First-Time Buyers: Check Out This Great New Incentive

First-time buyers should feel some welcome relief with this new incentive.

Today, we wanted to talk to you a little bit about the available homebuyer programs that are out there right now. Whatever your situation, there are some great incentives for buyers who have had a tough time over the past few years.

This year, Fannie Mae and Freddie Mac have laid out some fantastic incentives to get buyers into homes. Most of the time, when you shop for a loan, there are adjustments to the rate called low-level price adjustments. These credit risk percentages are added to the interest rate and are based on the down payment, credit scores, and income. However, these additions have been removed from the process, meaning that buyers are now getting even lower rates. This will increase their buying power and help them get into homes. With the minimum down payment for first-time buyers still at 3%, it is a great time for buyers to get out there, look at their budget, get pre-approved, and see what is available to them. Any buyers who have been feeling uneasy about rising rates should see this as a welcome relief.

 "There are some great incentives for buyers."

Combined with the rising inventory numbers and days on market, this makes it an excellent time for buyers to jump in. They don’t have to rush into a decision anymore and can take the time to be choosey about what they are looking for.

If you are looking for the opportunity of homeownership or have questions about this or anything else related to real estate, please reach out. We’d be more than happy to help you.