The Lowdown on a Low Down
IT’s not just for first timers anymore!
Freddie Mac and Fannie Mae are two of the many agencies offering mortgage programs that allow buyers to put down as little as 3% to purchase for purchase. The strength of our current housing market has spurred a rise in home equity. As such, home equity was used to start 7.3% of U.S. businesses in the last year, according to the Annual Survey of Entrepreneurs. Homeowners are capitalizing on their equity and using the profit from their home sale to pay off high-interest credit cards, fund education or even start a business. It turns out low down payments aren’t just great for first-time homebuyers anymore. The 20% rate of property mortgage insurance has suddenly become a welcomed encumbrance to some homeowners that are preferring to utilize liquid asset to further their dreams, druthers, or what-nots.
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million home purchases were made with down payments less than 10% in the last 12 months.
What would you use the equity in your home to accomplish?
Meet with a real estate professional who can evaluate your ability to achieve your dreams today!