Thanks for joining me once again today. I just wanted to give you some news about what has been happening with interest rates on mortgages. In the past few months, rates have dipped below historical lows and sit below 4% in most places. Because of this decrease in rates, Fannie Mae has recently agreed to offer a 97% loan program as opposed to a 95% loan program.
This is going to help first time buyers get into the market sooner rather than later. With low interest rates and even lower down payments, things are setting up perfectly for that first-time buyer to get into a new home. In addition, the FHA has lowered their private mortgage insurance premiums, making your monthly payment even lower.
With conditions the way they are, buyers and sellers need to take advantage. Right now, you can afford more of a home and secure a lower monthly payment than you ever could have. If you have any questions about how these programs can help you as a buyer, give me a call or send me an email.