Yes! There are programs to assist First Time Buyers to purchase a home. These programs are available to homebuyers that have not owned/held interest in a principal residence in the past three years.
These Programs provide First time buyers a differed 30 years second mortgage loan that vary from $40,000. and up to $125,000. depending on what city you’re applying and availability of funds. Funds are available until used up…First come First served!
For these homeownership programs, applicants must complete a pre-purchase homebuyer counseling program.
All applicants must be pre-qualified with the pre-qualification lender assigned to the property if they are interested in purchasing. However their first mortgage can be from any lender as long as the loan meets program requirements.
This First Time Homebuyer Program is being funded by the U.S. Department of Housing & Urban Development HOME Program. GREAT time and BEST opportunity!
While the average improvement of 0.10% might not look like much at face value, it’s the biggest one-day drop we’ve had in 2015, and in a league with very few other players historically.
With today’s improvement, the most prevalently-quoted conventional 30yr fixed loan for top tier borrowers falls back to 3.75%. Some lenders will remain at 3.875% today, but many feel that those lenders held back from passing on the full effect of the market movement not an uncommon occurrence after a volatile swing like today’s.
Mortgage rates are historically low, and many owners have the opportunity to take advantage, but not all owners pay close attention to these numbers.
You have the opportunity to investigate the possibility of refinancing through HARP or stream line if your loan is FHA to take advantage of the historic rates.
You can analyze what financial options give you the best interest rate and most convenient terms according to your personal situation, and you do this by comparing these rates from various financial institutions through the Good Faith Estimate. This simple action prompts banks to be more competitive and offer rates lower while they.
Mortgage rates are closely linked to the action of the Federal Reserve – Fed and the economy, so it’s important that you analyze your financial situation to see if you could take advantage of the today historic rates, before they take off.
Let me explain with numbers in this example:
Balance of mortgage: $ 200,000 –
§ Interest @6.5% Monthly Payment $ 1,440.
§ Interest @3.75% Monthly Payment $ 1,014.
§ Total Savings Monthly $ 426.
§ Total Savings Per Year $5,112.
§ 30 Years Total Savings $153.360.
Check your mortgage payments, interest rate, balance and the pending term of the life on your loan, so you can determine if refinancing is best for you. The Government Program HARP that does not require evaluation of the value of the property, conventional and FHA Streamline Refinance are great choices to consider allowing substantial savings.