Homeownership closer than ever!
Housing affordability is up nationwide due to low-interest rates and home prices as National Homeownership Month begins in June, according to a recent release from the National Association of Home Builders (NAHB).
In addition to lower prices and interest rates, low-down payment programs offered by Fannie Mae and Freddie Mac is also helping creditworthy borrowers who cannot afford a large down payment for a mortgage. These programs offer down payments as low as 3 percent for eligible first-time homebuyers.
Homeownership is the key of building wealth, since it is often a primary source of net worth and a step toward accumulating long-term personal financial assets. It is not only limited to financial freedom but also building stronger communities and personal achievement.
Fannie Mae helps First Time Buyers in California to make the dream of Home Ownership
Fannie Mae, the government agency of the United States has begun to sponsor the offers of buyers on homes with a special incentive to purchase a property through the program HomePath.
There are restrictions on eligibility, however those who qualify can receive up to 3.5 percent in assistance to cover closing costs.
The home must be in an average period HomePath – First Look – about 20 days during which only those who will occupy the property as their primary residence will be eligible to bid on the property, giving them the opportunity to purchase property without competition from investors.
The offer must be submitted between February 14 and March 31, 2014 and must close before May 31, 2014.