Saturday Strategy
Mortgage FAQ's, did you knows and much more...
House Hackers! Buy a Multi Family with 5 % Down!
Fannie Mae just made a big announcement that's going to make it easier for families to buy homes. Let's break it down in simple terms.
Here is the announcement from Fannie Mea on Oct 4 2023
Lower Down Payments for Multifamily Homes
Before this update, if you wanted to buy a multifamily home (that's a place with more than one apartment), you had to put down a big down payment – either 15% or 25%, depending on the unit you were buying. But starting in November, things are changing.
The Big Change
Now, if you're buying a multifamily home to live in as your primary home, you can put down just 5% of the cost of the home. That's great news because it means you don't need as much money upfront to become a homeowner.
There Are Some Rules
But hold on, there are some rules you need to follow. First, you have to live in one of the units for at least 12 months. That means it has to be your main place to live. You can't just buy it and then rent it out right away.
Why This Matters
This is a big deal because it helps people own homes and build wealth. Imagine buying a place with multiple units, living in one for a year, and then renting out the others. It's a smart way to invest in your future.
So, if you know someone who dreams of owning a multifamily home, share this news with them. It's a fantastic opportunity to make homeownership more affordable.
Have a fantastic weekend, everyone!
P.S. Can I count on you to call us when any friends, family or coworkers are looking to buy, sell or refinance a home? We'd love to help! You can just text/call me at 480.553.8770.
Oops! Home Prices Didn’t Crash After All
Kevin Brierton – 6.5.2023 During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts: Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business: “I expect housing prices fall 10% to 15%, and the…
The True Value of Homeownership
Kevin Brierton – 6.1.2023 Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides. Of course, there are financial reasons to buy a house,…
Keys to Success for First-Time Homebuyers
Kevin Brierton – 5.31.2023 Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better. As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that…
Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off
Kevin Brierton – 5.30.2023 Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to…
The Benefits of Selling Now, According to Experts
Kevin Brierton – 5.25.2023 If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on…
Owning a Home Helps Protect Against Inflation
Kevin Brierton – 5.24.2023 You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be…
Why Buying a Vacation Home Beats Renting One This Summer
Kevin Brierton – 5.23.2023 For many of us, visiting the same vacation spot every year is a summer tradition that’s fun, relaxing, and restful. If that sounds like you, now’s the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to…
Why Buyers Need an Expert Agent by Their Side
Kevin Brierton – 5.22.2023 The process of buying a home can feel a bit intimidating, even under normal circumstances. But today’s market is still anything but normal. There continues to be a very limited number of homes for sale, and that’s creating bidding wars and driving home prices back up as buyers compete over the…
Powerful Job Market Fuels Homebuyer Demand
Kevin Brierton – 5.18.2023 The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong and getting stronger. One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing…
What You Need To Know About Home Price News
Kevin Brierton – 5.17.2023 The National Association of Realtors (NAR) will release its latest Existing Home Sales Report tomorrow. The information it contains on home prices may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices…
P.S. Can I count on you to contact me if you hear that a friend, family or coworker is looking to buy, sell or refinance? Call/Text 480.553.8770 - We'd be honored to help them too!