In any given market, it can feel challenging to buy your first home, but today's housing market conditions feel downright unfair.
Just check out these headlines from the last 24 hours:
"Mortgage rates are approaching 8%"
"Home prices just keep climbing"
"The perfect storm hitting homebuyers"
Since the start of the year, home buyers' purchasing power is down close to 25 percent and, in most years, when buyers struggle with mortgage rates or the economy, the government steps in with a rescue.
This year, that hasn't happened.
More than a dozen bills to support first-time home buyers are stalled in the current Congress and, despite
the administration's effort to push those bills forward, relief may still be weeks or months away.
Thankfully, other government entities are starting to step up.
Earlier this year, the Federal Housing Finance Agency started giving mortgage rate discounts to eligible first-time
buyers.
Then, the FHA reduced its mortgage insurance rates to make homes more affordable.
Now, eligible home buyers in 30 states can buy their first home with a 100% mortgage using a Fannie Mae 30-year
fixed-rate loan, discounted mortgage insurance rates, and no down payment whatsoever.
Read more about the Conventional 100 here.
Not everyone will qualify for the no-downpayment loan but, as mortgage rates rise and affordability stretches then, it's good to give yourself an option.
Oh, and one more thing: At the bottom of this email, I've shared a list of select first-time home buyer programs making their way through Congress. Read up and see which programs fit you best.
Happy homebuying,
|
