Embrace the 2024 mortgage industry shifts for your dream home.
As we step into December and approach the end of the year, it’s an ideal time for prospective homebuyers, especially those who have been hesitant, to consider the evolving landscape of the mortgage industry.
While it seems that interest rates may not decrease significantly, positive changes are on the horizon, particularly for first-time homebuyers and self-employed individuals. One of the key developments is in FHA mortgages. Previously, FHA loans were restricted to two-family apartments for first-time buyers. Now, this has expanded to include up to four units.
This change is significant because it opens up new avenues for first-time buyers to own a home while generating rental income from additional units. It’s a great opportunity for those seeing their first home as a stepping stone. Additionally, the required down payment remains at an approachable 5%.
December is a crucial month to stay informed about these changes in the financing industry, which could bring substantial value to first-time homebuyers and investors in 2024. If you run a home-based business, like a barber shop or salon, keep an eye out for specific changes that could benefit you.
I encourage potential buyers to reach out for detailed information to prepare for 2024. And remember, while it’s tempting to go for online pre-approvals, consider shopping locally for your mortgage needs. Local bankers, whom I work closely with, can offer the same products and services with a personal touch.
If you’re ready to take advantage of these upcoming opportunities and step off the fence in 2024, don’t hesitate to call or email me. I can connect you with reliable local bankers and help navigate these exciting changes in the mortgage industry. Here’s to a successful year ahead in your home-buying journey!