Is there a proposal for a new mortgage rate for first time home buyers?
June 15th, 2010 by admin
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There is endless talk about a variety of proposals to help the ailing housing and mortgage industries. Most of it is just talk, with no action taken yet. Wait until after the inauguration to see some real action. Right now, nothing much is being done by the Bush administration, as they are busy packing to leave.
The latest is a reduced rate for any new loan (not a refinance). They say it’s to jump start sales and anticipate an interest rate of 4 1/2% for 30 year fixed.
Your best bet will be from a builder for new construction. They will subsidize whatever is available and make it better.
Haven’t heard about it for first time buyers specifically, but there’s all sorts of proposals out there right now. The Washington Post had an article Thursday I think where the treasury was considering setting 30 year mortgage rates at 4.5% for everybody. It would make a lot more sense if they restricted it to first time buyers.
BUILD your credit rating. SAVE your money for down payment. No money down loans for people with bad credit are a thing of the past, as they are POOR credit risks with higher default rates.
Lots of rumors about different plans. Right now they’re more concerned about preventing foreclosure than helping others get into homes.