For many first-time home buyers, one of the biggest obstacles they face purchasing a home is coming up with a large down payment that is needed to buy their dream home. Because of this, they are often left having to rent houses or apartments, rather than becoming homeowners. However, as more and more financing options are becoming available in today's real estate market, mortgage lending company Freddie Mac has chosen to introduce the HomeOne mortgage, which offers a low down payment option of only three percent. Especially aimed at low to average income home buyers, it's expected to help numerous people purchase the homes they've always wanted. Therefore, if you're in the market to sell my house quickly because of an illness, divorce, relocation, or inheritance, your timing may be perfect.
According to Freddie Mac, the HomeOne mortgage will be offered as an option to first-time home buyers starting on July 29, 2018. Along with targeting first-time buyers, the mortgage will have few if any geographic or income restrictions, making it possible for buyers across the country to realize their dreams of home ownership. Likewise, it will also make it much easier for those wanting to sell their homes, since this will bring many new home buyers into the market. As a result, if you tell yourself it's time to sell my house due to a divorce, illness, or other reason that dictates a fast sale, chances are good you will have plenty of buyers lined up to make you an offer.
In many home buying situations, potential buyers find themselves facing a seemingly endless array of rules and regulations that have little if any flexibility. But with the HomeOne mortgage, large amounts of flexibility are built in to the program. Along with the three percent down payment option, the mortgage program also aims to promote various financial and social benefits that are attached to home ownership, which ultimately help to create strong communities.
To ensure you will qualify for the HomeOne mortgage, it's important to remember that if a couple is applying for the mortgage, at least one of the borrowers must be a first-time homebuyer. In addition to this, it is also geared toward one-unit properties that will be a buyer's primary residence, so keep these details in mind when deciding to apply for the loan.
With a strong housing market available today and more and more buyers choosing to pursue their dreams of home ownership, there's no better time than now to sell your house. Even if you need to sell fast due to life-altering circumstances, you'll have no shortage of buyers waiting for you and your home.