Why December Will Be A Good Month To Buy Your First Home

December 4, 2023

Hello Home Buyer.

This Holiday Season might not feel like a good time to be a first-time home buyer - but it is.

At least - relative to next year's market conditions.

Here's what we're seeing right now:

1. Mortgage rates are back into the 6s

2. First-time home buyer discounts aren't expired yet

3. Homes are selling as fast as they can list

But my favorite part: the market is changing faster than the news can report it. 

This screengrab from the video says it all. ⬇️

Also, if you missed it... There are new mortgage loan limits for 2024 on both conforming and FHA mortgages. 

Look up the limits where you live here.

Happy Homebuying!

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FHFA

Conforming Mortgage Loan Limit by Year:

• 2024: $766,550

• 2023: $726,200    

• 2022: $647,200    

• 2021: $548,250    

• 2020: $510,400    

• 2019: $484,350    

• 2018: $453,100    

• 2017: $424,100    

• 2016: $417,000    

• 2015: $417,000    

• 2014: $417,000

Data based on baseline conforming loan limits for 1-unit properties including single-family residences, condos, townhomes, and row homes.

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MORTGAGE RATE CALENDAR
Upcoming events that may change the direction of mortgage rates

December 7, 2023: Jobless Claims

December 8, 2023: Non-Farm Payrolls

December 8, 2023: Unemployment Rate

December 8, 2023: Consumer Sentiment

December 13, 2023: Federal Reserve Meeting Adjourns

FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in Congress
 
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers. 
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA

The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible

The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage

The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None

The Middle Class Mortgage Insurance Premium Act

A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.

- Last Action in Congress: June 13, 2023
- Status: Not yet passed