So how is the real estate market as of late...the numbers tell you things have cooled a bit. Will we see an uptick with the freshly lowered interest rates. Only time will tell. ;
Freddie Macs New 3 Percent Down Program
the kcm crew 3/23/15
Today, Freddie Mac is scheduled to start buying mortgages with down payments of only three percent â€“ the first time down payments have been this low on Freddie Mac loans in nearly five years. The program is called Freddie Mac Home Possible AdvantageSM.
In a recent Executive Perspectives, Dave Lowman EVP, Single-Family BusinessFreddie Mac, explained the potential impact this program will have on the housing market:
â€śThere's a new reason Realtors and lenders may expect more qualified borrowers at the closing table during this spring's home buying season. In addition to low mortgage rates and rising job growth, the down payment hurdle is starting to shrink for creditworthy borrowers, including first-time homebuyers.â€ť
And the mortgage industry agrees with Mr. Lowman. In a recent survey of mortgage originators by the National Association of Realtors (NAR), it was revealed that most loan officers believe the move to a lower down payment will increase access to mortgage credit. Here are that surveyâ€™s findings:
Many potential buyers are â€śready and willingâ€ť to buy a home but have been afraid they may not be â€śableâ€ť because of a lack of adequate savings for a down payment. Check with a local real estate or mortgage professional to understand what the new rules may mean to you.
Jason has been a real estate broker since 2005 and has continued to sharpen his skills to become one of the most outstanding agents in Portland. Working with Jason you will find that he is an excelle....