For most first time home buyers the biggest challenge they face is coming up with the funds needed for down payment. This leaves few financing options that can mean many wait on the sidelines until the money needed is saved. Here in San Diego county that can mean the difference between home ownership and being a life long renter. With increasing enhancements to home loan guidelines being rolled out there usually won’t make a big difference but when several of these improvements are combined it can be a big boost to a person’s purchase power and dream of home ownership.
Recently, Freddie Mac made some reductions to their Home Possible MI factors at 97% loan-to-value. The table to the left outlines the advantages of the Home Possible program over the Home Ready program. Combined with their updated income limits higher cost areas like San Diego County are now more accessible to those in need of a low down payment and lower monthly payment option. This could be a great alternative to FHA financing because it could offer a better long term loan option. Is this your best chance yet to buy a home? To find out click that link in the previous sentence and let’s find out. With the right mortgage plan you’ll know when your dream of home ownership will be a reality.
By David Hughson