Wednesday, March 25 2015
Have you been putting off buying a home because you thought you needed a large down payment? Today is the day all of that changes. Freddie Mac will now buy loans based on a 3% down payment. Since Freddie Mac buys loans from banks and other lenders in the aftermarket, we will now see a lot of great lending programs that only require a 3% down payment.
Low down payments combined with low interest rates is going to open up the market to a lot of buyers who have been sidelined by the high entrance fee (down payment) into home ownership. There's a good chance that this could significantly impact demand for entry level housing like condos, townhouses and small single family homes. Higher demand will put upward pressure on prices and we could see prices increase quickly. If you want to take advantage of this new trend you should act quickly. Low rates combined with a low down payment and increased inventory provide an outstanding opportunity for buyers. Act before it's too late!
Contact Marilee Murphy today for all of your home buying, or selling, luxury homes or new construction needs. I am dedicated to making sure you have a smooth transition from start to finish. Use my website to search available properties in Loudoun County located, in Northern Virginia, specifically the towns of Sterling/Potomac Falls, Ashburn, Leesburg, Chantilly, and Aldie as well as properties in Fairfax County, and Prince William County areas. You can also sign up to receive free listing updates by email