Changes are underway in the mortgage market that could give buyers a better shot at qualifying for a home loan.
What are the big change in the wings?
– Fannie and Freddie plan to resume lending to buyers who can make down payments as low as 3%. Currently their minimum is 5% down.
– Gifts can cover 100% of your down payment.
– Minimum credit score standards may no longer be as high as you feared. The average FICO score for all types of closed loans during October was 726, not the widely assumed 750 to 760.
There are many people who can now afford to buy a home and qualify for a mortgage but simply don’t realize it.
Who are those people? They could be you — or a friend or relative who wants to purchase a first home but hasn’t checked out the possibilities lately.
If you are seriously considering selling or buying in 2015 and would like a private consultation, please contact me at 213-808-4324
Downtown LA Loft Specialist
Call or Text 213-808-4324
david@LALofts.me