Housing Affordability is High!
Hello Hampton Roads,
When I ask people why they want to own a home, they usually tell me its because they want something of their own that will also help them build a stronger financial foundation or they want a sense of privacy and independence that they don't have in their current living environment. Whatever your reason may be what if I told you could own a home today for what you pay in rent (or less!), would you do it? Well the good news is that housing affordability is high and I'm going to show you that home ownership is within the reach of many people!
The NAR (National Association of Realtors) puts together a housing affordability index based on a 30-year fixed-rate mortgage and the latest numbers are from June 2018 to June 2019. The index shows an increase from 137.7 to 151.9 and the higher the number, the more affordable housing is.
So what determines housing affordability? Affordability is affected by the followingfactors:
A variety of options exist for making the down payment affordable. For example, an FHA loan with a minimum of a 580 credit score requires 3.5% down, while a FNMA (Fannie Mae) conventional loan with a minimum of 640 requires 3% down. These low down payment options reduce the amount of money home buyers need to bring to the table, and in Hampton Roads, it gets even better. First-time home buyers and home buyers in certain professions (Community Heros--education, law enforcement, first responders and medical workers) have access to down payment assistance and home buyer grants which are used with loans to achieve 100% financing! Furthermore, once the criteria for programs have been met, there is no obligation to pay back the grants so it's like buying a home with instant equity!
If you are considering buying a home there is definitely a smart way to do it and curent low interest rates combined with low down payment loans and down payment assistance make it a perfect time to do so! If you would like to learn more, the best way to start is to schedule a call.
Thanks for Reading,
_________________________
Serving your Hampton Roads andVirginia Beach Real Estate needs.
When I ask people why they want to own a home, they usually tell me its because they want something of their own that will also help them build a stronger financial foundation or they want a sense of privacy and independence that they don't have in their current living environment. Whatever your reason may be what if I told you could own a home today for what you pay in rent (or less!), would you do it? Well the good news is that housing affordability is high and I'm going to show you that home ownership is within the reach of many people!
The NAR (National Association of Realtors) puts together a housing affordability index based on a 30-year fixed-rate mortgage and the latest numbers are from June 2018 to June 2019. The index shows an increase from 137.7 to 151.9 and the higher the number, the more affordable housing is.
So what determines housing affordability? Affordability is affected by the followingfactors:
- Price of the Home
- Mortgage Rates
- Household Income
- The Down Payment
A variety of options exist for making the down payment affordable. For example, an FHA loan with a minimum of a 580 credit score requires 3.5% down, while a FNMA (Fannie Mae) conventional loan with a minimum of 640 requires 3% down. These low down payment options reduce the amount of money home buyers need to bring to the table, and in Hampton Roads, it gets even better. First-time home buyers and home buyers in certain professions (Community Heros--education, law enforcement, first responders and medical workers) have access to down payment assistance and home buyer grants which are used with loans to achieve 100% financing! Furthermore, once the criteria for programs have been met, there is no obligation to pay back the grants so it's like buying a home with instant equity!
If you are considering buying a home there is definitely a smart way to do it and curent low interest rates combined with low down payment loans and down payment assistance make it a perfect time to do so! If you would like to learn more, the best way to start is to schedule a call.
Thanks for Reading,
_________________________
Serving your Hampton Roads andVirginia Beach Real Estate needs.
Virginia Free Home Buyer Class |
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