Recent policy changes from FHA, Fannie Mae and Freddie Mac are intended to make homeownership a more attainable goal for first-time homebuyers. What are the changes and what difference will they make? For those planning to enter the housing market for the first time, the right opportunity may come sooner than expected due to more favorable guidelines and lower costs.
As kids, there are some things we all learn while we’re growing up:
• Never drink soda after you eat Pop Rocks.
• Cracking your knuckles will give you arthritis.
• You’ll catch a cold if you go outside without a jacket.
• It takes a 20% down payment in order to buy your first home.
You have money saved, a good job and you’re tired of paying rent. It’s time to buy a home. Now what? Where do you start? You are taking on what will likely be the most important financial commitment of your life and it’s not as easy as buying a new pair of jeans. You can’t take it back if it doesn’t fit.