reflect positively on all parties involved.
Teri Ellis
October 27, 2016