A short real-estate vlog by Andrew Lam of the Lamb team (Vacaville) explaining 2015 changes in mortgage financing: Fannie Mae and Freddie Mac resumed purchase of low-down-payment loans and now accept 3% down (97% financing), which lowers buyer upfront costs; additionally he describes the CHF Platinum Program that provides a 5% grant toward down payment or closing costs (grant, not a loan) and notes borrowers can refinance in six months to lower rates. The video closes with contact offers for free consultations and investor cash-flow analyses.
Questions this video answers
February 17, 2015.
3% down (97% financing).
5% toward down payment or closing costs (grant, not a loan).
Six months.
Andrew Lam (Lamb team, Vacaville).
Chapters
Hi, this is Andrew Lam with the Lamb team in Vacaville and I just wanted to thank you for joining us on our video blog. Again, if you want to search for homes, you can click the full home search link. And if you're looking to sell a home, you can click the free Home Value Report link and we'd be happy to get that to you absolutely free, no obligation. And today we're going to be talking about some big changes in the mortgage financing industry that can definitely affect buyers and sellers who are looking for buyers for their homes and big things that can happen and affect the market in 2015. So Fannie and Freddie, two of the largest mortgage backers in the government agencies in the country, have decided to not only accept 5% down mortgages, but now to accept actually only 3% down. So 97% financing. It's a huge change because Freddie and Mac a while back stepped away from purchasing those 97 LTV 3% down loans. And Fannie Mae also did the same thing. But now they're bringing it back. They're willing to accept those, which means instead of having to put 5%, 10%, 20% down, you can now only need to bring in 3%, which is a huge difference, lots of savings. And it's actually a really good thing for home buyers considering that mortgage rates should be going up a little bit. So a little bit higher rates, but actually less money to get into a home. It tends to work itself out. In addition to that big news, we actually still have a 5% grant program available. It's called the CHF Platinum Program. Some of our preferred lenders can actually access this program and get you 5% for your home towards the down payment or the closing cost as a grant, not a loan, not something you have to ever pay back. And what's great about that program is you can actually refinance in six months, get a lower interest rate, still take advantage of that 5% and it's like getting into a conventional loan or maybe even a VA, but 0% down, no funding fee for the VA. It's an awesome program. We've done it a few times and have definitely seen some happy clients because of it. Thanks for joining us on our video blog today. As always, you can contact us for a free real estate consultation. If you're an investor, we'd love to do a free cash flow analysis for you. If you and if you're a buyer or seller, we'd love to answer any questions you have. Thanks again and have a great day.
