A new mortgage program may make it easier for homebuyers in a competitive market! It's a conventional mortgage that requires only 1% down. Obviously, this means less out-of-pocket, but it has other benefits that may not be as readily apparent. Using a conventional, rather than FHA mortgage, makes you more appealing to sellers. The FHA can be stricter in their inspection requirements. If they see something as simple as peeling paint or loose handrails, the property won't pass unless and until those items are remedied. That's not the case with conventional mortgages. So, in a market like the one at the moment, where the typical property has multiple offers within a few days of listing, your offer could win the day over FHA buyers competing for the same house. This program does have some income restrictions and other requirements, but it could bring home ownership into reach for many. To find out more, shoot me an e-mail! tracy@tret.pro
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