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Real Estate Radio Hour
English - June 21, 2023 21:05 - 1 hour - 57.2 MBEntrepreneurship Business Education How To realestate realestateinvesting realestatemarketing Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
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What's happening in the market
Some buyers turning to 1% down mortgages, but are they worth it?
https://www.cbsnews.com/minnesota/new...
Big lenders are trying to boost business by offering 1% down mortgages, aimed primarily at first-time homebuyers who are struggling to qualify for a mortgage as a result of the affordability crisis. Rocket Mortgage's program offers to match 2% of the buyer's 3% payment to save the borrower a few hundred dollars per month, while United Wholesale Mortgage's program allows higher purchase prices but tops out at a $4,000 credit. To qualify for the scheme, buyers must have a credit score of at least 620 and cannot make more than 80% of the median income in the area they purchase in.
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