Attention, attention :-) There is a new home loan product called : Freddie Mac Home Possible Advantage(SM) Mortgage which allows qualified buyers to obtain a mortgage with only 3% down!!!!
Here are some important facts; for additional information please click the link below the picture for KeepingCurrentMatters, brought to you by your favorite Real Estate Team Fintan & Sybille :-)
- Home Possible Advantage offers qualified low- and moderate-income borrowers a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent.
- Home Possible Advantage mortgages can be used to buy a single family property or for a "no cash out" refinance of an existing mortgage.
- First time homebuyers must participate in an acceptable borrower education program to qualify for Home Possible Advantage. FTHB education classes are available through local banks and lenders as well as Freddie Mac.
- Home Possible Advantage mortgages are offered as fixed rate mortgages with terms of 15, 20 and 30 years.
This is a great opportunity for qualified buyers to get into their own home by summer while mortgage rates are still low even if they don't have a 20% down payment saved!!!! Ask us about getting pre-approved!
Tomorrow I will blog about the current low inventory of For Sale properties and how arming yourself with the right tools can improve your chance of winning a bidding war (hint: it's not always the highest offer that gets accepted).