FNMA “HOME READY” for the First Time Homebuyer

• 97% LTV
• 620 FICO
• 50% Debt to Income Ratio
• Gift for Down Payment OK
• Lender Credit for MI
• $59,400 Max Family Income

Here is a special first time homebuyer loan program that allows a gift for the down payment and a non-borrowing occupant’s income to be counted towards the Borrowers income ratios. Unbelievable!!! Ask us how it works.

First Time Homebuyers Down, Rental Market Up

First time homebuyers are at the lowest level in almost 3 decades.  Lower wages, savings and high student debt are cited as major inhibitors to this once vibrant segment of the real estate market.  Their absence from the market has contributed to a decline of 386,000 in the number of owner occupied homes.

It’s quite a different story over on the rental side of housing with vacancy rates at their lowest levels since 1986, fueled by a 1.9 million increase in total tenants.

Median U.S. household wages were $54,204 in March.  When adjusted for inflation, that’s 5.4% less than they were in January 2008.  Ouch.

Not a lot of positive news for real estate regarding sales or new construction.  We need those first time homebuyers to get back in the game.