As a homebuyer, you might be wondering what COVID-19 means for your home financing plans. Will down payment assistance be available? Are low down payment loans still available? What about credit score and employment verification changes?
The good news is that down payment assistance programs and low-down payment loans are still widely available. Above all, the market is very fluid.
The pandemic has resulted in many challenges, but that doesn’t mean you have to put your home buying plans on hold. There is always opportunity. Use online resources to get prepared for the homeownership process and connect with the right expert.
We provide multiple listing services in WA and can answer the most common questions from first-time homebuyers during this ongoing pandemic.
How low mortgage rates are expected to go?
Because the Fed cut interest rates to zero percent, it doesn’t mean mortgage rates will also be zero. While mortgage rates stay very low, lenders are trying to manage the refinancing demand, which is why rates have been fluctuating. According to many experts and economists, we might see mortgage rates hit new record lows until this crisis is finally over.
Here, your best bet should be to shop and compare your mortgage rates. Your mortgage rate can create a huge impact on the lifespan of your loan. However, it’s not the only consideration. Make sure you also ask these five important questions when interviewing lenders.
Are down payment assistance programs still available?
Yes, programs are still there during this crisis. We are noticing many program providers going online to offer homeownership education programs, providing applications from their remote offices, and temporarily suspending the availability of some programs and rate locks. It’s better to research your options for your situation and have some extra time to apply for available programs in your niche.
Can I do homebuyer education online?
Yes, you can! This is the perfect time to educate yourself about the homebuying process. The good news is that those options have expanded with more down payment assistance programs. Plus, once you complete your homebuyer education course, you’ll be a much more prepared and successful homeowner. Homebuyer education certificates are typically good for one year. Want to sell your house fast WA? Don’t hesitate to contact a licensed broker CENTURY 21.