Fannie Mae to help out first-time homebuyers!

More good news has surfaced for first-time homebuyers, even as interest rates begin to slowly climb. Still on the fence about buying a new home? We think this might help: Fannie Mae is now offering to pay closing costs up to 3% of a home’s value, for first-time homebuyers.

That’s right, there really isn’t a catch! All you must do, is participate in the mortgage entity’s counseling course. For first-time homebuyers and families who do not have adequate savings, but qualify for a mortgage based on credit history and ability to pay, this new option will be extremely helpful.

So let’s do the math. If the home you’re waiting to build is $150,000, and Fannie Mae will pay up to 3% of that home’s value, you will see a closing cost deduction of $4,500. Here’s a little more information regarding the first-time homebuyer program.

Spring is the perfect time to build your brand new, customized, dream home. And now, thanks to Fannie Mae, the upfront costs associated with purchasing a new home are now much, much less.

Are you ready to move into a brand new Faber Home? Visit our website today or give us a call: 585.889.4840.

The time to buy is now

It’s been a buyers market for the last several years, with interest rates at all-time lows, but all of that is about to change, according to many recent reports, including this one from Reuters.

In the article, Atlanta Federal Reserve President Dennis Lockhart states that the U.S. central bank intends to raise interest rates as early as June, barring a significant downturn in the U.S. economy.

Last Wednesday, the Fed moved a step closer to raising rates for the first time since 2006, but downgraded economic growth and inflation projections. The Fed is in no rush to push borrowing costs, however firmer timelines are now being put into place that set increases in motion in our very near future.

So what does this mean for potential buyers? Time is running out. There is much to speculate on when, following the month of June, interest rates will rise, and by how much, but now we know it is coming this summer.

That said, interest rates are currently hovering around 3.93% for a 30-year fixed mortgage, and 3.06% for 15-year fixed. Now is the time to buy, and if you’ve ever considered building a home, the market is in your favor for another two to three months!

Faber Homes maintains several neighborhoods on the West side of Rochester, so if you’re a current resident looking to move, or if you’re moving here from outside the area, contact one of our sales representatives today. We have model homes for every family, including cozy two bedroom ranch floor plans, and four bedroom spacious colonials perfect for growing families. We’ll work with you to ensure your home is built to the highest standards making no compromises to quality, and becomes the home you’ve always dreamed of.

Not sure which type of mortgage is best for you? Our skilled representatives can help set you up with a mortgage consultant from the beginning and walk you through the entire process. Buying a new home can be scary, but with Faber Homes behind you, the process will be seamless and we promise you’ll feel supported through every step of the process.