It was announced earlier this week that Fannie Mae and Freddie Mac are ready to ramp up purchases and guarantees of mortgages in which borrowers put just three percent down. And, first-time buyers will be able to apply for the loans next week!
Fannie Mae said borrowers can start paperwork as early as December 13. Freddie Mac’s new Home Possible Advantage program will become available for mortgages with settlement dates on or after March 23.
Needless to say, this is truly a welcomed sign as connected to our overall economy. Additionally, more people should now be able to realize the American dream of being a home owner.
And, if the Fannie Mae/Freddie Mac news was not exciting enough, TransUnion just revealed that mortgage delinquency in 2015 will hit the lowest level since the start of the recession in the third quarter of 2007.
According to TransUnion, from a mortgage perspective, the current reduced delinquency, low interest rates and steadily improving unemployment bodes well for the housing industry and can fuel home sales.
We at First International Title say – keep up the good work! As the housing industry continues its terrific rebound, we will obviously be with you all every step of the way.